Posted by amirf1221 > 2021-11-15 11:19 | Report Abuse

Interesting prospect
Suing got long list too
Let see the outcome later

Posted by amirf1221 > 2021-11-15 11:19 | Report Abuse

Just see the shareholders
Sure got assistance
Safe

Posted by BobAxelrod > 2021-11-15 11:21 |

Post removed.Why?

Posted by superrr > 2021-11-15 11:27 | Report Abuse

Outcome is the end of show....

Posted by superrr > 2021-11-15 11:28 | Report Abuse

All viewers go home ...bye bye..sb.

Posted by BobAxelrod > 2021-11-15 11:31 | Report Abuse

Noticed something? Promoters also disappeared...all gone lah. Afraid not getting paid too?

Posted by superrr > 2021-11-15 11:39 | Report Abuse

Some promoters have fell back scolded sb and scolded karim....like interfund... hahaha

Posted by superrr > 2021-11-15 11:41 | Report Abuse

The false will eventually appear in reality, the dust will return to the dust, the soil will return to the soil, and all thing will return to the dust...The facts cannot be changed..

塵歸塵, 土歸土, 一切萬物化為塵....曲終人散也--....何也？

Posted by Yu_and_Mee > 2021-11-15 12:01 | Report Abuse

阿弥陀佛，善哉善哉。

Posted by tradersampah > 2021-11-15 12:09 | Report Abuse

15days to go

Posted by Yu_and_Mee > 2021-11-15 12:33 | Report Abuse

What will happen after 15 days?
I saw S&P also downgraded SD from CCC to CC. But still higher than Fitch given rating of C.
How to get fund raising with such rating? Got water fish swim into the bucket or not?
Oh, no need fund raising I guess. Because if not mistaken they have terminated the contracts, right?

Posted by IdleMoney66 > 2021-11-15 12:48 | Report Abuse

Business ongoing and as usual, but share price cant be traded as a listed company

Posted by ytk666 > 2021-11-15 12:56 | Report Abuse

Soon pn17

Posted by SHQuah > 2021-11-15 13:06 | Report Abuse

Kpower doing very well. Very Good support at 50 cents. I expect SCIB once opt will go higher. Karim need to push Kpower and SCIB higher inorder to stop bank force selling for Serbadk when open.

Posted by jutawansenyap > 2021-11-15 13:06 | Report Abuse

Cover your losses by buying BIG this evening. Standby!!!

Posted by newtrader1989 > 2021-11-15 13:21 | Report Abuse

Haha buy which one?

Posted by wongchin > 2021-11-15 13:21 | Report Abuse

U r still dreaming shquah.... pls wake up

Posted by InterFund® > 2021-11-15 13:24 | Report Abuse

Buying big but cannot sell big.............. Hahahaha.............

Posted by ǷearlꙌhite > 2021-11-15 13:28 | Report Abuse

. Part 1
https://www.theedgemarkets.com/article/sc-says-serba-dinamik-probe-ongoing-backs-ey-special-review

What kind of documents have SC seized (and still not returned up to the time of this writing)? For that, we have to make some realistic assumptions to what SD has in place. Typically, an O&G outfit is very into ERP (Enterprise Resource Planning) systems and Document Management Systems (DMS). With that, we shall explore

1) What documents that SC have given EY access to that “SD couldn’t produce or withheld from EY”;
2) The level of transgressions that such documents can lead to, if any;
3) Ramifications of such seizure of documents on SD fulfilling all of it’s statutory obligations.

1) What documents that SC have given EY access to that “SD couldn’t produce or withheld”
We shall dissect the type of documents into the following general categories for ease of understanding, according to the activities within SD namely

a) Sales and Marketing (S&M)
Typically, most documents under (S&M) consist of Invoices, Service Orders (from clients), Bid documents (and quotations), Letter of Awards and Contracts. Invoices are the only document that can be reproduced by SD from the ERP. Other official versions of documents like Bid Documents, Letter of Awards and Contracts would also be copied into DMS and copied for statutory purposes (like CoSec). Service Orders (from clients) may be also DMS, but in my experience it may not be so (unless having a copy in the email correspondences with the client or a copy being held by Procurement to raise PO) and for ISO purposes.

Likelihood of SD not producing or being withheld from EY – Low.

b) Projects, Operations and Procurement (POP)
Here is where the main activities of SD towards it’s clients are carried out. These are termed working documents. In most cases, these documents are reproduceable by SD as these can be generated by SD from the ERP system. Documents like work/service requisitions (from Projects and Operations), Delivery/Receipt Orders, Purchase Requisitions (and Vendor Quotation) are available.

What is not readily reproduceable are the reports on Project and Operations statuses. Typically, these documents exists for the purposes of BOD use, Approving Committee use and/or Statutory use. They are usually in the PowerPoint and Excel formats. These reports contain signatures of the approving personnel.

Likelihood of SD not producing or being withheld from EY – Medium.

c) Financial and Legal
Under Financial and Legal, it would reproduceable by the ERP system and documents like Payment Vouchers (which would also contain in bundle the S&M and POP documents). What would be reproduceable would be just the payment vouchers but not the supporting bundles, unless time is taken to re-construct the bundle.

What is also most likely not-reproduceable are external party documents (since most ERP system don’t cater for it). Most crucial for receipts and payments from clients and vendors respectively are the Bank Negara Forms and Bank Related forms. Whilst in typical online banking transactions, like Maybank2u or RHB Reflex, can be seen, it is line-by-line transactions unless there are queries from these banks into the nature of the receipts and remittances to and from clients/vendors.
There are some other forms that unless capturd in the DMS for ISO purposes, the likes of customs declarations forms, taxation forms for example, it is most likely not reproduceable by SD.

Likelihood of SD not producing or being withheld from EY – Medium.

d) Registered Address / Statutory
The registered address (usually the Company Secretary’s Office) would contain all the documents pertaining to senior management and BOD in the form of the meeting registers which contain all the deliberations and approval of all contract awards (with legal entities, legal and financial arrangements and financial appraisals), projects (details of project statuses, issues) and Operations (details of operation statuses, issues). Such documents provide the strategic view of how information would be reflected in the Financial Statements.

Of all the documents highlighted above, documents held by the registered address / statutory are the most important ones all because it gives SD the legitimacy and credibility for all of it’s actions. These documents are what would support or act in contrary to KPMG’s assertations

Likelihood of SD not producing or being withheld from EY – Low.

Posted by ǷearlꙌhite > 2021-11-15 13:29 | Report Abuse

.Part 2

2) The level of transgressions that such documents can lead to, if any;

Based on SC’s statement in TheEgde, it can be reasonably assumed that “working documents” were seized. Such documents typically would contain various type of documents that are bundled to a specific project or operation work. In such documents, we would be able to verify the approving persons and how it is eventually recorded in the Financial Statements.

Such working documents would involve low to mid-level employees of SD with occasional approval from senior management based on the Limits of Authority (LOA).

What isn’t clear from SC’s statement in TheEdge, is whether seizure was made at the registered address. If we reasonably assume that there was no seizure of such documents, it would be difficult to identify transgressions committed by Senior Management and the BOD.

Documents that are not re-producible can lead to inability to verify the correctness and authenticity of the transactions. To obtain such documents from the 3rd parties, may prove difficult especially when it involves banks and government bodies. Obtaining a CTC may be difficult but doable.

Question is, do you have the time to wait for their response?

3) Ramifications of such seizure of documents on SD in fulfilling any statutory obligations.

In a worst-case scenario where SC seized all documents in all areas, it will definitely impact SD to continue to fulfil its statutory obligations, financial obligations, project and operational obligations. In short, SD’s ability to continue as a going concern is questionable.

However, since SD was able to disclose QR 30/6/2021, we can reasonably assume that it seems that the seizure of documents was related to QR31/3/2021 and KPMG’s assertions. It is most likely client/vendor and time specific.

Would it hamper Nexia’s ability to conduct its audit? Yes, unless like EY, Nexia has made a request to verify such documents at SC’s premises.
.

Posted by IdleMoney66 > 2021-11-15 13:35 | Report Abuse

Karim = Icon of Bumiputera Entrepreneur

Posted by ǷearlꙌhite > 2021-11-15 13:46 | Report Abuse

.
If Scomi cannot deliver the trains and the CEO has dumped all his shareholdings PLUS its auditor wrote a looooooong letter about its audit issues which are far worst than SD, why is SC keeping quiet?

SC/Bursa what are you doing? Are you playing double standards? Aren't your Acts applicable to every entity in the same manner? Where is the SIR for Scomi?

Where is MSWG too?

SC/Bursa/MSWG, please note that your double standards have caught the attention of the law community in this part of the world.

Get cracking.

I wish you well SC, if you just started putting in resources to finalise SD's issue. Good luck.
.

Posted by ǷearlꙌhite > 2021-11-15 13:56 | Report Abuse

.
Quoting Acts and sections of legislations are of no use. Why? Because it doesn't get things done.

As highlighted by 1 of the 4 heavenly kings here, he had to engage a lawyer to get an EGM going.

Can't he get his letter out by himself (together with the other shareholders')? He should stand by his ability to get things done.

However, what is happening is having the knowledge but cannot execute competently and confidently is very evident here.

Also, lobbying is also not restricted to Bursa/SC. It also involves engagement with various government departments in Putrajaya. Legwork is important.
.

Posted by shybutter > 2021-11-15 13:56 | Report Abuse

Still ok as long as BAU

Posted by IdleMoney66 > Nov 15, 2021 12:48 PM | Report Abuse

Business ongoing and as usual, but share price cant be traded as a listed company

Posted by shybutter > 2021-11-15 13:57 | Report Abuse

For the stocks, just wait until all this issue on SIR settled by all parties

Posted by Stocksafeplayer > 2021-11-15 13:57 | Report Abuse

What are you trying to do @PearlWhite?

You posting long essays for what purpose?

If you are not qualified as a licensed investment adviser in Malaysia, I suggest strongly you stop doing unauthorised your own analyses when you had no direct access to the confidential documents belonging to Serba.

Serba can sue you for speaking on their behalf, you know?

Posted by vcinvestor > 2021-11-15 14:01 | Report Abuse

we know they love suing people

Posted by vcinvestor > 2021-11-15 14:01 | Report Abuse

his favourite song https://en.wikipedia.org/wiki/A_Boy_Named_Sue

Posted by Stocksafeplayer > 2021-11-15 14:05 | Report Abuse

Btw @PearlWhite, go and read SC’s regulations about making misleading false statements or analyses on online public forums, when you are NOT a licensed investment adviser in Malaysia… Fines and/or jail may be applicable if we report you to SC

Posted by Huangbk72 > 2021-11-15 14:17 | Report Abuse

Always listen to old people...

When you see mad people talking to themselves, ignore them for your own sanity..

Posted by BstRspnsNnF > 2021-11-15 14:18 |

Post removed.Why?

Posted by BstRspnsNnF > 2021-11-15 14:24 |

Post removed.Why?

Posted by TryMakeGoodBuy > 2021-11-15 14:35 | Report Abuse

According to Ms White
SC action may have affected the going concern of SD.
So we going to see another suit soon!!!

Firstly SC did not want to make public on its investigation.
SD action has push them to make clarification.
If SC is still investigating after so long, then there must be some issues they are waiting for confirmation. Otherwise SC would have discontinued investigation. The documents still with SC maybe used as evidence.

Before conclusion of SIR or investigation, SD may die from lack of cashflow as evidenced by the inability to pay coupon or complete building purchase of RM24 mil. The amount is so small compared to turnover or debtors.

But anyway Ms White always seems to know something inside.
This maybe part of its game plan.
Hahahaha

...............................................................................................................................
In a worst-case scenario where SC seized all documents in all areas, it will definitely impact SD to continue to fulfil its statutory obligations, financial obligations, project and operational obligations. In short, SD’s ability to continue as a going concern is questionable.

Posted by Stocksafeplayer > 2021-11-15 14:37 | Report Abuse

If SC’s regulations are breached, doesn’t matter if thousands of people liked what you posted la…

Haha Kesian @BstRspnsNnF, I suggest you learn to remove unnecessary abusive comments about other user such as @BobAxelRod la.

Just remember that in this i3 forums, everyone has a right to post own views, just don’t break any rules can?

Posted by andyvin07 > 2021-11-15 14:49 | Report Abuse

Whoever purchase this company stock been impacted severly by all the dramas that going with between Serba, Bursa and Auditors. All share holder should sue serba and Bursa ask for money refund.

Posted by Trader258 > 2021-11-15 14:49 | Report Abuse

Am waiting for SD's ' buku masak2 ' to be approved and rewarded good and proper... hahaha.

Posted by andyvin07 > 2021-11-15 14:49 | Report Abuse

Any lawyers here can give advise to shareholder to reclaim back their money from bursa?

Posted by treatshijau > 2021-11-15 14:52 | Report Abuse

waiting for any update
positive ones is good
even better at this moment

Posted by treatshijau > 2021-11-15 14:53 | Report Abuse

advise on current situation?
alternative plans are needed
prepare for every situation

Posted by hassim85 > 2021-11-15 15:03 | Report Abuse

epf, kwap and others disposed their share.. ikan bilis plak berduyun2 nk beli, nk selamatkan pak karim.. hahahaha..
reclaim? gud luck ;-)

Posted by treatshijau > 2021-11-15 15:04 | Report Abuse

shareholders still strong
got backup obviously
will see the outcome

Posted by BstRspnsNnF > 2021-11-15 15:05 |

Post removed.Why?

Posted by BstRspnsNnF > 2021-11-15 15:07 | Report Abuse

i x no how to remove unnecessary abusive comments..

Posted by treatshijau > 2021-11-15 15:13 | Report Abuse

analyze behind the scene
will see the other perspective
then only make the wise decision

Posted by NatsukoMishima > 2021-11-15 15:30 | Report Abuse

Delisting is the only way ! No more dreams for gamblers !

Posted by Stocksafeplayer > 2021-11-15 15:35 | Report Abuse

Kesian @BstRspnNnF…..Padan muka

BstRspnsNnF Post removed. Why?
15/11/2021 2:18 PM

BstRspnsNnF Post removed. Why?
15/11/2021 2:24 PM

Posted by neohts > 2021-11-15 15:41 | Report Abuse

when is date line for Annual and Quarterly report ? 30 November ?

Posted by joyvest > 2021-11-15 15:49 | Report Abuse

@ PW

Your analysis is highly misleading

1. The seizure of such documents by SC is to pre-empt the possibility of such documents being tempered with or destroyed . Some of the documents could be highly confidential and never be accessible to anyone before except the higher level of authority .Therefore, it can be reasonably assumed that it would be difficult to identify transgressions committed by Senior Management and BOD if there was no seizure of such documents.

2. Documents that are not re-producible will not lead to inability to verify the correctness and authenticity of the transactions as these documents can be confirmed with CTC by the third parties at the original sources ( unless of course there has never been genuine original sources in place ).

3. Your mention of the seizure of such documents will impact SD’s ability to continue as a going concern is preposterous. Since you have mentioned that most of documents are re-producible from SD’s filling system, the question of going concern does not arise.

4. SC,as a market regulator ,has owed the duty of care to the investors in general to ensure MMLR is complied and upheld by all the Public Listed Companies (PLC) at all times

Posted by Stocksafeplayer > 2021-11-15 15:57 | Report Abuse

Thanks @joyvest for explaining clearly why @PearlWhite’s self conducted analyses were boldly misleading.

If he/she refuse to remove his/her long essays without having the proper investment adviser license in Malaysia, we may hve to report to SC…. in view of current sensitive investigations by SC on Serba, as reported by local news recently.

Posted by risingstar21 > 2021-11-15 16:06 | Report Abuse

Agree. Kpower doing quite well also

Posted by SHQuah > Nov 15, 2021 1:06 PM | Report Abuse

Kpower doing very well. Very Good support at 50 cents. I expect SCIB once opt will go higher. Karim need to push Kpower and SCIB higher inorder to stop bank force selling for Serbadk when open.