Why are u so angry....relax and chill man...just wait for the announcement lor... Or is it because u don't have the opportunity to Serbadk shares before it was suspended? kehkehkeh...
--------------------------------------------------------------------------------------------------------------------------- Riaz1954 Where is the investor on this forum who talks about battleships? Sunk I assume without trace?
So what is the problem to announce it early? If the SIR report is ready, better announce it as soon as possible rather than seeing the shares price keep dropping lately....
amet2017 Really suspense now. Suppose SIR is by end of the month. Suddenly comes early
The suspension of trading is to stop all sort of speculations in this forum until the SIR announcement ... At least SC is doing some decent job now ...
it looks like most people don't have shares in hands...now they need to pray hard that it will be bad because by the time star rises, they had to change account name again
100% BAD NEWS u guys can smell it KARIM has disposed 6% of totaaal warrants because it will become worthless...HE is the major holder he cut and let u guys hold sth valueless RIP ... worst is yet to come btr not believe the people saying positive stuff..U guys buy this share out of greed CONSEQUENCEs should be beared,nvr touch con co.
Hahaha....joke of the day....what fund r u handling?
InterFund® Real story from Bursa Exchange.............................. Karim key in to dispose all his mother shares........................... Bursa Exchange suspended................... I think he managed to disposed 100mil of his shares today........................
many ppl or investors whose invested at high cost are suffering with big losses. indeed no one interest to buy there all waiting the outcome before determine to buy or not,
u cannot get anything at 20 sen It will limit down to 5 sen if open on monday.
The company is confirmed BANCRUPT with no cash but massive debt and will not be able to service anything anymore.
Those in 2 other related companies should sell out as fast as possible. If u go read their latest account, it mention Clearly, their AUDITORs are "indemnified" from "saman" or legal action if they are found to produce fraud accounting by the company directors namely Kareem.
Real Karim will be exposed. Is he a gentleman? Selling the warrants to defend mother or lari? D-day to judge a person. Personally i feel he is a gentleman.
- KPMG is a big 4 company. They deal with hundreds of huge company. Serba is just one of their hundreds of big money clients. There is literally no reason for them to make a false call on their valuable clients. The only factor which might make them do so is because the problem in question is just downright/obviously wrong. Obviously they weighted the pro and cons of calling it out vs not calling it out. Therefore they decide to call it out and risk lawsuit. This is not a matter satu orang je decide. They already bincang kaw2 dalam mesyuarat...
2. Tiada kemasukan besar institutional buyers. Malah public bank jual besar-besaran/cut loss besar-besaran.
- Bukan saja tiada institutional buyer baru, malah institutional buyer sedia ada cabut lari.
3. Agent2 pump and dump mula beroperasi di forum.
- Kenapa baru sekarang nak sembang beli? Kenapa bulan lepas masa harga 0.31-0.35 tidak aktif suruh orang beli??
- Dibandingkan dengan Airasia, forumers memang sentiasa mengalakkan beli walaupun harga jatuh teruk.
- Serba tidak, hanya suruh beli bila harga naik meroket tanpa sebab.
4. Black list institutional buyers
- Lets face it, kaunter ni telah menyebabkan kerugian besar pada institutional buyers. You think mereka ni rugi kemudian tak pandai insaf2. They have strict SOP in place. Fund manager untuk EPF saja sudah lebih 30+ orang. Tiada orang akan risiko kan pekerjaan sendiri untuk buat recommendation untuk fund mereka beli Serba
5. Cannot get future contract/Recover order book
- Nowadays its standard operating procedure to prioritize companies with good governance. Serba have proven it self to have very bad governance. This is known throughout the corporate world. If you are in mid tier management of any decent company, you would know this.
This is not because they are scared or they admit they are guilty.(Pls dont misunderstand).
Auditors are generally required to be independent and objective during an audit, because they are responsible to issue an opinion on the truth and fairness of a company's financial statements(f/s).
They cannot be seen to be siding the directors due to fear or favour. Instead, they should be protecting shareholder's interests.
Board of directors are responsible over the preparation of f/s, and the f/s are then audited by the external auditors. The auditors will then issue their opinion to shareholders.
Notice there is a 3 party relationship here.
1)The auditors who audit the f/s, and
2)Directors who are responsible over the preparation of f/s and
3) The shareholders, who are the recipient of the f/s and the auditor's opinion.
Auditors work for the shareholders and not the board.
The board cannot exert their power or influence on the auditors. The legal case initiated by the board, however, shows otherwise.
So,
KPMG has no choice but to resign because they will no longer be able to audit the f/s objectively, there is now a perception that kpmg may compromise in the audit due to the fear over the outcome of the legal case.
(So, the safest thing to do, is resign, and this is the message to shareholders. Resignation is also strongly recommended by auditor's code of ethics)
The board's decision to take a legal action on KPMG represents an intimidation threat, where the board can be perceived as saying, you either accept what we say or face the consequences of the legal prosecution. (Although their true intention maybe something else)
The question now is:
Was there a need to take legal action on the auditor while the audit is not complete and call for a press conference to condemn the auditor, instead of explaining and solving the issues in hand?
Didnt the audit committee give a warning to the board about how a legal case will affect auditor's independence?
A legal case is a serious issue. Wasn't this discussed with all major shareholders? Did they call for an egm to discuss with shareholders, especially the majority or institutional shareholders, before proceeding?
To get more clarity,
We need to know who are the top 3 major shareholders of Serba Dinamik and whether they were consulted before the legal action was taken.
At the end of the day, KPMG will still need to face the legal case and protect their own reputation, and in the process, have to let the shareholders and authorities know their side of the story, with proper evidence.
This is not only about audit and accounting, its moving towards wider governance issues..
Lets see what happens next.
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Posted by KongKaliKong62 > 2021-10-22 15:21 | Report Abuse
Why are u so angry....relax and chill man...just wait for the announcement lor...
Or is it because u don't have the opportunity to Serbadk shares before it was suspended? kehkehkeh...
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Riaz1954 Where is the investor on this forum who talks about battleships? Sunk I assume without trace?