Good luck to those big players like r88 and iHunter...

Hopefully they prop up the price and not ended up long term investor replacing KWSP

Investors are smart people.. if not cannot find counters to make money..

Most importantly, what is the motive for SD not agreeing to sign off SD accounts resulting in billions of market cap losses.

Always start with motive..

SFC1980 gave precise steps.

Ask yourself, why go long way when shortcut is available ? In business world, makes sense ?

Haha.. still posting wrongdoing of KPMG worldwide.

THOSE ARE DUE TO UNDER-AUDITING Similar to 1MDB

SD they over-audited also kena?? Haha

IHunter.. good luck again today.. yesterday ran out of ammo against the big boys?

1) everyone following this case read this presentation? It’s only SD version. KWSP believe?
2) KPMG Malaysia doesn’t have to personally go to Bahrain… they are allowed to use KPMG Bahrain. Not only KPMG Bahrain.. even 3rd party credit assessor worldwide.
3)Before matter blew up, why SD didn’t appoint 3rd party reviewer? Even matter blew up, didn’t do it? Cos afraid ?
4)EY agreed to be new auditor ?
5) Do you think KPMG will defend this in court if they are wrong? They would have bend backwards after getting sued and be a lap dog

Let’s see who is prevail in the end. Either you are in SD camp or not:

The info is all out there.. don’t be misled

1) if SD books are clean, why not appoint 3rd party reviewer immediately as requested by KPMG. This would have solved this issue immediately.

2) Big funds are exiting including KWSP. They are dedicated investing company with deep connections in the business world. No one here has resources that can match KWSP. When they sell like this, it’s exit sign

3) SC governs listed company. SC raided SD based on KPMG information. U think anyone here is smarter than SC ? They raid because they seen KPMG evidence:

4) Market has spoken. Price never recovered.

5) If you are feeling charitable.. pls donate to SPCA.

What benefit KPMG gets from driving down SD share price ? I can’t think of any reasonable reasons.

If SD so sure of their transactions, why till today no independent reviewer appointed ? KPMG themself requested for a 2nd opinion. It’s been months.

Get EY, or even get EY, PWC and Deloitte to verify the audit issues.. give good optics to shareholders.

Have Simple solution but prefer long hard road. No wonder market reacted badly so far. Making useless move in changing chairman, suing, lousy PC..

When in doubt, follow KWSP and KWAP. They are the professionals

rr88 Google lar. That was what happened. They went there. Could not locate the address n returned.

Haha.. google and you arrive at this assumption?

@rr88

Sure or not KPMG Malaysia went to audit in Bahrain? KPMG Bahrain cannot check on behalf?? Local arabic people are better at reading arabic ..

Leno.. your last statement hit the nail.. bullseye

@iHunter
I don't operate companies that I attended, so I have no idea how many auditors. That is CEO/CFO job to deal with them. During presentation, there were at least 3 reps from auditor company .

Then how you arrive at the statement that the auditors for Serba is inexperienced??

To me.. its a bucket of horse wash in that legal suit by SD.. purely to discredit KPMG.

No auditing firm will make errors in the 4 points raised. Even small ones. The points are too "nursery"

iHunter Huangbk72,
Not really. Although I 'm interested with financial aspect, the audit report presentation also talk about many aspect including operations such as it and finance dept.

Anyway, I can't seems to have draft of the SerbaDK audit, but my initial observation is the Assigned Auditor by KPMG is lack of experand probably just completed her training.




May i ask you, how many auditors comes over to your company for auditing purposes? and how many are juniors and seniors? I know it starts with 4 people minimum for a listed company.

Impossible with 0% possibility that Serba audit is done by someone lacking experience and just completed training...

@iHunter

Board meetings dont talk about grammar.. only look at financials.

We are talking about verification of transactions in KPMG vs SD case

@iHunter

KPMG itself also LLP company. U think they wouldnt know??

not suprised limit down.. looking at the sell que

@SFC1980

Not Crisis Management is weak.. its non existent

@pearlwhite

now you say all middle east business operate in such manner?

SD is not the only listed company having business in Middle East.

pearlwhite .
Huangbk72 @pearlwhite

Answer : SD is not the owner and master of the info Kpmg required. (hint: SD need to ask the bigger boss for info., but bigger boss don't layan)

SD employ in balance sheet accounting
BIgger boss employ off balance sheet account

all this accounting, all legit btw.


Either you have or dont have. Auditing dont look at such arrangement.

If what you say is true.. no point auditing SD then..

@pearlwhite

Yeah.. so trivial i dont understand why there is a deadlock.

Even request for 3rd party audit also not done.

This can be solved in weeks.. and not months. Why drag till now?

@telurgoreng

Looking at the 4 points raised.. its frivolous at best, delusional at worst.

There is no way any auditing firm will stonewall any client based on that. It will be suicidal. Dont forget SD can complain to SC about this too.

So its only 1 sided story and weak one at that.

@SFC1980

SC governs listed companies and can compel any auditing firm to work with SD.. if no one dares to take up this work.

So will eventually find an auditor for SD.

The saga keeps getting longer.. Resigning auditors is bad, need few more steps to complete.

The road to clarity grown longer.

Have to buy more popcorn now

@siduit we don’t trust anybody, and we also don’t trust to the auditor’s opinion, because it’s not yet to called as a fact. but the way the act towards those opinion is too much that caused more harm then ever, those issue can be settle more wisely

You mean.. to not cause harm to you, the auditors should accept SD explanation and signs off the account?

@wcc636588

Haha.. that wirajati is ambushing the SD fanboys... he is playing around

@glorymas this is typical politician mindset, fight back kaw kaw!
but sorry wrong handling this time...the boss follows wrong mentor, politician with the arrogant attitude mostly short life and ended up gain no respect...
if rosmah would have to understand this wisdom, apologies sincerely to the country, takes whatever punishment on her, the voting will very soon goes back to najib, then she will comes back richer and stronger

Yes.. agree fully.

Overall a PR disaster appointing this new Chairman and Shafee to sue KPMG.

Listed companies are public company... must show professionalism. I cringed when i saw the youtube broadcast.

@i3lurker

Personally i think quite certain a lawsuit will be filed.. after all the damages assessed and recovery process is over.

@Beautyseeker

Responding is 1 thing.

Whether its accepted is another thing.

Furthermore KPMG requested a 3rd party auditor to come in and check again. This is so commonly practiced in cases of stalemate.

You know in the end, SD didnt want to do this.

@siokar... this Hin Leong case.. later Deloitte may face lawsuits for under- auditing. 16years with Deloitte

@colin888

Can forget the idea SD buying back their shares... when margin call hits, more pledged shares will be released.

So can expect more supply than demand

@Beautyseeker

You are playing the role of KPMG.

U cannot accept transaction record of Serba
U request for further information and clarification
Clarification given cannot be accepted
Stonewalled for months
As an auditor, who do you do to when SD not cooperating.

Either you go SC, Go Internal Audit, Disqualify Audit or Resign.

Material wont go missing cos got purchase invoice and delivery order..

Problem the material on site belongs to some other company..

@iHunter HuangBK72,

Last week, big boys are selling and retailers are buying. Now, retailers are selling and hedge fund are buying... So, need to clear weak holders to restore its price.

Okok.. good luck!

To those still blaming the audit process or KPMG, no mileage.

Grow a brain and evaluate the situation, who is killing SD now?

@Gerrardo Some of the gloves co counter also many are abnormal what.

Got glove counter hit with audit problem now?

if normal counter.. surely enough ammo la..

But this SD is abnormal... market sentiment is so negative.. why pump and dump this counter?

@iHunter HuangBK72,

What do you think ?

I bet on not enough ammo ... haha..

No hard feelings ya.. just my thoughts

@BATFLY Some positive comments.. How many oil n gas counter has PE of 3.39? Dividend yield of 9%. Profit growth since ipo..

Hate to burst your bubble..if take impairment hit, all positive ratio gone

@iHunter

Enough ammo if big funds sell to you?

@Kang Yao Can shareholder sue Serba Directors for "suing KPMG on resulting drop in share price" which leads to further share price drop?

YES

@i3lurker maybe the RM500 million materials on site is a lie also. Where is it?

There is NO way, auditors cannot find that huge inventory. Its not chicken feed amount and looking at the industry SD is in, it should be largely concrete, metal and machineries. Either cant find or found but belong to someone else. I believe the latter.

If say missing RM500 million bitcoin and cant find, can believe. haha

No one doubted the project in Abu Dhabi.. it’s the book entry that is in question. It’s pricing transfer or revenue layering in issue

My observation:

The ending will be bad if SD maintains this trajectory with worst case scenario delisting.

Instead SD just take the impairment hit immediately and reboot the company. Suffer 5 years but keeps the company afloat.

At the moment, SD has dug too many holes and became a target for many people and authorities. No company can be put under multiple Microscope and escape unscathed

-@ MichelleNg how can Karim change auditor ?

No need defend KPMG.. no need defend SD

Its he says, she says.. everyone also confused.

Appoint another auditor to check flagged issues... whats so difficult? Berani kerana benar still applies?

KPMG cannot make it....

SD please appoint EY, PWC and Deloiite to audit again!!!! you been sitting on this for few months now... why no action or no BIg4 willing to take up this job?

Gerrardo So, all auditors using 'truecaller' also to identify the relevant parties?

There are too many methods to verify.. truecaller is one of the many, its called pre-qualify with not much weight... mostly will be site visit due to amount involved is huge.. why SD just pick on this truecaller? fishy isnt it?

kamirise360 So that shows either any auditor still can do mistaks what?

Yet you are still believe completely on them meh?

If no external auditors.. you believe company auditors prepared accounts??

This issue is not about believing auditors.. its about NOT believing SD

kamirise360 Did KPMG red flag 1MDB before this?

Billions also they cannot see?

All 3 1MDB auditors also kena.. so now blame EY, KPMG and Deloitte?