No point being critical of the USA, they are morally better than many democratic and islamic countries in the world. In terms of fair trade, intellectuals protection and anti money laundering, they are top. Hell, the DOJ even assist Malaysia in recovering the 1MDB money in billions stolen by our own leader and his gang.

Posted by stockraider > Dec 13, 2021 11:35 AM | Report Abuse

Itu syria, libya, turkey, USA prison...set up to frame China under USA hollywood movies setting mah!

Usa should Go to UN & make the complain mah....if USA think if they are any abuse by CHINA mah!

USA has accidently release covid19....causing havoc to the world & more than 500k death of its citizen.

In addition...USA refuse WHO inspection & investigates their labs mah

Agreed Tobby, each country has their own problem.

Posted by Tobby > Dec 13, 2021 11:38 AM | Report Abuse

Let China handle their own internal problems! With 1.5 billion population, it's not the easiest nation to manage! It's not our problem, it's not US problem! It's China problem!
Wiseman says, best to take care of your own backyard than to go around telling your neighbours how to manage theirs!

Not going to argue about right and wrong on what China has done. It is CCP and their national interest to ensure a peaceful nation where capitalism can survived.

Posted by stockraider > Dec 13, 2021 11:25 AM | Report Abuse

If people commit terrorism or going to commit terrorism....which is better leh ??

Plenty of evidences available even video of concentration and defector camp officer and victims testimony etc. However much CCP denied, it is just political self preservation.

Posted by qqq3333 > Dec 13, 2021 11:19 AM | Report Abuse

Ale....no evidence and no motive found

Evidences are available that China violate human rights but for the past 3-4 years, no terrorism incidents were reported in Xinjiang in particular and in China generally. Maintaining peace to advance trade and commerce in the country precede human rights.

Posted by stockraider > Dec 13, 2021 10:57 AM | Report Abuse

China never violate any human rights mah!

China Ensuring peace & safety & giving good life to its citizen is paramount to china leadership philosophy mah!

No words of wisdom will help when you are caught with the short end of the stick. Look at other counters with bad news as references. Too much money invested, you become a bad satay seller.

Posted by deMusangking > Dec 13, 2021 10:24 AM | Report Abuse

u still doubt the words of wisdom?
haha

Not so sure current price already factored in the problem. They are going to be charged by labor ministry too. Uncertainty still hovering.

Posted by deMusangking > Dec 13, 2021 10:14 AM | Report Abuse

the current price already factored in the 'problems'!
so downside is limited and upside is ????
haha

Noted on technical chart, but with no good news, pretty soon it will have to drop below 45 sen unless owners are willing to defend the support level.

Posted by hoot9e996 > Dec 13, 2021 10:07 AM | Report Abuse

technical side, as long it doesnt break below 0.45 its all good
fundamental side, theres hope for new business partner it still has machinery
the down side, dyson was 80% of its revenue failure to find a major business partner its price would be around this level

Wow many satay sellers here more smoke than sales. Remember almost all their sales are dependent on Dyson. Come 30th June 2022, sales will collapse, right now they are at the mercy of Dyson, price bargaining position is zero. Still can survive? Anyone here can come up with a good & convincing argument otherwise than my thoughts?

Yes, right on, don't gloat and sulk over it. Life is short make the most of it.

Posted by CharlesT > Dec 12, 2021 8:06 PM | Report Abuse

Make as much money as u could, then u can go wherever u want to go

You are right who cares about what is right and wrong in other countries. Solve your problems in your own country if you can, if you feel the grass is greener in other places by all means lift your foot. Express your rights to leave.

Posted by Sslee > Dec 12, 2021 7:52 PM | Report Abuse

Hahahaha,
I just interest in China buying more Palm oil from Malaysia and do not dump their steel to Malaysia so that my Pam oil and steel stocks will do well in 2022.

Living in the past and not facing reality. China persecutes religious bodies and social organizations very often. The government is dominated by CCP, so they do not want any groups to be a threat to them. Similar to democratic government, where more often opposition groups are jailed and deprived of their human rights.

Posted by uncensored > Dec 12, 2021 7:38 PM | Report Abuse

Am i right? These 2 retaxds r followers of Falun Gong...thays y they love CCP so much...lol

Where were you the last 20 or 30 years, still in your mum womb? China has left the old ideology and embraced capitalism. There are 4 stock exchanges in china with the recent one in Beijing. Massive GNP capable of being number 1 in the world in future, if not for embracing the god of capitalism, then what is it? Leave your coconut shell.

Posted by enning22 > Dec 12, 2021 5:42 PM | Report Abuse

"China to prevent widespread terror? " you must be joking, communist party itself is a terrorist organization.read Karl Marx communist manifesto, and read more about Stalinist , Maoist terrorism.

You are even a greater fool, they all did this for their national interest too. China to prevent widespread terror, Americans to keep Law and order. Malaysia to prop up a majority race so as to remain in power and command the resources.

Posted by enning22 > Dec 12, 2021 5:30 PM | Report Abuse

don't be silly, American elected political leaders have national interest to protect. Trump was doing his job. you love to think all American are fool and corrupted.No way.
China wanted to steal people intellectual property,and continue to do so,no way.silly fool, why dont you rob a bank, and thinking nobody will stop you.

Yeah, boys, the constant bickering over China and US is fruitless. Let us face reality, whether China abused its own citizens and the US the blacks don't really matter to us. Face it, let us focus locally, the minorities here are also bit*hing over economic and social discrimination. The situation here and in China or US are similar when you are minorities, whether the system is democratic or communist. As minorities, we need to work extra hard to have comfortable lives. Those are realities to live for, period.

Fraud has to be proven in court, it is up to SC/police (commercial crime division) to gather the evidence for the AG to initiate criminal action. To be frank it really depends on the evidence available sufficient to charge the wrongdoers. Even that anything can happen in Bolehland if you have the resources to circumvent the charges.

So as punters you don't wait until there is fraud before you dispose of all your shares, if you sense something is not right in a company just sell. To err in the right direction is better than to lose all for inaction

Luckyboy88 # shareinvestor888.

What I mean is that even if it’s just window dressing, where is the conclusive proof (documentary) that there is fraud?

Say serbak loses all its lawsuits against kpmg, ey & bursa, this does not mean that Serba has committed fraud right? Frauds must be proven first before it is called a fraud
12/12/2021 9:15 AM

We complain so much about labour conditions in Xinjiang. Little do we know there are many mini Xinjiangs in our own backyard for provocateurs to exploit.

Bloody joke, recused or sack the judge ..............how far can you really go? When you are in business the last thing you want is litigation after litigation.....same storyline from Jibby's legal battle?

Ask yourself why does the management refuse to comply with the directive of the auditors and regulators if they have not done anything wrong? Billions are at stake, why allow the value of their shares to drop if they have done nothing wrong, which they insisted all the while but refused to resolve the matter. Obviously, the cooking of books are involved, my guess.

Posted by shareinvestor888 > Dec 11, 2021 6:42 PM | Report Abuse

I personally am not happy with the current ‘corporate’ behaviour of serbak & Karim, but I cannot say that they are ‘guilty’ until any wrongdoings are Proven Beyond Reasonable Doubt..

I think the issue now is the lacked of transparency of Serbak and that leads to non-compliance of the directive from the regulators and along the way that causes the subsequent collapse of the share price before the inevitable suspension of the trading of Serbak shares and recently the defaulting of billions of bonds/loan due to non-payment of interest. As to the allegation of fraud, SC has an ongoing investigation. The result is pending.

Posted by shareinvestor888 > Dec 11, 2021 6:31 PM | Report Abuse

Noted @alenac.

What I mean is that even if it’s just window dressing, where is the conclusive proof (documentary) that there is fraud?

Say serbak loses all its lawsuits against kpmg, ey & bursa, this does not mean that Serba has committed fraud right? Frauds must be proven first before it is called a fraud

My guess is that the window dressing of financial results have been going on for many years until it was found out in early 2021. By then it's too late as management cooking of books got too "gung ho" for external auditors to control.

Posted by shareinvestor888 > Dec 11, 2021 6:16 PM | Report Abuse

Don’t understand how simple matters of verifying the trade debtor, trade creditors and stocks can be dragged to the courts…

My personal view is that say an auditor could not perform proper verifications of some accounting items and/or figures, agree that the audit process would be further delayed to the detriment of the listed company.

Who’s job or responsibility to go all out to ‘prove’ that whatever the auditors were unsure of or ‘suspicious of’ are proven correct with proper documentary evidence?

I mean, to be fair to Serbak, is there any proof of serba’s internal wrongdoings meh?

Next would be the receiver.

In Serbak, lawyers make the most from misery of sardines.

Serbak going down on RM2 billions bonds default, still got time for CSR and meet the PM activities?

"Serba Dinamik, in its past filings, had stated that it has no intention to default and is committed to fulfil the payment before the grace period ends.

The US$300 million Islamic debt was issued by SD International Sukuk Ltd, an indirect wholly owned subsidiary of Serba Dinamik.

The sukuk also contains cross-default provisions with its other dollar-denominated 7% sukuk (US$180 million) due March 2025.

It would also impact Serba Dinamik’s Ringgit Islamic Commercial Paper due in May 2022 amounting to RM100 million."

https://themalaysianreserve.com/2021/12/10/serba-dinamiks-coupon-payment-default-signals-wider-risks/

Bob you din have your morning oats?

BobAxelrod Waaa...Huang, you sure have far sighted eyes. How did you see I'm have french toast with English marmalade, eggs, ham and coffee for breakfast now?
10/12/2021 9:30 AM

Kacang Putih, why critical of the media? Is it not the job of companies to report the truth and not cook books. The culprit is caught, next is to find out who did all these documentation before he/she disappeared like Jho Low.

from Kacang Putih
However, if the media were truthful and not immoral and went on by presenting the headline in a balanced way by considering Serba's Dinamik response to Bursa's and EY's affidavits, it would have went like this,

Great report from the edge, that is why Serbak will not published, bad and adverse, points toward book cooking

Trade receivables (customers), It contracts & Trade creditors (suppliers) transaction doubtful. Very material and spread over major balance sheet items. Conclusion : Can only be done with knowledge of top management.

Scope 4: Bahrain customer and supplier
As for the final scope of the SIR, EY Consulting’s investigations into the matter found that the Bahrain customer could be related to the company. Likewise, EY Consulting also cast doubts on the veracity of the transactions with the Bahrain supplier. In the court document, EY Consulting estimates that the invoices and delivery orders of the Bahrain customer amount to more than US$12 million.

In KPMG’s audit, a physical visit to Serba Dinamik’s Bahrain supplier Spectrum Oilfield Solutions WLL’s commercial registration address led the auditor to a supermarket while the address provided in the statement of accounts could not be located.

Meanwhile, Serba Dinamik’s Bahrain customer LATA International’s commercial registration address brought the auditor to what seemed to be a workers’ accommodation. The auditor also found it unusual that the fax number indicated on the official website of LATA was registered under the group’s regional general manager.

KPMG said that it was not able to ascertain the existence of the supplier or the customer and the appropriateness of the respective purchases and sales transactions that took place during the year.

While Serba Dinamik and the regulators alike are not backing down in the fight, the ones on the losing end are the minority shareholders — left out of the goings on behind the scenes but unable to exit the company given the suspension of the shares.

https://www.theedgemarkets.com/article/bursas-suit-sheds-more-light-serba-dinamiks-financials

Findings of SIR consistent with KPMG’s doubts
The court documents detailed that following its investigation, EY Consulting, like KPMG, had doubts on the veracity of the transactions with 11 identified customers, in relation to its first scope of work. EY Consulting estimates the total sum involving nine out of the 11 identified customers to be more than RM435 million.

KPMG came to doubt the veracity of the transactions with the 11 identified customers because of the suspicious external confirmation letters received from Serba Dinamik’s clients.

It is a standard procedure during the course of auditing for auditors to send out external confirmations to selected customers and suppliers of its client to provide confirmation on transactions such as sales, receivables and payables.

In a report to the board of directors prepared by KPMG sighted by The Edge, the auditor highlighted that only one out of 12 external confirmations sent to its clients were returned based on the auditor’s confirmation request.

Interestingly, the 11 other customer companies did not reply to KPMG’s request initially. However, these customers responded when an individual named “Encik Hafiz” sent them the requests later.

A common theme of the confirmation replies in KPMG’s findings was that the representatives signing the confirmation were not identifiable and may not even exist in the database of the various customer companies.

KPMG told the board in its report that it could not verify the authenticity of the confirmations received as it was unable to determine the existence of the individuals signing the confirmation replies.

Scope 2: Local suppliers
Under the second scope of EY Consulting’s findings for the SIR, in respect of the concerns raised by KPMG regarding six identified local suppliers, EY Consulting similarly raised concerns on the veracity of the transactions with the six, stated the court documents. The recorded transactions and other amounts were found to be more than RM638 million.

The concerns raised by KPMG’s report regarding the six local suppliers were similar to that of the 11 customers. KPMG was unable to ascertain the existence of the suppliers in question as well as the appropriateness of the purchases made during the year.

In its findings, company searches on Serba Dinamik’s local suppliers raised several common red flags. Two of the suppliers had the same incorporation date of April 23, 2019, while five suppliers with a paid-up capital of RM100,000 have the same registered office.

What is more concerning is that KPMG noted that each supplier was owned by an individual shareholder with transactions ranging between RM60 million and RM96 million.

The two suppliers that were incorporated on the same date also share the same business address. However, when the auditors paid a visit to determine the physical existence of the suppliers, they were unable to locate the suppliers at both their business and registered addresses.

KPMG then embarked on extended procedures on selected suppliers based on the contacts provided by the management. Out of the 10 suppliers, the management only provided the auditor with two contacts.

One supplier, Kekal Jitu Sdn Bhd, had only one employee, who confirmed that she was the administrative executive of the company and had just joined the company on March 1, 2021.

Scope 3: IT contracts
Meanwhile, in scope three of the SIR, EY Consulting found anomalies with respect to the IT contracts entered into by the company’s subsidiary, SDIT International Ltd, with five of the identified customers and one of the identified suppliers.

The court document stated that EY Consulting also found other anomalies with respect to other customers and suppliers that had not been identified by KPMG. It said that the total sum involved was in excess of US$76 million.

KPMG in its report highlighted that SDIT had recognised revenue amounting to US$102.5 million and a net profit of US$16.1 million since its incorporation in 2019.

However, the amount of net profit yet to be received from customers stood at US$15.2 million, meaning that it only received US$0.9 million in receipts from its customers.

The auditor highlighted that the respective contracts contained neither the company registration number nor the registered business address of the contract customers.

KPMG pointed out that six out of seven of the customers would make direct payments to subcontractors and the Serba Dinamik group received the net amount — the share of profit — arising from the arrangement between the parties. This is odd given how the contract agreement was between SDIT and the customer.

The auditor also noticed discrepancies between the names as well as addresses contained in the legal contract and the invoices and customers’ website.

KPMG said it was unable to determine the appropriateness of the transactions entered int

Translated

“Tidak dapat difahami bagaimana seorang lelaki dalam jawatan anda, dalam hati nurani sendiri tidak boleh mengenali apa itu rasuah. Dengan berbuat demikian, anda bukan sahaja telah mengkhianati kepentingan parti anda, yang mana anda telah bercakap dengan begitu bangga, tetapi juga sumpah jawatan yang telah anda angkat dan laksanakan di hadapan Raja Berdaulat anda, dan di bawah kesemua undang-undang yang anda adalah hambanya, ”

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.

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.

Bob, shit can be eaten is more relevant to politics ala Jibby. Well yesterday verdict is a big dent on his reputation, perhaps karma at its best.

BobAxelrod Thought he said if you post over and over and over again, they become real?

Shit can really be eaten.
Shit can really be eaten.
Shit can really be eaten.
.
.
.
Shit can really be eaten.

Now go eat shit and stop treating us like kids without brains as you are.
09/12/2021 9:15 AM

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.

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.

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.

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.

Uncle play share also got cursed by forummers here for alleged cheating and lacking transparency. Better uncle be a playboy like Hugh Hefner.

sensonic UNCLE , PLAY SHARE ALSO IMPROVE OVERALL HEALTH.
06/12/2021 4:12 PM

That is why some people got trapped, see others can afford to splurge on Serbak, go in heavily and sailang all or most of your funds. Every day cry in this forum no use .......foregone.......conclusion.

Haha that's what happened when you came late...

Gloves was never Mabel's favourite sector. Before Convid 19, no one took notice at the Glove Industry. Mabel came on board the Glove Industry when Teresa Kok made a pledge that Malaysia is donating 18 million Gloves to China to fight Corona Virus. At that time I was thinking it's part of giving back to help the Victim. Mabel starts investing in Hartalega follow by TG, Kossan and Supermax. Little did I know that this industry is about to rocket and change many people's life.

It's all in the family....

Top Glove is like the eldest son in the family, leader of the pack, responsible, and always brilliant..a good problem solver.

Kossan is like the confused child in the family, doesn't know what he wants in his life, need to coach, he needs a real good god father to guide him slowly.

Hartalega, is like a young mother. Quiet, full of skills and talent, in fact, very unique and continue to perform when it matters. She inspires her 3 brothers

Supermax, is the youngest, naughty, restless, annoying and irritating, but when he shows his brilliance and on fires, even his two elder big brother get scared..

Mabel loves them all to fight Convid 19. Mabel will continue to keep this Top Glove as it is The World Largest Glove Producer. Beside Mabel has profits from this company from last year rally. TG is not so heavy to hold. Your emotion depends on how much you hold.

Hartalega was smarter to give a high dividend. Otherwise it will not able to escape a selldown too. This September quarter Hartalega EPS is only 27 sens and it is paying 35 sens dividend. The good side about Glove is that dividend yields are the highest compared with other industries even better than Banks, Plantation, Banks or Tech companies..

Crucial D days cumming for Serbak. 2021 biggest scams in KLSE -SCIB, Serbak & Kpower- The Chef group of companies?

Posted by neohts > Dec 6, 2021 11:23 AM | Report Abuse

Pearl White....could Serba be delisted ?

Will it be out soon without qualification?


Posted by ǷearlꙌhite > Dec 4, 2021 11:36 AM | Report Abuse

.
Thank you for saying Nexia's auditors' opinion is of no creditibility in event of disclosure of AR20/21.

.....still suspended. All analyses point to management lacking transparency in disclosing SIR.

Posted by ǷearlꙌhite > Dec 4, 2021 11:16 AM | Report Abuse

.
The conclusion at the end of the day is .....

If cannot, creditors wind up & all shareholders line up to meet the Receiver, possible can get a piece of steel each from Teluk Rumania yard?

Posted by shareinvestor888 > Dec 4, 2021 10:38 AM | Report Abuse

Next week after 8th Dec onwards ….. See whether SD could pay coupon payment due

Tragedy, the fact is he is not sure of the future of Serbak and kept on advising others ....what a knuckle head........

Posted by Honesty > Dec 4, 2021 7:28 AM | Report Abuse


BUT the fact, is it will only open when significant event (SIR or AR) is announced… ?????????

Will target be reached?

alenac Posted by alenac > Sep 20, 2021 8:48 PM | Report Abuse X

Down all the way.Next stop 67 sen.
20/09/2021 8:53 PM

Got stuck in this counter, but already made more in other counters, still net gain overall therefore can afford to be careless and sleep like a baby. But for many here following what she has encouraged to buy since May 2021, too bad, her contention is your tragedy.

Posted by dimmubroker > Dec 3, 2021 8:36 PM | Report Abuse

But we can see Mabel always being the positive one in here.

Looks like Chef 2 restaurants closed for renovation, another here waiting to shut? Less and less diners as days passed.

You are right to join Serbak investors group to salvage whatever is left of the company from the creditor appointed receiver. Legal action against the BOD and the management will be the last step if negligent and fraud are determined.

Posted by wxxxxe > Dec 3, 2021 10:08 AM | Report Abuse

made huge losses on Serba... anyone has any idea what is going to happen to the company? heard there is telegram group for investors? anyone has link? really need help... wonder what is going to happen to the company...

Stock punting for quick gain are always risky to lose all. Nobody can guarantee a profit in every trade. There is one thing certain " the impatient always pay to the patient".

KingKong_Doll Tan is right ma, if got sure win, then why still want so susah leh. Ownself buy kau kau a'dy loh.
Like those 4D fortune teller, if he know wat number out tomolo, you think he still need to set stall meh. Those who went to him subconsciously a'dy know 90% tipu ma. Can only blame on their greed .....cannot blame the fortune teller ma.
03/12/2021 9:10 AM

More of top award to Serbak for lacking transparency.

Posted by superrr > Dec 3, 2021 8:56 AM | Report Abuse

What will be the award ? ikan bilis have been awarding huge ton of $ to sd...