Serba Dinamik v KPMG latest in string of auditing tussles

PETALING JAYA: Corporate Malaysia has been abuzz over the court case between Serba Dinamik Holdings Bhd and its former external auditor KPMG, with the latter filing its statement of defence last week.

On the one hand, the oil and gas services company claims KPMG did not properly carry out its statutory duties and negligently flagged non-issues, while on the other, KPMG asserts the issues were genuine and that it did its job by highlighting them to the regulators.

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https://www.freemalaysiatoday.com/category/nation/2021/09/04/serba-dinamik-v-kpmg-latest-in-string-of-auditing-tussles/

rr88 ask you to sell or run....you do the opposite...:)

Previously in June this year, MAA proposed to acquire a 57.78% stake in Turiya Bhd from Ithmaar Bank BSC for RM23.8 million, in a bid to extend a mandatory takeover offer on the machinery and chemicals manufacturer.

The group proposed to acquire 132.15 million Turiya shares from Ithmaar Bank at 18 sen per share. It also intends to maintain Turiya's listing status on Bursa Malaysia.

However, Empire Holdings Bhd, which is Turiya's largest shareholder, was granted an injunction by the High Court to restrain MAA Group from taking any further action in relation to the acquisition until further orders from the court.


MAA failed to takeover Turiya Bhd...Now MAA eye are on KNM.....is there any potential of Mandatory takeover ? very interesting.

4th Quarter Results for the period ended 30 June 2021 (In video by the company)

https://www.youtube.com/watch?v=Gbn5nwYWjvM

Post removed.Why?

“Not only that they have facilitated the appointment of Ernst & Young Consulting Sdn Bhd (EY) as the special independent reviewer to assess the veracity of the audit issues raised by our former auditor (KPMG) but also fast-tracked the appointment of Nexia SSY PLT as Serba’s new external auditor.”

Menarik. EY still in the picture.

Malaysia’s daily new Covid cases per million people is now one of the highest globally

https://www.cnbc.com/2021/07/30/covid-malaysia-daily-cases-per-million-people-among-highest-globally.html

very hard to move woo. Glove counter all not very attractive anymore. Even Esceram with super profit and earning also cannot move up much woo.

Waaaa very strong and steady. Good Job Serba. Price maintain. Now Karim you see already market reaction and it is unchanged, strong and steady. Now please get along well with Nexia and close the audit issue so that Serba can fly high again and return to the glory day. Market has spoken and the price are very strong and steady meaning now they are waiting for the audit outcome. Good Job Serba.

aiyo apa lagi cerita pasal kpmg. silap2 next few years lingkup. Many places saman itu kpmg including malaysian government. In UK kpmg not at good standing report by UK Watchdog. KPMG considered sampah la.

Finally we have Naxia. Good Job Serba. Now selesaikan all isu and later shooottttt.

Finally KPMG get loss. Bye bye. Karim memang ajar KPMG betul-betul, Power la Karim. Good Job.

Lovely day for SB, KPOWER and SCIB next week. Lets dance oowww lala.

KPMG’s banking audits aren't good enough, UK watchdog says

https://www.theedgemarkets.com/article/kpmgs-banking-audits-arent-good-enough-uk-watchdog-says

(July 23): KPMG LLP faced renewed criticism for the quality of its banking audits after the U.K.’s industry regulator said it was “unacceptable” that for the third year running the accounting firm’s work wasn’t up to scratch.

Across the U.K.’s seven biggest auditing firms -- including Ernst & Young and Deloitte -- almost 30% of all bookkeeping was below par in the year to the end of March, according to the Financial Reporting Council’s annual report. That’s well above the 10% benchmark the watchdog previously set.

Accountancy firms have faced intense scrutiny by regulators and prosecutors for any role they may have played in a string of company collapses and scandals. The FRC has opened investigations into the audits of Greensill Capital, a fintech that imploded earlier this year, and a bank owned by one of its largest borrowers.

“Given the systemic importance of banks to the U.K. economy,” the FRC said it “will be closely monitoring KPMG’s actions to ensure findings are addressed in a timely manner,” the FRC said Friday.

The firm has agreed to a set of additional improvement activities to be made this year, it said.

KPMG is “already working hard to make the necessary changes the FRC has highlighted,” the firm said in a statement. “Action taken as a result of previous inspections has not yet consistently yielded the high standards rightly expected of us.”

“Whilst we know we have more to do to improve the inspection outcomes, our banking audits are robust and the findings do not call into question our audit opinions,” KPMG said.

Deloitte, EY, Grant Thornton and PwC improved year-on-year, according to the FRC with around 80% or more of audits requiring no more than limited improvements. However, “these improved results still fall short of our expectations.”

“If the U.K. is to retain its position as a world leading professional services marketplace, and a global financial center, outstanding audit quality and rigorous professionalism is at the heart of this,” Jon Thompson, the FRC’s Chief Executive Officer, said in the statement.

huh kenyang dah makan banyak sgt serba. now waiting for durian musang king runtuh. hahahah. nyam nyam.nyam.

Sapura Energy wins seven contracts worth RM1.2b in Malaysia, Thailand

KUALA LUMPUR (July 21): Sapura Energy Bhd has secured seven contract wins and extensions in Malaysia and Thailand for its engineering and construction (E&C), operations and maintenance (O&M), and drilling segments with a combined value of RM1.2 billion.

The group said that for the E&C segment, its subsidiary Sapura Offshore Sdn Bhd won contracts from PTTEP Sarawak Oil Ltd and Enquest Petroleum Production Malaysia Ltd under the Pan Malaysia Transportation and Installation of Offshore Facilities 2021 campaign.

In a statement to Bursa Malaysia, Sapura Energy said the scope of work from PTTEP includes transportation and installation, engineering, survey, interfacing, topside installation and handover, and removal of temporary structures.

The contract duration is for eight months, effective Feb 2, 2021.

Meanwhile, the contract award from EnQuest is for the replacement of a 10-inch gas lift subsea pipeline and risers. The scope of work includes engineering, transportation, installation of risers, subsea tie-ins and pre-commissioning of the pipelines.

Scheduled for five months, the work is expected to be completed by the fourth quarter of 2021.

For the O&M segment, Sapura Energy’s subsidiary Sapura Fabrication Sdn Bhd secured contracts from EnQuest, as well as Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Company Ltd (SSPC).

The group said the contract awarded by EnQuest is for the provision of maintenance, construction, and modification for its PM8 Extension Production Sharing Contract for a period of one year effective March 14, 2021.

The award from SSB and SSPC is for the provision of topside major maintenance services works in various projects located offshore Sabah and Sarawak, from April 29, 2021 to Aug 19 2023.

As for the drilling segment, Sapura Drilling Asia Sdn Bhd has been awarded two contracts from Petronas Carigali Sdn Bhd for its drilling activities offshore Malaysia.

“The award of the first contract is for the provision of tender-assist drilling rig services for a duration of two years with an option of a two-year extension, commencing April 26, 2021. The contract is based on a call-out basis, subject to rig availability and suitability with the client’s requirement.

“In the second award, Sapura Energy Bhd, leveraging on its drilling engineering capabilities within Sapura Drilling, SapuraOMV and in partnership with Halliburton, secured an integrated rig, drilling, and completion (i-RDC) services contract for six wells offshore Malaysia. Driven by innovation and collaboration, the awarded i-RDC services contract is the first of its kind in Malaysia for an offshore drilling campaign.

“Scheduled to commence in the third quarter of 2021, the contract will be executed by Sapura Esperanza semi-submersible tender-assist drilling rig,” said Sapura Energy.

Sapura Drilling also was awarded a new contract and a contract extension for its drilling rigs from PTTEP group of companies.

PTTEP Energy Development Company Ltd awarded Sapura Drilling with a contract, with optional extensions for up to 12 months, for the tender assist drilling rig Sapura T-17. The duration of the contract is for three years, ending Nov 15, 2021.

“Meanwhile, Sapura Drilling also received a contract extension notification from PTT Exploration and Production Public Company Ltd and PETTEP International Ltd. The extension is for its tender assist drilling rig Sapura T-18, for an additional four months to Oct 31, 2021.

“Sapura Drilling has now eight drillings’ rigs contracted for work in 3QFY22, increasing its fleet utilisation rate to 57%,” said Sapura Energy.

Sapura Energy’s share price rose half a sen or 4.17% to close at 12.5 sen, giving the group a market capitalisation of RM2 billion. The counter saw 40.24 million shares changing hands.

https://www.theedgemarkets.com/article/sapura-energy-wins-seven-contracts-worth-rm12b-malaysia-thailand

scary woo 900 now

Sell-off intensifies as the Dow tumbles more than 900 points amid pandemic fears

https://www.cnbc.com/world/

DOW crash. Recovery stock crash. Including Oil and gas now crash to 6%. Next play is back to glove.

DOW crashing down woo due to new case increase in US rapidly and next play back to Glove woo. be ready la.

sorry guys. i warned you guys already.

ramssol showing pump and dump now. many die at the top there.now free fall.

failed attempt a few time. takut reversal jer.

come on faster faster kasi LU.

LU kan senang. sekali kaut. heheh

aku dah cakap kpmg ni memang tak guna. memang patut kena saman.

the price should be double by now but somehow it cannot move. become elephant already.

One Moment In Time Serba Dinamik May you fly with success and glory next week. The whole retailer and investor are count on you. Bring the glory back to Serba Dinamik. May the wish of all nation retailer and investor be with you. May force be with you. One moment in time.

https://www.youtube.com/watch?v=96aAx0kxVSA

i love you serba. dont go up first. let me buy more and more and more next week before you shoot up.

welcome back karim.

karim buy again.

walau wei. Karim start buying back. haahah ada good news ka.Ang pau mari woo.

heheh i thought if saw pang come than run..

huraiiii hidup tok mat.

waa EV counter DNEX dah jalan.about time la.

yeah very cheap and can make profit so many time.

BOOOZAI...JACKPOT....I told you so. Now FOX and DNEX in talk for EV venture. ready for another Genetic in the making.

https://www.wsj.com/articles/foxconn-dagang-nexchange-in-talks-on-electric-vehicle-ventures-11625815357

Now we know why Foxconn need Siltera so much and it is because they plan to have EV and they need component produced by Siltera and now siltera belong to Dnex and they bought the stake in Dnex to get this component from Siltera for their EV plan.

Foxconn suggests plans to build electric vehicles in Wisconsin

TAIPEI (Reuters) - Taiwan's Foxconn on Friday signaled that it has decided to build electric vehicles in the U.S. state of Wisconsin.

"Foxconn has engaged the Wisconsin Economic Development Corporation to discuss the company's plans for electric vehicle manufacturing. Foxconn is optimistic about our partnership with WEDC and looks forward to ongoing discussions," the company said in a brief statement.

Foxconn and electric car manufacturer Fisker Inc said in May that they had finalised a vehicle-assembly deal. They did not identify a location, but Fisker's CEO said that Foxconn's Wisconsin site was a possibility.

(Reporting by Ben Blanchard; Editing by David Goodman)

https://www.channelnewsasia.com/news/business/taiwan-s-foxconn-discussing-electric-vehicle-plant-in-wisconsin-15187490

BOOOZAI...JACKPOT....I told you so. Now FOX and DNEX in talk for EV venture. ready for another Genetic in the making.

https://www.wsj.com/articles/foxconn-dagang-nexchange-in-talks-on-electric-vehicle-ventures-11625815357

Now we know why Foxconn need Siltera so much and it is because they plan to have EV and they need component produced by Siltera and now siltera belong to Dnex and they bought the stake in Dnex to get this component from Siltera for their EV plan.

Foxconn suggests plans to build electric vehicles in Wisconsin

TAIPEI (Reuters) - Taiwan's Foxconn on Friday signaled that it has decided to build electric vehicles in the U.S. state of Wisconsin.

"Foxconn has engaged the Wisconsin Economic Development Corporation to discuss the company's plans for electric vehicle manufacturing. Foxconn is optimistic about our partnership with WEDC and looks forward to ongoing discussions," the company said in a brief statement.

Foxconn and electric car manufacturer Fisker Inc said in May that they had finalised a vehicle-assembly deal. They did not identify a location, but Fisker's CEO said that Foxconn's Wisconsin site was a possibility.

(Reporting by Ben Blanchard; Editing by David Goodman)

https://www.channelnewsasia.com/news/business/taiwan-s-foxconn-discussing-electric-vehicle-plant-in-wisconsin-15187490

I bought last time at very low price. Aiyo now have to average up. I seldom average up share but for this one i think i have to do it. The price going to shot up very fast.

BOOOZAI...JACKPOT....I told you so. Now FOX and DNEX in talk for EV venture. ready for another Genetic in the making.

https://www.wsj.com/articles/foxconn-dagang-nexchange-in-talks-on-electric-vehicle-ventures-11625815357

Now we know why Foxconn need Siltera so much and it is because they plan to have EV and they need component produced by Siltera and now siltera belong to Dnex and they bought the stake in Dnex to get this component from Siltera for their EV plan.

Foxconn suggests plans to build electric vehicles in Wisconsin

TAIPEI (Reuters) - Taiwan's Foxconn on Friday signaled that it has decided to build electric vehicles in the U.S. state of Wisconsin.

"Foxconn has engaged the Wisconsin Economic Development Corporation to discuss the company's plans for electric vehicle manufacturing. Foxconn is optimistic about our partnership with WEDC and looks forward to ongoing discussions," the company said in a brief statement.

Foxconn and electric car manufacturer Fisker Inc said in May that they had finalised a vehicle-assembly deal. They did not identify a location, but Fisker's CEO said that Foxconn's Wisconsin site was a possibility.

(Reporting by Ben Blanchard; Editing by David Goodman)

https://www.thestar.com.my/tech/tech-news/2021/07/09/foxconn-suggests-...

DNEX is genetic in the making.

Now we know why Foxconn need Siltera so much and it is because they plan to have EV and they need component produced by Siltera and now siltera belong to Dnex and they bought the stake in Dnex to get this component from Siltera for their EV plan.

Foxconn suggests plans to build electric vehicles in Wisconsin

TAIPEI (Reuters) - Taiwan's Foxconn on Friday signaled that it has decided to build electric vehicles in the U.S. state of Wisconsin.

"Foxconn has engaged the Wisconsin Economic Development Corporation to discuss the company's plans for electric vehicle manufacturing. Foxconn is optimistic about our partnership with WEDC and looks forward to ongoing discussions," the company said in a brief statement.

Foxconn and electric car manufacturer Fisker Inc said in May that they had finalised a vehicle-assembly deal. They did not identify a location, but Fisker's CEO said that Foxconn's Wisconsin site was a possibility.

(Reporting by Ben Blanchard; Editing by David Goodman)

https://www.thestar.com.my/tech/tech-news/2021/07/09/foxconn-suggests-...

Now we know why Foxconn need Dnex so much.

Foxconn suggests plans to build electric vehicles in Wisconsin

TAIPEI (Reuters) - Taiwan's Foxconn on Friday signaled that it has decided to build electric vehicles in the U.S. state of Wisconsin.

"Foxconn has engaged the Wisconsin Economic Development Corporation to discuss the company's plans for electric vehicle manufacturing. Foxconn is optimistic about our partnership with WEDC and looks forward to ongoing discussions," the company said in a brief statement.

Foxconn and electric car manufacturer Fisker Inc said in May that they had finalised a vehicle-assembly deal. They did not identify a location, but Fisker's CEO said that Foxconn's Wisconsin site was a possibility.

(Reporting by Ben Blanchard; Editing by David Goodman)

https://www.thestar.com.my/tech/tech-news/2021/07/09/foxconn-suggests-plans-to-build-electric-vehicles-in-wisconsin

hahaha KPMG kena saman lagi. MOF please join SD so that kita boleh Saman KPMG secara berjemaah. hahaha.

1MDB, MOF sue KPMG auditors for US$5.64b: Report

The Ministry of Finance Inc (MOF), its wholly-owned subsidiary 1MDB and five others have hauled to court the 44 partners of KPMG Malaysia linked to its audit of the troubled sovereign wealth fund, according to a report.

The Edge Markets reported today that the US$5.64 billion suit was filed over purported breach of contract and negligence in the audit and certification of 1DMB’s financial statements for the financial year between 2010 and 2012.

Besides the MOF and 1MDB, the other five plaintiffs are: the sovereign wealth fund’s four subsidiaries; 1MDB Energy Holdings Ltd (1MEHL), 1MDB Energy Ltd (1MEL), 1MDB Energy (Langat) Ltd (1MELL), and Global Diversified Investment Company Ltd...

https://www.malaysiakini.com/news/582401

Aiyo BAU la government. Moo still the PM. So tomorrow price go up back ? hehehe

with this two alone Moo already lost majority in parliament.

Sabah Umno's two MPs to toe party line, withdraw support for PM

https://www.thestar.com.my/news/nation/2021/07/08/sabah-umno039s-two-mps-to-toe-party-line-withdraw-support-for-perikatan-at-federal-level

in MKT know separuh benar la. That the decision MKT done and they even vote for it. so government already collapse la. what else you want.

be careful guys. dont rush early morning because possible red sea woo tomorrow. dont know how long its gonna take for agong to appoint new PM or Maybe MOO will ask agong just call for GE15. Agong have to decide. Malaysia on white flag woo.

Holly shit. Tomorrow blood and red sea guys. Government gonna collapse. UMNO decide to pull out support from PN immediately and ask PM step down. This mean tomorrow morning government have no majority and PM have to meet agong.

be careful guys tomorrow. dont rush as political situation not stable and Malaysia have no government woo. Agong have to choose who going to be the next PM or Moo can ask agong just call for GE15.