hah, the far reaching casualty of Karim and gang act of war with auditors.


Posted by michaelwong > Jun 25, 2021 10:58 PM | Report Abuse

To be frank so far, l never touched this SD counter stock despite with strong IB recommendations in the past . Why ? The simple fundermentals logic reasons is that since l never really took the troubles going into details of the company financials aspect , buy one thing remind me this company filled with incoming multiple projects and projects involving huge sums but one thing my logic reasoning is despite with such on going projects at hand , the company are facing shortage of funds badly times over and over again that reminds me this company outside look strong but inside something must be financially unpredictable .

I lost a very huge amount not SD but Kpower was not spared either since the company has stated their stand that they are not involved but Karim was part of the shareholder of Kpower with 30 over percent.

I was quite unlucky thinking with the clarification by kpower management that has nothing to do with SD but the continued to drop as per accordingly to the drop in SD shares price . That was how l lost big hesitating to cutlost at the very beginning when bad news hit SD.

Probably in my lifetime , perhaps this is quite a big blow so unexpectedly and may not be able to recover the losses in yrs ahead to come . A lesson to learn and is never too late , cutlost should apply from the very beginning to preserve capital resources rather than delay keeping a fat chicken turning into a skinny tiny bird with a short time frame.

In a way it is true, that is why independent directors must show their independence stance and can't simply sign or agree with what ever are requested by the CEO and his gang. But in the case of the newly appointed Indie directors and chairman of Serbak, acting in contrary to their responsibility and purpose of their positions.


telurgoreng @leno, you are wrong. Don't talk rubbish. Whether they resign or not. SC and Bursa can take action even after they leave if they did anything wrong during their tenure. In fact, Section 17A of the MACC act also allows MACC to take action against the directors AFTER they have left the company. Go read and google up Section 17A MACC act. Just because resign doesnt mean you wash your hand.

For now, the independent directors resign cause they disagree to sue KPMG. But the executive board wants to sue KPMG, causing a conflict between independent and non-independent directors. Hence their resignation. Dont simply mix here and there.

As for me, I only know I will sleep soundly this weekend and watch netflix. Good luck those still holding Serba over the weekend. Next week might end up 30 cents and suspend counter.
25/06/2021 10:35 PM

No worries, you make some you loss some. Serbak episode is unusual as it is beyond the norm, for CEO to challenge the auditors. Normally, the CEO would normally heed the advice of the external auditors to resolve the problem that arose via Independent reviewers etc.

Posted by siaokar > Jun 25, 2021 10:32 PM | Report Abuse

I am one of those who avg down but eventually cut loss.
The reason i am still here is to keep myself update with the latest devt. and making sure if i've made the right decision. haha

Posted by alenac > Jun 25, 2021 10:26 PM | Report Abuse

Most of them are caught with the shares at high price. Some try to average down. Possible many have no more funds. Investment in stocks are risky if you are not careful. Costly price to pay from mistakes.

Remuneration a pittance and the risk so great. Hahahahahah.........

Posted by leno > Jun 25, 2021 10:24 PM | Report Abuse

Go check all the history of FRAUD counter
Transmile, welli multi, CSL, Msport, etc.
All independent will resign before Bursa and SC take action.

Any independent that is still on board when bursa and SC take action will be in BIG trouble.
They will Fined and Charged in court for abetting the FRAUD directors.
They will be Black listed and Bar from holding any directorship in other company.

Sekian.

Most of them are caught with the shares at high price. Some try to average down. Possible many have no more funds. Investment in stocks are risky if you are not careful. Costly price to pay from mistakes.

t_nike2002 Some people still blinded by the figures in report which has integrity issue….
25/06/2021 10:18 PM

Once they resigned as directors, auto resigned from all commitees.

Roy 8 Why 3 members of the company's audit committee resign today? Are they forced to resign or resign on their own accord. Anyone can shed some light on this.
25/06/2021 10:17 PM

I think they got problems with both the appointment of external auditors as well as independent reviewers(IR). Suppose to announce IR today. No news.

Posted by colin888 > Jun 25, 2021 10:09 PM | Report Abuse

My POV, the longer they delay the appointment of a reputable Auditor not the Shoplot type , the share price is going downhill. Too much damage is done to the reputation. Margin call will also set in next week

China Stationery Ltd also got a lot of cash in their bank account. But it suddenly disappeared.

Posted by AlsvinChangan > Jun 25, 2021 10:06 PM | Report Abuse

SD have over 1 billions CASH in bank accounts

SD is STRONG

If my estimation is correct, EPF still have just a little bit below 200 million shares to dispose next week and plus Awang and other directors margin call and bankers forced disposal, mostly all the way down next week.

Even a newly appointed director also resigned. Karim said it is a restructure.

If around 10% cash harvest from Net profit of RM112 mill, is it large scale money laundrying operation?

Posted by Jack Khan > Jun 25, 2021 9:21 PM | Report Abuse

Highlight from the QR!
Net cash from operating activities RM9.754M Only
Mind blowing when they have RM112M NP!

Think about 200 mill left.

Posted by pang72 > Jun 25, 2021 7:14 PM | Report Abuse

Balance 283mils shares to sell next week?

Apa cerita Ini?

Have you attended the civil or any case in court before, if you are star witness, the case drag for years and you have to attend after decision and appeals etc. Don't waste your time. That's why some people found it unnecessary to be in this positions and better disagree and resign.

invest_malaysia Wahlao so many top management resign in just few days. Sure something not right lo. They don’t want to get involve in this shxt. Later masuk lokap gg.
25/06/2021 7:01 PM

Actually, they looked like top staff, but not, cause they are non executive directors, they attended meeting a few times a year. Their attendance are shown in the annual report. But they are supposed to advice the BOD and protect the interest of the minority shareholders, most of them end up to fill the numbers in the board rooms as required by law.

Posted by ZStrader > Jun 25, 2021 6:45 PM | Report Abuse
so many high staff resign ... sacked or resign...cleaning Inprogress

Posted by SFC1980 > Jun 25, 2021 6:45 PM | Report Abuse

That's why today INEDs collectively resigned and wash their hand clearly, they are disagree the stand that BOD take legal actions against Auditors.

Results are suspected and unaudited. Not worth its paper.

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

Results lai liao !!!!

Wah just appointed also resigned. Serbak no hope, seemed like Karim and co do not understand what is corporate governance.

Posted by Enilec Mak > Jun 25, 2021 6:03 PM | Report Abuse

wah...even the new director, recently appointed also jump ship. Masleena Zaid. less than 2 weeks being director

She is like the fat lady quickly disembark the titanic before it sinks.

She must have phone shoplot chairman and f8@k him up...introduce shit to me....she says...

Monday Share price rot again?

Posted by SFC1980 > Jun 25, 2021 5:58 PM | Report Abuse

5 INEDs resigned

Highly likely but maybe some syndicates play up again to trap day traders.

Posted by bilisutara > Jun 25, 2021 5:24 PM | Report Abuse

We know more price limit down next week but we don't know how deep.. depend on how many million of shares thrown by EPF and other giants including the directors..

He is a day trader. So he can't go see Uncle Lim, so Bursa is the only casino.

People got million ler ...just 18k losses sudah cabut.... dunno he is chicken or cakap kosong...or both

Still got 200+ mill shares to go? Monday another big sell off?

Posted by kadilong > Jun 25, 2021 5:08 PM | Report Abuse

EPF throw 34mil today i guess

What meeting also no use, price has collapsed. It is history. Substantial shareholders have voted with their feet because the BOD did not want to meet them. Apa mau takut, unless you got something to hide.


Posted by FutureGains > Jun 25, 2021 5:02 PM | Report Abuse

today meeting board....monday rebound

More to come EPF have not sold all and Awang Bankers margin call and forced sale as price collapsed. Funny is Karim and Abdul Kader forced sale not announced as yet.


Posted by Iknow666 > Jun 25, 2021 4:52 PM | Report Abuse

Force selling is over it seems... Lets look on Monday

41.5 sen now

Nothing concrete to say better dun say, all future prospect on space dream..........while Serbak go down..... escorted by punters and supporters.


Serba Dinamik MD: Daily operations running as usual, group revamp if needed
CORPORATE NEWS
Friday, 25 Jun 20213:40 PM MYT


Group managing director and chief executive officer Datuk Dr Mohd Karim Abdullah did not rule out the possibility of a change in the group's organisational structure.

Yeah, if KPMG have surrendered Serbak documents to SC.


Posted by i3lurker > Jun 25, 2021 4:09 PM | Report Abuse

SC knows the law
no accounts => no crime

now is wait and wait and wait for crime to be committed
once accounts are signed, then there will be mass arrests

might even include sslee if he certifies the missing RM500 million materials on site is inside his office toilet


Gtrade SC is useless. SC could have done damage control by getting to the root of 12 phantom 4.2b rgt customers. But instead SC is rubbing its balls doing nothing. Who is the SC CEO?
25/06/2021 4:05 PM

Dun forget need some one at least one person to make a report.


Posted by i3lurker > Jun 25, 2021 4:05 PM | Report Abuse

answer is NEVER

waiting game
no crime committed yet

SC and BURSA still waiting for Directors and new Auditor to commit a crime
once accounts are signed, BOD and new Auditor will be arrested

so will end up like Sumatec, no accounts means => no crime committed


uncle ConYY When will sc finish their investigation ?
25/06/2021 4:03 PM

Can check who are the PP investors?

Posted by Jeffreyteck > Jun 25, 2021 3:52 PM | Report Abuse

If accounting issue is true, the recent private placement investors may take actions in the near future, that will be horrible. Trading play anyway.

42 sen building volume for funds to disposed?

Syndicates catching punters

Posted by siaokar > Jun 25, 2021 3:08 PM | Report Abuse

fake rebound in progress

Funds voted with their feet. Must be many funds exiting.

No problem, Chairman can get Shoplot auditors.

EmperorFund My sources confirm both EY and BDO rejected...dunno how true....
25/06/2021 2:49 PM

Hurry, 15 mill shares at 45 sen, must be big funds dumped, Mid year sales .......................

Wow, now have to get shoplot reviewer?

Posted by EmperorFund > Jun 25, 2021 1:38 PM | Report Abuse

My sources said EY rejected the deal !

Lama2 kena banyak sangat Bur*it pon sakit.


There is a malay proverb that said..."Sikit Sikit...lama lama jadi Bukit...compliment from Mabel's school teacher..

In Serba case Sikit Sikit ...Lama lama jadi Gunung one...

ilurker can continue watching season 3, "the GF experience", boring see Serbak going down .......on escort....

Posted by i3lurker > Jun 25, 2021 1:13 PM | Report Abuse

thats like sslee and tea lady doing it unofficially naked inside budget hotels

Wirajati Gtrade, you ve listen to the video right? It is clear, the newly appointed chair says i ve spoken to...now change to "officially". What a joke this new chair
25/06/2021 1:10 PM

Arrogant fall flat on own face. Dun know time has changed since 1MDB fiasco. Jibby also near bankrupt for breaking all laws.

Posted by SFC1980 > Jun 25, 2021 1:04 PM | Report Abuse

7 years only know KPMG inexperience? Spend so much efforts for press conference must well earlier focus to settle independent review.

Next thing you see PBB analyst ceased to predict on Serbak. PBB mutual sure got caught in Serbak.

wolfbroker Any analyst predictions anyone?

PBB or Aminvest maybe?
25/06/2021 12:25 PM

knife falling at full speed cutting through funds, punters, trader etc. Legal action against auditors cannot help you to improve your image, more run on the share price, helping your auditors is a must......but too late, now have SC to deal with.

Awang's banker lagi forced sale. What about Karim and Abdul Kader bankers?

See today PC, whether the shoplot chairman will talk again. Hahah.....


Ekkram Blood bath, gud luck to the shoplot chairman for behaving like gangster during PC, coz of your badmouth market react as such..
25/06/2021 9:23 AM

EPF selling and Awang banker's margin call forced sale......and other funds disposal, looks like a bottomless limit......


Posted by jackson88 > Jun 25, 2021 9:12 AM | Report Abuse

If there is margin call again, share price will definitely go below 50sen today. This has happen in last 2 weeks on every Friday afternoon

KPMG quits as Serba Dinamik auditor; it's now up to SC to uncover the truth

https://www.theedgemarkets.com/article/kpmg-quits-serba-dinamik-auditor-its-now-sc-uncover-truth

Salute you Mabel, Chef Karim will cook up an award for you. Undying devotion to Serbak.

Posted by Mabel > Jun 24, 2021 9:12 PM | Report Abuse

Yes Sir..

If drops some more Mabel top up... will sell more Mabel's expensive panties collection..

Meow Meow Meow

Actually Funds group have requested 3 times for dialogue and explanation from Serbak management but they failed to respond. But in a Q & A session with the EDGE when asked why they have decided to appoint 3 additional directors, among the reply was that the new faces in the board want to promote better rapport with funds and other shareholders. But it turned out the additional directors were to protect the interest of major shareholders. So another big lie.

Posted by bojed > Jun 24, 2021 8:50 PM | Report Abuse

EPF's total investment assets are approximately RM981 billion. Yes, billion.

Even if they sell their remaining 317 million Serba shares at 10 sen a piece, they will still have 99.99967% of their assets for investments, but you surely can't say the same for small retailers aka ikan bilis.

The signs are clear regarding Serba's direction, at least technical-wise. If you couple it with the current sentiment, I don't know how long they can put up with this fight.

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

alenac I think they have decided to cut loss and get out. They vote with their feet as Serbak management have decided to ignore the funds.

Posted by bojed > Jun 24, 2021 8:30 PM | Report Abuse

EPF have sold close to 50 million Serba shares in the span of 7 days, starting from 15th June to 21st.

If they repeat this feat 4 times, that would bring their direct holding from 8.57% down to ~4.3%.
24/06/2021 8:32 PM

I think they have decided to cut loss and get out. They vote with their feet as Serbak management have decided to ignore the funds.

Posted by bojed > Jun 24, 2021 8:30 PM | Report Abuse

EPF have sold close to 50 million Serba shares in the span of 7 days, starting from 15th June to 21st.

If they repeat this feat 4 times, that would bring their direct holding from 8.57% down to ~4.3%.

Just wonder some of the top 30 funds in Serbak, which would not require KLSE disclosure would have exited?

Posted by goldenluck16 > Jun 24, 2021 7:28 PM | Report Abuse

Selling spree by EPF...Very bearish.

We have to thanked her for supporting this soon to be penny counter.

Posted by Mikecyc > Jun 24, 2021 7:18 PM | Report Abuse

Haha kon Mabell may keep averaging down...n EPF keep selling ...is sold another 30.6 million shares ...balance 8.56 %..

Probably sold today too.

Posted by Mikecyc > Jun 24, 2021 7:21 PM | Report Abuse

On the 18 n 21 of this month...

You warn them but greed overcame them. So let them be.

Posted by Twowah123 > Jun 24, 2021 5:23 PM | Report Abuse

Most ikan bilis trade and the fact is, most is just to loose more money....n they trade again and again with thinking want to cover loss but instead making another loss and loss......if u r not shark just see the show for now, unless luck is always wt ur side..

Yeah no auditors would want a repeat of 1MDB. If BDO takes over, anything wrong can be sued.

Yu_and_Mee Serbadk sue KPMG, then KPMG cannot continue audit because conflicts of interest.
Which audit firm dare to audit Serbadk? If not compromise will be sued. If compromised, means if found fraud also must compromised?
Wrong action taken by Serbadk.
24/06/2021 4:37 PM