The mispresented truth about Serba Dinamik – The mainstream medias' not so great headlines
16th November 2021 8:31 PM (Updated 17th November 2021 12:02 PM)
The press/media has been acting up lately. What is surprising is that with so much negativity and revelations to audit issues to missed coupon payments which are hot off the press in lighting speed for the last 5 months, something has changed since last week. Never before the tone of the media been like this for Serba Dinamik.
Just as an example, it beggars belief that TheEdge reports on 16th November 2021,
Serba Dinamik develops algorithm to identify Covid-19 through cough
While this may be a positive news for Malaysia, why report this from a company that supposedly has governance and coupon payment issues? Begs to wonder. Even the investment community were quick to put this into the furnace as utter irrelevance to the issues at hand.
And what is more interesting is the TheEdge article on 13th November 2021,
More questions raised after Serba Dinamik's lawsuit against special independent reviewer EY
provided a balance view on the issues at hand. Never before have I read a single piece of news from TheEdge that considers various issues from different perspectives. Its usually a piece that puts Serba Dinamik in bad light. This article was indirectly implying that "we have to study the details from every angle and come to a reasonable and fair conclusion for all parties".
But the most crucial stunner of them all is this, MSWG's CEO decides to use FocusMalaysia to air his personal opinion on 13th November 2021.
The Serba Dinamik saga: When things come to a head
What is striking about this is a complete lack of decisive opinion from the writer. This is very unusual, since all opinions from the writer historically has always been accompanied with some highlights of issue and actions to be taken to resolve them quickly.
"MSWG is not aware of the contents of the ‘Factual Finding Update’ and as such is unable to opine on the materiality of the findings."
Shouldn't MSWG be the one to issue a statement?
The change in media tone is apparent and there are some dead giveaways as to what is really happening behind the scenes. Writing styles do tell lies.
For one, while MSWG is not aware of the contents ‘Factual Finding Update’, that doesn't mean that MSWG's CEO isn't. His use of syntax strongly suggest that he has read and understood its contents.
For two, TheEdge's writer and/or their interviewed sources may have read and understood its contents as they questioned the legitimacy of the appointment rather than the ‘Factual Finding Update. If it was illegitimate, such findings are null and void and assumed in-complete in the end.
Key Take Away
What this means, outside the realms of the meeting, 3rd parties have read and understood the contents of the ‘Factual Finding Update'.
It also means that many of the media have been misinformed as to the actual severity of the issue and perpetuated falsehoods. Who can corroborate this?
“Directors, independent ED’s and the audit committee need to be dynamic in looking into this, as well as other aspects of the firm. The ongoing business of the company has more importance than the audit issues themselves,”.
Serba Dinamik presses on despite suspension of trading on Bursa Malaysia
The Independent Directors' of Serba Dinamik seem to think so.
Note : This is another falsehood being expunged. The ultimate regulator is Securities Commission Malaysia. They have the ultimate power and makes the final decision.
End the standoff: Serba Dinamik should make EY review public to prove it has nothing to hide
We say this to Serba Dinamik: If the information contained in the EY Consulting review is not “material”, meaning it is not significant, why don’t you just release them to prove that you are right and that KPMG, EY Consulting and Bursa are wrong? Wouldn’t it be very satisfying to show that you have nothing to hide?
To Bursa, we say this: If Serba Dinamik refuses to release the information, the exchange should lift the suspension in the trading of Serba Dinamik shares and warrants to let the market be the judge of what it thinks about this fiasco.
"It is compellingly natural for the SC, as the chief regulator of the capital markets, to take an interest in the proceedings as an observer," Loh said.
2) This is where TheEdge doesn't really understand what materiality is
If it is inmaterial, there is no need to disclose. If it is, then disclose it. Both rational goes against accounting standards and the requirements.
We reiterate what we have said to Serba Dinamik: If indeed the information contained in the SIR is not “material”, why not release it to the public and prove that the regulators are wrong, instead of taking them to court? Wouldn’t that prove once and for all that you have nothing to hide?
3) TheEdge is asking Bursa to break its own rules.
We also repeat our message to Bursa Malaysia: Lift the trading suspension on Serba Dinamik shares and let the market show what it thinks of the information blackout.
What is so special abt serba unti need to be hostile take over?? Maybe got water fish wants to help sd pay off billions of debt Maybe got water fish dt mind suspicious account Maybe this white is the water fish Hehe
If you want people to believe something, you need to control the media. The first time you see it you may not believe. If they keep posting it over and over on the same issue, this become true. Our subconscious mind will be trick to believe. Media is so important, so never be influenced by them.
Until now PW is still denying and defending the phantom of the mastermind...
Why are you so delusional and pathetic? The lion is in front of your presence, you keep saying to people its a puxsy cat....meow meow here and meow meow there but in actual fact what is heard is roar.........are you so blinded and dumb that you are out of your conscious mind?
Your persistent irrational denial is larger than your loss of sense.....
If the horse has bolt from the opened barn door, there is really no point in ordering a black-out of the barn.
The findings from the SIR are out and they are as follow:
Scope 1 Findings (Mainly local customers) EY following investigations, casts doubt on the veracity of the transactions with the 11 identified customers. The total sum involving the 9 out of the 11 identified customers are in excess of RM435 million.
-->> Write-off RM435M from receivables
Scope 2 Findings EY, following investigations, raised concerns on the veracity of the transactions with the 6 identified local suppliers. The recorded transactions and other amounts are in excess of RM638 million.
-->> If the fictitious payments of RM638M have been made, that liability amount will no longer be in the balance sheet -->> Is the 'circle fraud' process completed for those 6 local suppliers?
Scope 3 Findings EY, following investigations, found anomalies with respect to the contracts with 5 SDIT International Limited of the identified customers (India and Indonesia?) and 1 of the identified suppliers. In addition, EY in conducting the SIR also found anomalies with respect to other customers and suppliers not identified by KPMG. The total sum involved is in excess of USD 76 million (RM315.227M).
-->> Write-off RM315.227M for SDIT International's receivables
Scope 4 Findings EY also casts doubt with respect to the veracity of the transactions with 1 identified customer (Lata) and 1 Bahrain supplier. Invoices and delivery orders of the Bahrain customer is in excess of USD 12 million (RM49.77M).
-->> Write off RM49.77M for Lata International Trading and Services' receivables
p.s. It is absolutely unnecessary to travel to Bahrain during MCO, EMCO, etc.
The SIR covered only 11 identified local customers, 6 identified local suppliers, 5 SDIT International Limited of the identified customers and Lata in Bahrain.
However, there are a lot more customers that have yet to be identified for review and those customers have allegedly contributed to substantial 'immaterial' revenue over the years.
Selected Countries Cumulative Rev from 25/5/2016 – 31/3/2021: RM 13,396M
Qatar __________ 4601.051M - Process Dynamics - Pavilion Qatar Engineering Co. W. L.L - Halul Offshore Services Company WLL
UAE ___________ 3380.402M - New Thunder Technical Services - Block 7 - Future Digital Data Systems LLC - Sum Tech
Bahrain ________ 1756.658M - Lata International Trading and Services - Regno International Trading & Services W.L.L
Saudi __________ 1201.493M - Midad Industrial Services
Turkmenistan ____ 721.542M - Turkmengas
Indonesia _______ 613.514M - PT Pilar Bahtera Energi
Oman __________ 580.59M - Revenue International LLC
Kuwait __________ 224.697M
Tanzania _______ 194.809M - Sufini Holdings Ltd
India ___________ 60.028M - Captiv Techno Solutions Private Limited - Analog and Digital Labs India Private Limited
Uzbekistan ______ 40.33M - Hazarasp Chlor Alkali LLC FC
Laos ___________ 20.99M - Nam Taep 1,2,3 Hydropower Co Ltd
--->>> Those 'immaterial' revenues that have been erroneously recorded as 'immaterial' assets in the balance sheet will continue to be 'immaterial'.
As at 30th September 2021
Immaterial Assets
Property, plant and equipment : 2,153.796M Right-of-use assets : 449.619M Investment in associates : 184.816M Other investments : 55.314M Intangible assets : 145.722M
Inventories : 2,342.654M Contract assets : 652.606M Trade and other receivables : 1,814.622M Deposits and prepayments : 307.785M Cash and cash equivalents 290.285M
Subtotal immaterial assets : 8,397.269M
--->>> Ultimately those 'immaterial' assets will need to be written-off
Material Liabilities Loans and borrowings 2,278.187M Trade and other payables : 477.129M Loan and borrowings : 1,479.556M
SD keeps tussling with SC for the purpose of buying times so that SD could somehow find the " money" back to pay back SD as if settlement by the dummy receivables....
The interesting part is how to find the " money" back , that has been siphoned or otherwise.It is believed that the " money" is parked somewhere out there only the mastermind knows.....
That mastermind has probably absconded like the fatso jo low....
hahaha Good morning Bob anticipating next season Ozark finale, the extreme decadent couple living on the edge and under controlled of mexican cartel boss, you don't want to be in their position or neither holding worthless shares of Serbak.
Posted by BobAxelrod > Dec 9, 2021 8:41 AM | Report Abuse
Just wondering....was SD roped in to be a one of those washing machines like in Ozark? Not a crime to be curious.
Don't think Serbak audit have got anything to do with under declaration of income, more of declaring false income to the benefit of IRB. Maybe more of laundering, Bryde = Chef, well, maybe a little bit?
Posted by BobAxelrod > Dec 9, 2021 8:55 AM | Report Abuse
@alenac,.. morning sir. We might be in for a shock in the next season as the Mexicans are still in a one sided drug war at the moment. Things may swing the other way...hahahaha
When things in the Accounts don't add up, IRD and in this case Hasil ought to rollback a Tax Audit since the sums and figures and not pennies or cost of a stapler.
hahahaha, sore investor and caught in this counter, focus your anger on Serbak Management not on your fellow commentors. Panic sentiment is over, it is more of regret ever invested in this counter for many. Or are you still living in denial?
Posted by Prudentinv > Dec 9, 2021 8:59 AM | Report Abuse
There is no need to argue and post so many unnecessary things over and over again. Some people just post things over and over to cause panic.
Whatever it is, as a sardine investor we just have to beware that when the financial statements are too good to be true, just like most China based listed companies in Bursa in the past and still some presently, just don't touch it.
Posted by BobAxelrod > Dec 9, 2021 9:13 AM | Report Abuse
Those discrepancies in Audit issues are not the same as the Hasil issues....hehehehe
They wanted more layers ma...so, more institutions audits lor.
External auditors are paid by the company they audit. External auditors are not god. They failed they pay for negligence. Sardine lose everything for relying on failed auditors. So beware.
BobAxelrod Well said, and so true. But many investors depends on reputable External Auditor to scan their accounts.
Mabel 6o+ living in dream every day, no realistic thoughts with Titanic, Kate, Leonardo...no wonder that your EPF is all stuck in sd with hopeless like Titanic... haha
From his expression on the outside with 5 millions fan, he has to put brave front or confidence. It is showmanship of a once powerful man in bolehland. Internally, can he sleep as sound of Mabel the cat? Karma rips your soul and inner spirit gradually.
Posted by BobAxelrod > Dec 9, 2021 9:36 AM | Report Abuse
Karma?...still too early to say and the fat lady yet to sing. Anything goes, but 2/3 (High Court and COA) already done and dusted, leaving Federal. May take 4-6 months but should be less than 1 year as DrM predicted. Also, he cannot contest in GE before Federal clears or stay.
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Posted by dimmubroker > 2021-12-08 19:08 | Report Abuse
Just finish read this.
The mispresented truth about Serba Dinamik – The mainstream medias' not so great headlines
16th November 2021 8:31 PM (Updated 17th November 2021 12:02 PM)
The press/media has been acting up lately. What is surprising is that with so much negativity and revelations to audit issues to missed coupon payments which are hot off the press in lighting speed for the last 5 months, something has changed since last week. Never before the tone of the media been like this for Serba Dinamik.
Just as an example, it beggars belief that TheEdge reports on 16th November 2021,
Serba Dinamik develops algorithm to identify Covid-19 through cough
https://www.theedgemarkets.com/article/serba-dinamik-develops-algorithm-identify-covid19-through-cough
While this may be a positive news for Malaysia, why report this from a company that supposedly has governance and coupon payment issues? Begs to wonder. Even the investment community were quick to put this into the furnace as utter irrelevance to the issues at hand.
And what is more interesting is the TheEdge article on 13th November 2021,
More questions raised after Serba Dinamik's lawsuit against special independent reviewer EY
https://www.theedgemarkets.com/article/more-questions-raised-after-serba-dinamiks-lawsuit-against-special-independent-reviewer-ey
provided a balance view on the issues at hand. Never before have I read a single piece of news from TheEdge that considers various issues from different perspectives. Its usually a piece that puts Serba Dinamik in bad light. This article was indirectly implying that "we have to study the details from every angle and come to a reasonable and fair conclusion for all parties".
But the most crucial stunner of them all is this, MSWG's CEO decides to use FocusMalaysia to air his personal opinion on 13th November 2021.
The Serba Dinamik saga: When things come to a head
https://focusmalaysia.my/the-serba-dinamik-saga-when-things-come-to-a-head/
What is striking about this is a complete lack of decisive opinion from the writer. This is very unusual, since all opinions from the writer historically has always been accompanied with some highlights of issue and actions to be taken to resolve them quickly.
"MSWG is not aware of the contents of the ‘Factual Finding Update’ and as such is unable to opine on the materiality of the findings."
Shouldn't MSWG be the one to issue a statement?
The change in media tone is apparent and there are some dead giveaways as to what is really happening behind the scenes. Writing styles do tell lies.
For one, while MSWG is not aware of the contents ‘Factual Finding Update’, that doesn't mean that MSWG's CEO isn't. His use of syntax strongly suggest that he has read and understood its contents.
For two, TheEdge's writer and/or their interviewed sources may have read and understood its contents as they questioned the legitimacy of the appointment rather than the ‘Factual Finding Update. If it was illegitimate, such findings are null and void and assumed in-complete in the end.
Key Take Away
What this means, outside the realms of the meeting, 3rd parties have read and understood the contents of the ‘Factual Finding Update'.
It also means that many of the media have been misinformed as to the actual severity of the issue and perpetuated falsehoods. Who can corroborate this?
“Directors, independent ED’s and the audit committee need to be dynamic in looking into this, as well as other aspects of the firm. The ongoing business of the company has more importance than the audit issues themselves,”.
Serba Dinamik presses on despite suspension of trading on Bursa Malaysia
https://www.freemalaysiatoday.com/category/highlight/2021/10/23/serba-dinamik-presses-on-despite-suspension-of-trading-on-bursa-malaysia/
The Independent Directors' of Serba Dinamik seem to think so.
Note : This is another falsehood being expunged. The ultimate regulator is Securities Commission Malaysia. They have the ultimate power and makes the final decision.
End the standoff: Serba Dinamik should make EY review public to prove it has nothing to hide
https://www.theedgemarkets.com/article/end-standoff-serba-dinamik-should-make-ey-review-public-prove-it-has-nothing-hide
We say this to Serba Dinamik: If the information contained in the EY Consulting review is not “material”, meaning it is not significant, why don’t you just release them to prove that you are right and that KPMG, EY Consulting and Bursa are wrong? Wouldn’t it be very satisfying to show that you have nothing to hide?
To Bursa, we say this: If Serba Dinamik refuses to release the information, the exchange should lift the suspension in the trading of Serba Dinamik shares and warrants to let the market be the judge of what it thinks about this fiasco.