Posted by BobAxelrod > 2021-11-28 11:03 | Report Abuse

A lot more can and should happen before 9th Dec.....

Posted by PSAi3alert > 2021-11-28 11:04 | Report Abuse

Hope the first batch of INEDs who resigned will not need to wash backsides.

On second thoughts, hope is not a plan.

They would have become crown witnesses already.



i3lurker Did those Serba INEDs get legal advice?


After a full trial, the independent directors were sentenced to a jail term of one year and a fine of RM300,000 for furnishing misleading information to the stock exchange in 2007.

https://www.christopherleeong.com/media/4467/2021-08_the-enforcement-of-accounting-fraud.pdf#:~:text=Transmile%2C%20at%20the%20time%2C%20was%20an%20air%20freight,misleading%20information%20to%20the%20stock%20exchange%20in%202007

28/11/2021 10:33 AM

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

If Bursa let sb messing around, delaying A/C report and delaying the debt repayment period, then the stock market will in chaos..

Posted by superrr > 2021-11-28 11:16 | Report Abuse

I don't think they able to repay the debt.

Posted by superrr > 2021-11-28 11:24 | Report Abuse

It is already a weird and big problem to claim a lot of big business but not receiving payment.

Posted by PSAi3alert > 2021-11-28 11:35 | Report Abuse

There is a smart Zhuge Liang who just did a 'borrowing arrows with straw boats' maneuver.

Bursa just need to file an OS with the factual findings by KPMG and EY.

Voila! All the information is now made public by way of documents tendered in 'court proceedings'.

TheEdge can and did publish an article based on those public documents, with minimal risk of defamation action by Serba.

Al Jazeera, Bloomberg, Reuters, CNBC, CNN, etc can also now publish articles based on those factual findings. They can also visit the toilet cleaning companies that are allegedly owing billions to Serba.


p.s. Zhuge Liang was a bit cheeky and put in alternative pleadings in the OS. Those alternative pleadings, are unfortunately, giving false hopes to the Tanjung Rambutan kakis.


p.p.s The Tanjung Rambutan kakis have now spiraled into a 'disorganized schizophrenia' (Hebephrenia) condition and are now displaying:

- Loose associations: Rapidly shifting between topics with no connections between topics
- Perseveration: Repeating the same things over and over again
- Made up words that only have meaning to the speaker
- Use of rhyming words without meaning
- When cognitive disorganization is severe, it can be nearly impossible to understand what the person is saying.


i3lurker agree

in fact KPMG kept silent
and Serba BOD had umpteen press conferences and roadshows to tell the public that there were "findings"
so now public already informed of findings long ago right?

lolz

Posted by newtrader1989 > Nov 28, 2021 10:55 AM | Report Abuse

I agree with Serba on the fact that there is nothing material to disclose. Given that EY and KPMG findings are same, off course there is nothing new and material to disclose. Lolz.
28/11/2021 10:57 AM

Posted by InvestorKING > 2021-11-28 11:48 | Report Abuse

Bookmaker: SD + epfff
Player: shorties+retailed investors

Posted by josephn > 2021-11-28 12:03 |

Post removed.Why?

Posted by Kakume > 2021-11-28 12:19 | Report Abuse

Imagine SD drop to 0.01, so take private will be cheap for Mr Karam

Posted by i3lurker > 2021-11-28 12:19 |

Post removed.Why?

Posted by InterFund® > 2021-11-28 12:40 |

Post removed.Why?

Posted by value_seeker > 2021-11-28 12:41 | Report Abuse

Dishonesty- the most dishonest person. The first on the number from Tanjung Rambutan? I believe he dishonestly like rambutan.

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

No fresh development. no fresh perspectives, same disparaging comments, same ambiguity from SD, still some way to go before the whole truth is out... enjoy your weekend ma... go Xmas shopping or go holiday.

Posted by OldWiseMan100 > 2021-11-28 13:23 | Report Abuse

Here is a photo of karim eating ikan bilis
https://ibb.co/mXWWTVF

Posted by TryMakeGoodBuy > 2021-11-28 13:34 | Report Abuse

Hahaha
What sort of perverted thinking is this.

If SD terminate EY, can EY still do SIR?
Who is going to pick up the tab?
Bursa is just preempting the move by SD.
Who would trust Nexia to do the SIR job being the current auditor.
All SD promoters made noise when EY did the SIR by EY being the auditor for Bursa.

Just my low yat mentality thinking


...................................................................................................................
Posted by ǷearlꙌhite > Nov 28, 2021 9:01 AM | Report Abuse

.
By PearlWhite
28th November 2021, 9.00AM

Bursa : Is it a lifeline, redemption or a little of both

What is of intrigue is the following, taken from TheEdge,

https://www.theedgemarkets.com/article/why-bursa-sought-serba-dinamik-...

"It also sought a court order directing Serba Dinamik to complete the SIR with E&Y or in the event of EY's premature resignation or its termination, the court orders the company to appoint an independent reviewer with international affiliation within 14 markets days for the SIR to be completed."

There are 2 parts to this intriguing statement.

Firstly, in the event that the SIR would not be completed by EY, which is what Serba Dinamik has been pursuing, does this mean that Bursa is of the opinion that the EY SIR in whatever status of completion cannot be relied upon? If so, why is it then that the Factual Findings Update be deemed material and relied upon then?

Is this a redemption for Bursa for the way the SIR proceeded with questionable procedural, execution and decisions previously?

Secondly, Serba Dinamik is expected to appoint an independent reviewer with international affiliation. The quickest way and humanly possible way is with Nexia. After all, Nexia is conducting the audit for FY20/21 and would be the logical candidate to investigate what is being currently audited. If so, the SIR can be part of the Auditor's Statement for FY20/21.

Is this a lifeline given to Serba Dinamik to resolve this the quickest and more importantly, with ultimate independence, assurance and credibility?

I certainly see it as a little of both.
.


p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.

Posted by Nikmon > 2021-11-28 13:37 | Report Abuse

Where are those stupod genius investor, solo, white and mable...seems like they only can post music oitube here....lol

Posted by ytk666 > 2021-11-28 13:42 | Report Abuse

No cure already la.

Posted by Nikmon > 2021-11-28 13:51 | Report Abuse

Creditor will act since 2 shop lot finding are consistent

Posted by 8899EL8899 > 2021-11-28 13:55 | Report Abuse

serba total revenue about rm4bil,.......... only rm300mil. are fraudulent , what about rm3.7bil? are the others business genuine?

Posted by Nikmon > 2021-11-28 14:00 | Report Abuse

Where is your brain??? What are you expecting??


8899EL8899 quoted serba total revenue about rm4bil,.......... only rm300mil. are fraudulent , what about rm3.7bil? are the others business genuine?
28/11/2021 1:55 PM

Posted by 8899EL8899 > 2021-11-28 14:03 | Report Abuse

if karim resign mean end of serba...........!

Posted by getingreal > 2021-11-28 14:04 | Report Abuse

https://ibb.co/6r4zGRV read it and weep.

Posted by superrr > 2021-11-28 14:16 | Report Abuse

Your ikan bilis is too big lol...hahaha... The dishonesty is a sd staff PEGANG KAKI hope that the boss can increase his wages..

-----------------------------------

OldWiseMan100 Here is a photo of karim eating ikan bilis
https://ibb.co/mXWWTVF
28/11/2021 1:23 PM

Posted by Nikmon > 2021-11-28 14:25 | Report Abuse

Will SD release the SIR ..haha....a lot creditor will sue SD from Monday, they are drafting letter over the weekend so that can send to SD tomorrow morning

Posted by bojed > 2021-11-28 14:47 | Report Abuse

Many hardcore SD supporters in the telegram group seem to tone down their usual aggresive ways and have resorted to accept their fate after reading The Edge's latest piece on the whole saga.

A few are still trying to pin down the problem on Bursa and conspiracy theories, but at this point that's understandable. Perhaps they bought lots and lots of SD shares at very high prices.

Posted by Nikmon > 2021-11-28 14:55 | Report Abuse

I'm surprised that so many idixtsssssssss

bojed quoted Many hardcore SD supporters in the telegram group seem to tone down their usual aggresive ways and have resorted to accept their fate after reading The Edge's latest piece on the whole saga.

A few are still trying to pin down the problem on Bursa and conspiracy theories, but at this point that's understandable. Perhaps they bought lots and lots of SD shares at very high prices.
28/11/2021 2:47 PM

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

Ask Sii Chiong Wei liquidate and sell everything includes SD Premises, property, plant and equipment, NTA still got 1.05. Give back to his sharesholders

Posted by 8899EL8899 > 2021-11-28 15:23 | Report Abuse

karim is not a good conman, real crooks are 10% genuine business , 90% fraud business.

Posted by Tobby > 2021-11-28 15:25 | Report Abuse

Haix! Security commission and bursa has fail us once again!

Posted by leno > 2021-11-28 15:39 | Report Abuse

First time see
One Big group of Conman
got caught in the net together.

Bursa is the Best.
Bravo !

Posted by getingreal > 2021-11-28 16:01 | Report Abuse

josehphn : the NTA you mention would likely include non existent receivables, also if he will fabricate contracts and huge receivables he may also fabricate other non existent assets. Do not believe cooked accounts.

Posted by shareinvestor888 > 2021-11-28 16:06 | Report Abuse

Agree @i3lurker

Posted by getingreal > 2021-11-28 16:06 | Report Abuse

Bond and other finance holders would need to be fully paid before poor ikan Bilis. I think the bond holders etc will be lucky to recover 10c on the ringgit. Ikan Bilis will get nothing.

Posted by value_seeker > 2021-11-28 16:13 | Report Abuse

10c or likely 0.1c? Deep hole with so much less cash.

Posted by 8899EL8899 > 2021-11-28 16:36 | Report Abuse

a wise & genuine businessman will never do such a silly thing , one dot of ink spoil the whole gallons of milk.

Posted by OldWiseMan100 > 2021-11-28 16:49 | Report Abuse

can someone explain what is the whole point of cooking serba? Karim bought so PP in 2020, and more on the 2nd PP in 2020. I can understand why he pump up KPower and SCIB, then issue bonus and warrant to further push the price, then he cash out via warrant to buy the PP in Serba.

The goal of cooking the books is to enrich yourself, but somehow he bought the PP and then after that he went and bought even more in the open market, pushing the price from 1.60 to 2.00, I think around jan to march 2021 if I am not mistaken. He already knew KPMG was hot on the trail, yet he bought even more.

weird. what is his reason for doing this?

Posted by leno > 2021-11-28 16:57 | Report Abuse

Tipu duit bank dan duit pelabur.

Posted by BobAxelrod > 2021-11-28 16:58 | Report Abuse

Perhaps, it's called All In? You getting away with murder once, may not mean it's forever? Courage to show....Above and beyond the Law? Balls grew hairs?

Anyway, loot's being stashed elsewhere, this here is loose change?

Posted by 8899EL8899 > 2021-11-28 17:02 | Report Abuse

i think his ego tell him he can hide or undo the fraud, no body will notice, he was trained as an engineer but not accountancy,he is not smart enough in account.

Posted by josephn > 2021-11-28 17:03 | Report Abuse

Maybe Karim truly want to prosper the company, however finance, internal control, and internal audit department incompetent due to bumiputera culture of bribe, corruption and money laundering practices

Posted by PSAi3alert > 2021-11-28 17:05 | Report Abuse

Events of defaults or enforcement events, where applicable, including recourse available to investors

Events of default as may be advised by the Solicitors and/or to be mutually agreed between the Issuer and the Lead Arranger, including but not limited to such events of default prescribed in the SC’s Trust Deeds Guidelines and the following which includes any event which upon the giving of notice and/or the lapse of time and/or the issue of a certificate and/or fulfilment of the relevant requirement as contemplated under the IMTN Transaction Documents would constitute an event of
default (each a “Dissolution Event”) :

(i) The Issuer fails to pay any amount due under the IMTNs when such payment is due and payable in accordance with the IMTN Transaction Documents;

(ii) The Issuer fails to observe or perform any of their undertakings, covenants and/or obligations under the IMTN Transaction Documents or there is a breach by the Issuer of any terms of the IMTNs or under the IMTN Transaction Documents (other than an obligation of the type referred to in paragraph (i) above) or any other obligations specified herein) and in the case of a failure capable of remedy, such failure is not remedied within fourteen (14) business days of the occurrence of such breach or after the Issuer (as the case may be) is notified by the Sukuk Trustee of such breach, whichever is earlier, or such other period as may be agreed by the Sukuk Trustee, to the satisfaction of the Sukuk Trustee;

(iii) Any representation or warranty or statement made or deemed to be made by the Issuer (as the case may be) in the IMTN Transaction Documents or any other document or certificate delivered by or on behalf of the Issuer (as the case may be) under or in connection with any IMTN Transaction Documents is or proves to have been incorrect or misleading in any material respect on or as of the date made or deemed to be made where such incorrect or misleading representation or statement has or would have a Material Adverse Effect, and in the case of a misrepresentation capable of remedy, such misrepresentation is not remedied within fourteen (14) business days after the Issuer (as the case may be) becomes aware of such misrepresentation or is notified by the Sukuk Trustee of such misrepresentation;

(iv) Any step is taken for the winding-up, dissolution or liquidation of the Issuer, or any of the Material Subsidiaries (as defined in the section entitled “Other terms and conditions – Definitions”), or a resolution is passed for the winding-up of the Issuer of any of the Material Subsidiaries, or a petition for winding-up is presented against the Issuer, or any of the Material Subsidiaries, and the Issuer or the Material Subsidiary (as the case may be) has not taken any action in good faith to set aside such petition within thirty (30) days from the date of service of such winding-up petition or a winding-up order has been made against the Issuer or the relevant Material Subsidiaries;

(v) Where a scheme of arrangement under Section 366 of the Companies Act has been instituted against the Issuer;

(vi) An encumbrancer takes possession of, or a trustee, liquidator, receiver or similar officer is appointed in respect of, all or a substantial part of the business or assets of the Issuer or any of the Material Subsidiaries, and the Issuer or such Material Subsidiary (as the case may be) has not taken any action in good faith to discharge, or dismiss such appointment within thirty (30) days from the date of such appointment;

(vii) The directors of the Issuer have appointed a nominee for the purpose of or have entered into a corporate voluntary arrangement of the Issuer; or an application for judicial management order on the Issuer has been made by any party to the court;

(viii) The Issuer is deemed unable to pay any of its debts within the meaning of Section 466(1) of the Companies Act or becomes unable to pay any of its debts as they fall due or suspend or threaten to suspend making payments with respect to all or any class of its debts;

(ix) Any other indebtedness of the Issuer (as the case may be) becomes due and payable prior to its stated maturity by reason of a declaration of a default or a Dissolution Event, however described, or where the security created for any other indebtedness becomes enforceable;

(x) If there should occur any revocation, withholding, invalidation or modification of any licence, authorisation, permits or approvals that impairs or prejudices the ability of the Issuer to comply with the terms and conditions of the IMTN Transaction Documents;

Posted by PSAi3alert > 2021-11-28 17:06 | Report Abuse

(xi) The Issuer fails to maintain the then prevailing FSRA Minimum Required Balance (as defined in the section entitled “Other terms and conditions – Details of designated account, if applicable”) and PSRA Minimum Required Balance (as defined in the section entitled “Other terms and conditions – Details of designated account, if applicable”); and such failure remains unremedied for more than seven (7) business days from the date of any shortfall;

(xii) The Issuer fails to maintain the Financial Covenants (as defined above);

(xiii) At any time any of the provisions of the IMTN Transaction Documents is or becomes illegal, void, voidable or unenforceable;

(xiv) Any event or events has or have occurred or a situation exists which in the opinion of the Sukuk Trustee may have a Material Adverse Effect, and in the case of the occurrence of such event or situation which in the opinion of the Sukuk Trustee is capable of being remedied, the Issuer does not remedy it within a period of fourteen (14) business days after the Issuer became aware or having been notified by the Sukuk Trustee of the event or situation;

(xv) An event of default or a dissolution event under any outstanding ICPs has occurred and is continuing; and

(xvi) Such other Dissolution Event as may be required by the Guarantor and/or the investor(s) of the Unrated IMTNs, if applicable, and/or as advised by the Solicitors and mutually agreed by the Issuer and the Lead Arranger.

Upon the occurrence of a Dissolution Event which is continuing, the Sukuk Trustee may at its discretion or, upon the IMTN Holders’ instruction, declare that a Dissolution Event has occurred and all IMTNs are immediately due and payable, whereupon the Sukuk Trustee is entitled to enforce its rights under the IMTN Transaction Documents including, but not limited to, requiring SDHB (as the Obligor) to purchase the Shariah-compliant Business at the Exercise Price and pay the outstanding amounts of the Deferred Sale Price (subject to any Ibra’, if applicable).

In the case of Guaranteed Unrated IMTNs, the Sukuk Trustee on behalf of the IMTN Holders in respect of such Guaranteed Unrated IMTNs shall, upon the declaration of a Dissolution Event, make a claim on the Guarantee up to an amount equivalent to the nominal value of such Guaranteed Unrated IMTNs and one (1) Periodic Distribution.

Posted by leno > 2021-11-28 17:09 | Report Abuse

u announce fake company profit
so u can ask more money from shareholder and bank

u also borrow bank money to buy sebak share pp
because after u buy the share,
u announce fake profit,
and share price went up,

then u borrow more money using your share as margin
to take up more share pp
then u announce another fake profit
and share price went up

How long can u repeat this ?

In sebak case it started 2019
by end of 2019 kpmg start to suspect something not right.

In 2020, kpmg start to monitor, refuse to audit-fied 2020 account,
sebak change 2020 end account to jun 2021.

The rest is history.

So, which part that make no sense ?

Posted by leno > 2021-11-28 17:16 | Report Abuse

a customer pledging 100 million shares price RM 2 = RM 200 million
want to borrow RM 20 million to buy share
can lend or not ?

Posted by leno > 2021-11-28 17:18 | Report Abuse

using fake profit, fake inventory, fake property value, fake contract
raise 2 billions cash thru bond.
Wah duit masyuk !
Syiok !!

Posted by shareinvestor888 > 2021-11-28 17:26 | Report Abuse

Makes sense @leno

Posted by leno > 2021-11-28 17:32 | Report Abuse

i 20 years here never see minority take action
err ... actually i saw twice.

By sslee gang up with kyy to sue xingquan
anything come out from it ?
ZERO.

Another one in msport
2 lawyers buy up msport share to become major share holder
took over the EMPTY msport and become the director
and now everyday have to reply letter from ah long, bank, bursa, sc and polis.

Posted by ǷearlꙌhite > 2021-11-28 17:33 |

Post removed.Why?

Posted by superrr > 2021-11-28 17:35 | Report Abuse

This is how the so-called billionaire was formed...fake 1, fake 2, fake 3...fake fake fake. everything fake.

Posted by Huangbk72 > 2021-11-28 17:43 | Report Abuse

Figures don’t lie

People lie

If people cannot read and understand figures, pls retire from investing instead of listening to nonsensical posts like PearlBlack. It’s confirmed he truly belonged and rightfully slaughtered in any abattoir