2 people like this.

53 comment(s). Last comment by henry888 2021-06-28 08:47

Posted by OrlandoOilSemiconIoT > 2021-06-26 16:44 | Report Abuse

Tis is technical don't hurt yourself trying to figure it out

LimitUp

394 posts

Posted by LimitUp > 2021-06-26 17:03 | Report Abuse

Even if there is a breach of duty or act of negligence on the part of KPMG the damage has been done. What we have here is a very interesting case definitely without precedence in Malaysia. If by 31 Oct the review proves that the issues raised are trivial it would be detrimental to KPMG. This court case could turn out to be a very short one indeed.

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-26 17:54 | Report Abuse

even assuming Serba is innocent and accounts did show a true and fair view.........crisis management got screwed up.

change year end? sack auditors? sue auditors?

every step of the way is panic and to company disadvantage.

yesterday released March results, a bit late and good to have done so.

can this bring stability to the share?

it is still a huge uphill struggle to bring back credibility.

if they are indeed innocent and accounts do show a true and fair view...they really do need to up their game and show more transparencies...and go on an offensive to explain their business/ figures / forecasts...Serba needs help, professional help not jumping up and down like a headless snake.

Posted by OrlandoOilSemiconIoT > 2021-06-26 18:18 | Report Abuse

Posted by OrlandoOilSemiconIoT > Jun 26, 2021 6:11 PM | Report Abuse X

qqq3333

Agree with u tis point and only tis point

Karim is all I m innocent why should I b the one to prove...

Not a good strategist instead honest to a fault (but is good for current context)

As the 1st step Karim shd run through all Serbadk projects n contracts wit details disclosure everything fr profit % stage of completion etc etc etx to go bare naked




and go on an offensive to explain their business/ figures / forecasts...Serba needs help, professional help not jumping up and down like a headless snake.

26/06/2021 5:56 PM

Posted by OrlandoOilSemiconIoT > 2021-06-26 18:30 | Report Abuse

KPMG's process is flawed in so far as reporting to SC/Bursa is concerned

Maybe too cannot get IRREFUTABLE EVIDENCE after being so long in audit process

Posted by OrlandoOilSemiconIoT > 2021-06-27 09:15 | Report Abuse

OrlandoOilSemiconIoT My england my ang mo not good


Kindly read again carefully tis time n advise


unnecessary here is referring to the impasse or the appointment?





Stock Kingdom When I tried to put myself in the shoes of KPMG in communicating & meeting with the BOD.

I was not satisfied with the replies from the management and were opinions that the explanations & evidences/proofs provided by the management need to be verified independently & required forensic investigation, which may not be within the expertise of an audit firm or/and within the terms of engagement.

To resolve the matters, I proposed the management to appoint an independent reviewer where the reviewer can be empowered to engage/employ/appoint private investigators, lawyers, or/and other agencies to investigate & verify the subject matters.

By doing so, I trust that we can easily confirm the creditability & validity on the evidences & replies by the management.

HOWEVER, THE MANAGEMENT BELIEVED IT WAS UNNECESSARY!!!

So how?


###############
58. The Plaintiff further states, as noted in Paragraph 23 of this Statement of Claim, that the impasse created by the Defendant in demanding for a 3rd Party independent review was unnecessary in the circumstances and would cause adverse speculation in the market against the Plaintiff as known or ought to have been within the knowledge of the Defendant.

27/06/2021 2:47 AM





sukesuke OrlandoOilSemiconIoT My england my ang mo not good


Kindly read again carefully tis time n advise


unnecessary here is referring to the impasse or the appointment

*****

I was about to ask the same question, my understanding of that particular extract of the article differ totally from the learned Stock Kingdom. Probably due to my bad England too

27/06/2021 8:44 AM

X

OrlandoOilSemiconIoT Stock Kingdom d powerful england we r waiting for ur learned explanation

27/06/2021 8:50 AM

Posted by OrlandoOilSemiconIoT > 2021-06-27 10:34 | Report Abuse

If u r relying on d price to decide right n wrong u r doing a KPMG on Serbadk

Posted by OrlandoOilSemiconIoT > 2021-06-27 10:34 | Report Abuse

I intend to all in

Posted by OrlandoOilSemiconIoT > 2021-06-27 10:35 | Report Abuse

3000+ average man on d street in i3

warrenG

374 posts

Posted by warrenG > 2021-06-27 11:37 | Report Abuse

you dont need KPMG or the chart to tell you, you can verify this company integrity and its red flags by your own research

lie about meeting SC, suing KPMG , having bogus clients with billion worth of project(all have same shady unclickable websites and most of them only show Karim as the vice president) and so much more

Posted by OrlandoOilSemiconIoT > 2021-06-27 11:58 | Report Abuse

Do u hv evidence to say wat u hv said?

So wat is new?

Average man on d street jumped d gun at MAYBE without evidence like KPMG

Posted by OrlandoOilSemiconIoT > 2021-06-27 12:21 | Report Abuse

Well

KL is a small town

Smaller stil is d circles of people at the tops

The way he talks do u think he is one to lower himself to officer level??

He of coz called d people at the very top but of coz too ths people at the top cannot admit

He was introduced as one wit connections ( how can Karim said tis... Karim is honest to a fault but is good in d current context)

He is of d old amno era who was used to kao tim things behind d screen

Warlord

Jz tat he is not in touch wit time n youngsters INED cannot agree wit his METHOD




lie about meeting SC,

Posted by OrlandoOilSemiconIoT > 2021-06-27 12:30 | Report Abuse

INED cannot agree wit his method that is all in no way saying Serbadk has done wrong

Posted by shortinvestor77 > 2021-06-27 15:24 | Report Abuse

KPMG and Those INEDs that have resigned already have first hand IRREFUTABLE EVIDENCE. They are just waiting for independent review to verify it. Of course, SD doesn't want it to be exposed lah.

Posted by OrlandoOilSemiconIoT > 2021-06-27 15:27 | Report Abuse

Come on u all average man on the street let's help Serbadk legal suit

The more the 3000+ average man on d street posted "even without IRREFUTABLE EVIDENCE l believe KPMG" the stronger Serbadk claim tat KPMGs premature report to SC caused d blow up

Posted by OrlandoOilSemiconIoT > 2021-06-27 15:32 | Report Abuse

If KPMG has them then KPMG should hv qualified its audit report on day 1


shortinvestor77 KPMG and Those INEDs that have resigned already have first hand IRREFUTABLE EVIDENCE. They are just waiting for independent review to verify it. Of course, SD doesn't want it to be exposed lah.

27/06/2021 3:24 PM

Posted by OrlandoOilSemiconIoT > 2021-06-27 15:33 | Report Abuse

Are u thinking straight?

DickyMe

14,320 posts

Posted by DickyMe > 2021-06-27 15:34 |

Post removed.Why?

Posted by OrlandoOilSemiconIoT > 2021-06-27 15:51 | Report Abuse

30 sen.. m very sure u r gonna u pest

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-27 17:26 | Report Abuse

TRUTH REVEALED!!!

SERBA NEVER TRY TO APPOINT 3RD PARTY REVIEWER TO REVIEW ON THE SUBJECTS FROM DAY ONE!!!

————————-Story Line——————

KPMG demanded independent 3rd party review on Serba replies on the subjects

SERBA refused & claimed “WAS UNNECESSARY”, that’s why KPMG flagged to SC.

SC commanded to expedite the appointment of independent reviewer on the subjects

SERBA claimed looking to appoint

After taking KPMG to court, SERBA said to relook into the role of independent reviewer for WIDER SCOPE

When read carefully on Serba’s claim on KMPG, SERBA confirmed “IT WAS UNNECESSARY TO CONDUCT 3rd Independent Review” over the subjects

################
58. The Plaintiff further states, as noted in Paragraph 23 of this Statement of Claim, that the impasse created by the Defendant in demanding for a 3rd Party independent review was unnecessary in the circumstances and would cause adverse speculation in the market against the Plaintiff as known or ought to have been within the knowledge of the Defendant.
27/06/2021 3:01 AM

stockraider

31,553 posts

Posted by stockraider > 2021-06-27 17:34 | Report Abuse

U see, once auditors has put out enough doubts & suspicious on the accounts reliability, it is for the management to come for substantial fact & evidence to clear the air loh...!!

Auditors are not criminal prosecutors or investigators, their role is to provide an opinion whether the accounts prepare by the management can be relied on base on their professional independent judgement & opinion mah!

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-27 17:35 | Report Abuse

Now, answering your question why KPMG not dare to qualify:

——————-PLS READ BELOW————-

Based on details disclosed by Serba & later in statements of claims, the amounts involved in the disagreement were too big for KPMG.

If the directors still insist these evidences are good enough & NO INDEPENDENT REVIEWER IS NEEDED.

KPMG must report & flag to SC during the course of audit as it is too big to ignore & before KPMG concluded any opinions.

Based on the findings made available to auditors so far, I don’t think KPMG won’t dare to qualify the matters in their auditors’ report for Serba.

IF KPMG didn’t report to SC & straight away give adverse or disclaimer opinion in the report, SC may hold KPMG accountable for failing to report or red flag to SC given the amounts involved are too big.

Since KPMG already flag to SC, Serba knew KPMG will surely qualify the accounts if NO INDEPENDENT REVIEW OVER THE SUBJECT MATTERS.

So Serba must find way to remove KPMG.

Now you get it?

——————————————-++++++++++++++++++—————-

OrlandoOilSemiconIoT If one has d IRREFUTABLE EVIDENCE one would dare to qualify ones opinion
Why dare not qualify?
Mind u there is such a as giving a wrong opinion
27/06/2021 8:35 AM

OrlandoOilSemiconIoT If KPMG has them then KPMG should hv qualified its audit report on day 1
shortinvestor77 KPMG and Those INEDs that have resigned already have first hand IRREFUTABLE EVIDENCE. They are just waiting for independent review to verify it. Of course, SD doesn't want it to be exposed lah.
27/06/2021 3:24 PM

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-27 17:39 | Report Abuse

WHAT CAN SERBA DO NOW? Since you claim you have the so called “ IRREFUTABLE EVIDENCE”?

——————PLS READ MY SUGGESTION TO YOU——————

KPMG raised queries over the subject matters & SERBA responded accordingly

KPMG opined that these so called “IRREFUTABLE EVIDENCE” were NOT satisfactorily justified & conclusive, thus KPMG requested independent 3rd party to review the validity of the replies & evidences produced by Serba.

SERBA refused as the request WAS UNNECESSARY.

Now KPMG & Serba had disagreements over the evidences. How?

It is professionally right for KPMG as auditors to report the matter to SC IF they believed they should.

What can Serba do now?

If you are not sure, Pls open your eyes to look around for all opinions from respective professional bodies & big investment institutions, THEY ALL ARE HAVING THE SAME & ONE OPINION.

SERBA SHOULD APPOINT INDEPENDENT REVIEWER TO VERIFY & INVESTIGATE YOUR SO CALLED “IRREFUTABLE EVIDENCE” RAISED BY KPMG.

stockraider

31,553 posts

Posted by stockraider > 2021-06-27 17:42 | Report Abuse

Commercial case like serba is not criminal case...it no need to be innocent,until proven guilty loh...!!

The judge will look at the balance of probability to decide whether guilty or innocent mah!

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-27 17:43 | Report Abuse

LOOK HERE in case you miss it or didn’t read it, I repeat again:

What can Serba do now? If you are not sure…….

Pls open your eyes to look around on all opinions from respective professional bodies & big investment institutions, THEY ALL ARE HAVING THE SAME & ONE OPINION:

SERBA SHOULD APPOINT INDEPENDENT REVIEWER TO VERIFY & INVESTIGATE YOUR SO CALLED “IRREFUTABLE EVIDENCE” RAISED BY KPMG.

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-27 17:45 | Report Abuse

So, hope you are now really get it. It’s not what you think, it’s what those big guns think.

You can say you can fly to the moon with your two hands, no one will believe, unless you are superman, then that’s different story, BUT YOU ARE NOT!

stockraider

31,553 posts

Posted by stockraider > 2021-06-27 17:48 |

Post removed.Why?

Posted by leehenry1999 > 2021-06-27 17:49 | Report Abuse

Aiyo, Orlando which is the elite start barking again, love to see the drama you are creating aside from the official ones from Serba hahaha

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-27 17:50 | Report Abuse

You believe these are “IRREFUTABLE EVIDENCE”, of which I AM STILL NOT SURE even until today if these are, so I will not commit myself to agree that.

Now we have disagreement over it. How?

Since this is investing matter & free will to invest by anyone, You can choose to buy more Serba shares to make big profit ONCE & ONLY YOU ARE PROVEN RIGHT LATER.

So, go ahead to buy more serba shares & show your proof of purchase! Or else you just another talk c@ck only.

As for me, I will not buy until you are right. Fair?

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-27 17:53 | Report Abuse

By the way, your article has similarity with serba Karim style, TURNING HERE & THERE, NO FACTS SUPPORT.

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-27 17:54 | Report Abuse

Parrot talking

DickyMe

14,320 posts

Posted by DickyMe > 2021-06-27 17:56 |

Post removed.Why?

Posted by leehenry1999 > 2021-06-27 17:56 | Report Abuse

Bravo to Stock Kingdom's argument supported with facts and statement, unlike Orlando which is full of his own bias and only supported with a short statement from Serba side. Continue to stay in your own elite world Orlando

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-27 18:01 | Report Abuse

Thanks leehenry1999

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-27 18:03 | Report Abuse

YES, To appoint or not to appoint, now this is the issue.

Not appoint, sure die
Appoint, may also die

HOW?

——-++++++———
stockraider U ask yourself why Serba do not want to appoint a reputable reviewer to clear the air leh ?
27/06/2021 5:48 PM
27/06/2021 6:00 PM

Posted by OrlandoOilSemiconIoT > 2021-06-27 18:13 | Report Abuse

Suffice to say u 3 average man on d street jokers hv not a clue what is an audit


Fyi... an audit is an evidence based undertaking


Auditors must find Sufficient Appropriate Audit Evidence


Aùditors must hv Sufficient Appropriate Audit Evidence to support their opinion


Go read the audit report already

Posted by OrlandoOilSemiconIoT > 2021-06-27 18:16 | Report Abuse

If KPMG hv Sufficient Appropriate Audit Evidence it should have qualified its audit report on day 1

The Sufficient Appropriate Audit Evidence wil ensure its safety no need to be dragged into fiasco

leno

6,123 posts

Posted by leno > 2021-06-27 18:35 | Report Abuse

Orang jahat bakal mengalami Kecelakaan esok.
SELAMAT MENINGGAL DUNIA SERBA DINAMIK.

Posted by OrlandoOilSemiconIoT > 2021-06-27 18:49 |

Post removed.Why?

Posted by OrlandoOilSemiconIoT > 2021-06-27 18:51 |

Post removed.Why?

Posted by OrlandoOilSemiconIoT > 2021-06-27 18:52 |

Post removed.Why?

Posted by OrlandoOilSemiconIoT > 2021-06-27 18:57 |

Post removed.Why?

leno

6,123 posts

Posted by leno > 2021-06-27 19:12 | Report Abuse

New Chairman Ilyas anak sial Pakeer been caught LYING !!
Tak nak buat polis report ke ?

stockraider

31,553 posts

Posted by stockraider > 2021-06-27 19:30 | Report Abuse

The issue is not so simple whether qualify or not qualify the accounts...it is more severe than that....it is whether "the accounts is dubious" or not mah loh!

From the info given, there are indications that it is likely the accounts to be dubious, that is why, the advice given to Serba management to appoint an independent reputable reviewer to clear the air & refute KPMG findings mah!

Lu Tau Boh ??

Posted by OrlandoOilSemiconIoT > Jun 27, 2021 6:16 PM | Report Abuse

If KPMG hv Sufficient Appropriate Audit Evidence it should have qualified its audit report on day 1

The Sufficient Appropriate Audit Evidence wil ensure its safety no need to be dragged into fiasco

Posted by Glovefinishretard > 2021-06-27 20:17 | Report Abuse

Sue here also!

henry888

2,247 posts

Posted by henry888 > 2021-06-28 08:08 | Report Abuse

In my opinions without prejudice, i agreed with Serba Dynamik's statement "Auditors should communicate professional scepticism to clients before premature reporting to regulators — Serba Dyynamik".
1) Serba Dynamik is the customer of KPMG and for this reason as what highlighted as above-mentioned KPMG should do.
2) As far as legal is concerned, Serba Dynamik is still innocent until proven guilty by the Court and for this could be amounted to defamation.
Note : Opinions only without prejudice.

henry888

2,247 posts

Posted by henry888 > 2021-06-28 08:28 | Report Abuse

Opinions only without prejudice not for any purpose, Can shareholders of SD recoup losses incurred in share price?

Bgt 9963

7,445 posts

Posted by Bgt 9963 > 2021-06-28 08:35 |

Post removed.Why?

FCM100

143 posts

Posted by FCM100 > 2021-06-28 08:41 | Report Abuse

Are you trying to say 'Frivolous'? 'Not Frivolous' is the opposite of 'not having important values'..

henry888

2,247 posts

Posted by henry888 > 2021-06-28 08:47 | Report Abuse

Not frivolous is correct = not simply...

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