This whole saga of Serba is not as simple as it seems. Just accounting issue? Definitely not.

As the eposide continue on, the bad guys will slowly be reveal by their own doing. There are two camp here. I always believe the righteous will prevail over evil.

Investor just hope that regulator bodies do not act in bad faith.

Why serba need to do this is to protect investor's interest.

This is like a movie and there are many actor.

I do not believe this. The culprit of all this ordeal is surfacing with its own action.



InsiderShark @Prudentinv

What are you smoking? KMPG is the one that told bursa to get an independent review, Serba refuses and so KPMG refuses to sign the annual report, then KPMG go report to SC and Bursa that Serba got financial discrepancy.

Bursa told Serba to go get an independent reviewer, Bursa never told Serba which company to pick, it is up to Serba. Now people like you spin as if Bursa forced Serba to pick EY. Bursa only force Serba to pick an auditor for SIR.

Serba PN17 already, wake up and smell the shit Karim shitted on all retail investor by saying BAU. Karim is the one that made you guys average down. Go shah alam

The appointment of EY consultant by Serba was base on Bursa request. So it is not surprising that Bursa, EY, and the edge is working together.

dianatrader The Edge is Biased Against Bumiputera

The edge may be in trouble and license renewal is at stake for selective reporting.

This page no longer there?

https://www.bursamalaysia.com/market_information/announcements/company

There are things happen in this world without real answer. Like the disappearing of MH 370. Only those involve in it will know what actually happen. Media is to let you know what they want you to know. Just like Omicron, Do you think it so serious that had cause the whole world market tumbling down, If not becos of the WHO and media, it will not be that bad.

We knew this cos we were competing in that project too

Despite of accounting issue as brought up in the media, Serba is still being awarded with project during this period.

The game had not end. Better to trust those with insider information. Media report what is appear to be true can be false as they did not give the complete picture.

He had nothing to be ashamed of cos he still believe had done no wrong which is consistent with his action.

shareinvestor888 That is why that fella appear on tv, speaking to media ….nothing to be ashamed of, looked steady saje kan?

News keep spreading on the default of payment but the owner of bond holder did not give them notice of default. Do you notice this?

News keep spreading on the default of payment but the owner of bond holder did not give them notice of default. Do you notice this?

KUALA LUMPUR (Dec 13): Serba Dinamik Holdings Bhd (Serba Dinamik) on Monday (Dec 13) said it has yet to receive any notice of default in response to its outstanding US$222 million sukuk.

Professional Ethics of Auditors: The Case of Serba Dinamik© kenchiro168 / Shutterstock.com
Ecovis Global > Professional Ethics of Auditors: The Case of Serba Dinamik
Professional Ethics of Auditors: The Case of Serba Dinamik
12. August 2021
The recent dispute between a listed corporation, Serba Dinamik Holdings Berhad (“Serba Dinamik”) and KPMG has made waves in Malaysia as the impending legal suit is allegedly linked to negligence, breach of contractual and statutory duties of the audit firm.

Serba Dinamik is a Malaysian-based investment holding company, which manages the Serba Dinamik Group and CSE Global Ltd. The Group provides information technology (IT) solutions, energy and engineering services, mainly to the Oil and Gas (O&G) and power generation industries. The suit commenced after KPMG red-flagged several issues on Serba Dinamik’s bills and transactions in the draft Annual Report for the year ended 31 December 2020. It was understood that KPMG was unable to verify the details of the third parties for these transactions.Citing publicly available information, KPMG has denied the allegations and has stepped down from its duties as the external auditor due to being unable to continue with its duties independently. Upon the legal action taken by Serba Dinamik, five independent and non-executive directors of Serba Dinamik have resigned, with four of them expressing their disagreement over said decision, and on 25 June 2021, the company’s stock price dived to an all-time low of 23%.

Auditors in Malaysia are guided under Section 320 of the Capital Markets and Services Act 2007 (“Act”), which states that auditors are required to report to the Securities Commission Malaysia (“SC”), as well as Bursa Malaysia, any cases that adversely affect the financial position of the public listed company to a material extent, or any breach of securities laws and rules of the stock exchange. It is worth noting that under Section 128(2) and 320(2) of the Act, it posits that auditors are not liable to be sued in any court with respect to any statement submitted by the auditor in good faith and in the intended performance of any duty imposed on the auditor. By following the Act, the auditor enjoys these privileges due to its obligations to provide an independent report and not be influenced by other parties.

In order for Serba Dinamik to be successful in their legal claim, the management is required to show proof that KPMG has, in fact, breached its duties, as well as on the grounds of alleged professional negligence, breach of contract and breach of statutory duty. Regardless of the final outcome of the dispute, this audit issue serves as a reminder to the members of the accounting profession to uphold the principles of trustworthiness, transparency, and accuracy in independent financial reporting. Auditors are obligated to report any breaches or irregularities immediately to the SC.

Leaders of accounting firms should serve as role models by ensuring that the codes of conduct filter down through the entire organisation, to fully prepare auditors as they navigate potential ethical dilemmas. It is crucial for auditors to build public trust by advocating professional and personal ethical values to avoid potential publicised failures, which can tarnish the reputation and values of the accounting profession.

Shareimvestor888, Do you think this law will change in Malaysia? The MP will not let this pass in parliament. Changes will only happen when majority of our people change.

Everything seem impossible will be possible. Miracle will happen. Be patience.

After 2 days of rest, this blog is still so active. Game not over and still on going. Court case take time. They maybe going for all the damages including consequence damages and this will be a huge sum.

I expect no response after my comment but few have responded. I also did not put ID so no offence if you do not consider yourself in that group. By responding you are admitting to be that category of people. Anyway, Sorry for the comment if it offended you.

A group of people ( maybe if the same person using different Id here) behaving like gangster calling names and stating confirm delist and all sort of things. This sort of behavior is like kids and also not making sense at all. Not only they did not show respect of one individual but only reveal their own bad attitude. It is sad that we have such people in our society.

No problem mah, those invested no panic as power struggle not yet end. Movie still got more eposide. After all we invested after weighing the gain vs risk and not following the crowd.

So many waiting for cheap stock. I am also waiting for that.

The edge again have another article about serba's default. So prompt in their article. Ha ha.

Since the decision is with the judge in court. Lets have some patient and wait, after all most of those basher are not holder of serba share. The ordeal had not end.

Alibaba do not have accounting issue but becos he is a triad to Chinese regime with Ant set up. So share price tumbles due to Chinese government intervention. So uncertainty remain. For serba, as long as audit report is not out there is uncertainty. Always remember guilty need to be proven. The analogy used is for uncertainty. Now the whole ordeal points toward the auditors, bursa and the edge being working together. As I have said auditor KPMG have scandal in the past and being sue and lost court case.

We are not promoting. Just being fair. We do not blindly follow the crowd. Only busy body paid by someone and apportunist are here to repeat the condemnation. Very small percentage of people make money in stock market. Reason being that they follow the crowd. Those make money are those who do not follow the crowd. Just like Alibaba, there are people who encourage sell and there are people who buy into it. Those who purchase now may reap many folds in future. Invest with what can hold and know the risk both ways. Busy body only distract investor. Worst is what they brought up is in the paper already.

If all basher not holding share, then why so much condemnation?

To all the basher, Do you all hold shares of this company?

This only show a group is working together with an agenda. Keep posting over and over the same issue. Again, time will tell who is right and who is wrong. Many many know insider news and wanted cheap tickets like 5 cents. This market is really full of hungry shark.

That's why someone interest is there so take advantage of the negative sentiment now to blow things out proportion.

The media can choose to only report on the strength or weakness of the company.

The media cannot be trusted. It depend on the writer's intention. Pls find out who is the author and is he consistent in the article of different companies. If you say media is trust worthy, do you think CNN always report the truth and being neutral during US president campaign.

The market is a voting machine in short term but it is a weighing machine in long run. All due to sentiment of fear and optimism that affect an investor. Clear mind with calmness is need when analyzing the company's potential.

This forum is very active. I took some time to go through after work. It is definitely for a purpose. Everyone has their own interest and hopefully the market sing along with them.

Retailer, make your own judgement as no one here will look after your bank account. The fact is human are selfish in nature and please remember, there is no mercy in stock market.

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.

Anyway only time will tell who is right.

BobAxwlrod. You will reap what you sow. Everyone have different opinion. I only know that the media is misleading.

Different formula, different value

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.

Sound like the issues had being blown out of portion to mislead the market.

If you analyse the whole ordeal of one event after another, it point to you one thing. They may be a victim.

Maybe wait for the overall market to rebound.

Do you need to announce coupon payment?

As long as having holding power should be fine.

Most of billionaire like owner of Maxis, Berjaya, MMC started with have the support and blessing of the government.

Labour shortage and limitation of sea transport too.

I think repayment can be renegotiated under agreed condition. Most important is sustainability of the business. Most of business now is affected by shortage, inflation and previous MCO.