Bursa wish to lift the suspension for those who are desperate to exit

To lift the suspension ,the bursa must justify with the disclosure of FFU by SD. Court order to compel SD seems to be the only way...

Pathetic

1.The longer the suspension, the more its share price is plummeting....

2.The longer the legal tussle ,the more devastating the effect on its capitalisation.

3.All the arrows are pointing at SD.....

4.All the above are seen as harbingers of the final count down of collapse of the giant to come....

Break through?

1.No need SIR

2.AR will be due to be released on 30.11.2021.

3.AR is good enough to supersede SIR

4.The problem now is whether AR is a qualified report ( unclean report) or not.

5. If it is not, it means the current auditors,Nexia, have disproved the findings concluded by EY consulting and KPMG.

6.Now then its up to the investing parties like you and me as to which auditors you believe in

7.Where it can not be proven beyond reasonable doubts,SD 's position is expected to be cast with dark clouds again.

8. Back to square one..

Break through?

1.No need SIR

2.AR will be due to be released on 30.11.2021.

3.AR is good enough to supersede SIR

4.The problem now is whether AR is a qualified report ( unclean report) or not.

5. If it is not, it means the current auditors have disproved
the findings concluded by EY consulting and KPMG.

6.Now then its up to the investing parties like you and me as to which auditors you believe in

7.Where it can not be proven beyond reasonable doubts,SD 's position is expected to be cast with dark clouds again.

8. Back to square one..

Special Auditor.

1.Though EY Consulting is not an auditor as defined by para 2.20 of MMLR,it is the duty of the BOD of SD to ensure that the appointment of special auditor was done in compliance to MMLR.

2. It is clear that the BOD of SD was negligent and failed to discharge their duties as directors by appointing EY consulting instead of EY as thelr special auditor ,which was contrary to the definition of MMLR. It was not the fault of anyone but SD themselves

3. Para 2.20 provides clearly that the special auditor can be any auditor other than the statutory auditor ie KPMG ( who were SD 's auditor then).

4.As such,SD was at liberty to engage any auditor including EY as their special auditor except KPMG but SD failed to do so as mentioned in 2 above.

5. Whether EY is the auditor of bursa or not is irrelevant to the question of lack of independence should SD decide to engage EY as their special auditor as per 3 above.

****************************************

@solomolo .........................................

Dianatrader

CIRCUMSTANCES LEADING TO THE OS
The circumstances leading to the filing of the OS by SDHB is based on, inter alia, SDHB’s
contention that the appointment of EY Consulting as a special auditor to conduct a “Special
Independent Review” made pursuant to paragraphs 2.23 and 2.24 of the Main Market Listing
Requirements was void ab initio:

No use.

Whoever takes over as new auditors must leave no stone unturned otherwise facing the threat of being sued. Basically,the new auditors must disprove the findings concluded by KPMG and EY to enable SD to agree.

Do you think SD would compromise with the new auditors for anything less ? Not in your fantasy and the drama will continue .......

One man's poison is not necessarily another man's meat

No use.

Whoever takes over as new auditors must leave no stone unturned otherwise facing the threat of being sued. Basically,the new auditors must disprove the findings concluded by KPMG and EY to enable SD to agree.

Do you think SD would compromise with the new auditors for anything less ? Not in your fantasy and the drama will continue .......

One man's poison is not necessarily another man's meat

objective perspectives

SC will leave it to the professional audit firm to conclude if SD has been operating in an orderly manner or not. The submission of the Audited report is not due yet.

As said, the lifting of suspension is to do with disclosure of factual findings done by EY in the spirit of transparency to all parties concerned. No disclosure , no lifting by SC. It is as simple as that.

SD has yet to pass the grace period of settlement of bond so it is still premature to say if SD is in default.

Well , Time is ticking ........ the cat will be let out of the bag very soon ......

XXX,

1. Indiscriminate lifting of suspension implies two things

2. One , SD is not guilty of withholding publicly available information

3. Second , SC is inefficient and unfair

4. Lets keep it simple, suspension can be lifted by SC provided that the factual findings done by EY can be disclosed by SD

5 Thereafter, let the market force take its course to see how far SD could go .... to the MARS of ecstasy or the Hell of agony ,like the cat womsn quotes" one man's meat and another man poison "

Sleeping like a baby as if every thing is going to be alright but in actual fact.........the nightmare has just begun...

When you wake up next morning,the reality is nothing is going to be alright .....

@ PW

Your analysis is highly misleading

1. The seizure of such documents by SC is to pre-empt the possibility of such documents being tempered with or destroyed . Some of the documents could be highly confidential and never be accessible to anyone before except the higher level of authority .Therefore, it can be reasonably assumed that it would be difficult to identify transgressions committed by Senior Management and BOD if there was no seizure of such documents.

2. Documents that are not re-producible will not lead to inability to verify the correctness and authenticity of the transactions as these documents can be confirmed with CTC by the third parties at the original sources ( unless of course there has never been genuine original sources in place ).

3. Your mention of the seizure of such documents will impact SD’s ability to continue as a going concern is preposterous. Since you have mentioned that most of documents are re-producible from SD’s filling system, the question of going concern does not arise.

4. SC,as a market regulator ,has owed the duty of care to the investors in general to ensure MMLR is complied and upheld by all the Public Listed Companies (PLC) at all times

Pathetic

1. Qualified audited Report i.e ( not cleaned audited report ) is expected
2. Further down grading /rating is expected
3. No New loan refinancing and New placement to settle loan on maturity
4. Default is imminent
5. Receivership is triggered
6. Liquidation is the final nail to the coffin before burial forever
7. Last hope is Miracle of Government bail out in your fantasy

pathetic

it is very likely that the current auditors of SD will be seriously thinking of resigning to get out of this mess before they ( the present auditors ) will be sued by other stakeholders and investing parties even by SD itself.

Would they ( the present auditors ) dare to give a clean report despite of all these already '' proven irregularities " ( circumstantial evidence ) and the substantial evidences concluded by KPMG and EY Consulting ?

I bet the present auditors are under tremendous pressure to address the above current teething issues ? Basically , how to give a clean audit report on something that is not physically there at all while majorities are dummy and phantom .............

Yer..I enjoyed reading the story posted by PSA too.

These people are so delusional that their visions are completely blinded and minds are totally blocked of the highest order.

One man's Meat is another Man Poison does not apply here. Basically, no reasonable sensible man would acknowledge this as meat but poison.

The only way you can redeem yourselves is to open up your eyes and minds....

Dummy or dump?

1.No collection from dummy clients ,no payment of loan.
2. Suing the dummy clients for payment ,meaning the loan can never be repaid.
3. No new loan to cover old loan
4. No new placement to settle old loan
5. Default of loan is imminent.
6. Further downgrading is inevitable
7. All the above are seen as harbingers of receivership and liquidation to come around.
8. Kiss and say goodbye

Pathetic.

1.Serious probe is conducted by SC following the findings confirmed by EY.
2. Criminal proceedings shall be followed when fraudulent activities are affirmative.
3.Delisting is inevitable
4.Default of loan is prominent
5.Receivership is imminent
6.Liquidation is the final nail to the coffin
7.One man weeps and make another man sing....

you know I know

1. From the latest developments , it can be expected that findings done by EY in the SIR are consistent to those of KPMG
2. SIR need not be prepared by Auditors and it can be prepared by any consulting firm such as EY consulting
3. The question of AOB does not arise
4. KPMG has pointed out the irregularities to SD but SD is not happy
5. KPMG has no alternative but to report to SC
6. To preempt any mischief , SC raided SD to save documentation
7. SC has been kind enough to direct SD to engage a consulting firm to verify the veracity of the irregularities detected by KPMG during the conduct of audit
8. EY consulting was engaged by SD themselves ( SC did not interfere the engagement of which consulting firm)
9. Too bad , SD is not happy with the findings done by EY and resorted to legal actions , the main purpose of which is to prevent the release of SIR by EY and SC
10. EY is firm on its findings in discharge of its professionalism
11. SC is firm in the name of fair trading in discharge of its supervisory role as a market regulator
11. who has the agenda to hide the truth ?

WTH.

If I were k,i would re-engage KPMG to continue to conduct the audit in full force and grant full mandate to KPMG to manage the treasury & financial management for the company to an orderly manner. Any wrong doings are rectified .good corporate governance is practised and upheld. Transparency is improved.

That's the only way to regain the confidence from investors

Basically ,the majority of sales is fictitious from head to toe like the Shemale fooling all the guys from head over heel.

But sooner or later the cat will be let out of the bag and the truth is unfolded with the hardcore dick exposing to the whole wide world....What a joke!

No PN17, but straightaway to be delisted like MAS

SCIB tried to delay the Audit Report to buy time to clean up the mess such as sudden termination of non-existent contracts and so on. Since no verification is required from receivables and payables, clean audited reports are expected . SCIB Is used to test the water and then ....

....same technique is to be used to delay the release of SIR with legal suits to challenge Bursa on technical grounds , the purpose is to buy time to clean up the the mess like SCIB.

Fxxk up

1.No SIR,no lifting of suspension
2.yes SIR,no lifting of suspension
3.No lifting of suspension,no trading ,kind of protection to investors
4.delisting like MAS
5.All shares are not marketable.
6.legal suits or not are irrelevant.

Even my dogs can smell fishy but you are sill doubtful . Why are these people so blinded and self deceiving as if " every thing is going to be alright " ?

In fact, Bursa can rely on the report from KPMG to enforce immediate suspension .However, Bursa has been kind to Serba to engage a consulting firm to double confirm the veracity of the transactions. Of course, Bursa will ensure that a reputable consulting firm is engaged to conduct such investigation otherwise SD would engage Tom, Dick and Harry consulting firm at its disposal and control. Bursa could sense to preempt that situation and set a condition that EY be engaged to conduct such investigation . There is nothing wrong for Bursa to take this measure as a market regulator and enforcer

SIR is not audited report which need not be done by Auditors. the SIR can be prepared by any consulting firm. Bursa need to double confirm if it is justifiable to proceed with the suspension by ordering the SD to engage a consulting firm to conduct the special investigation.there is nothing wrong for Bursa as a market regulator to ensure fair trading to all parties

Now then SD has sued EY. EY shall be very very careful with the conclusion of SIR which will be used by many as a basis for their next move of actions be it hostile or appreciative. KPMG has vindicated their move to get out this mess. EY shall be thankful to SD for the legal suit to enable EY to get out this mess too . EY can now freely report without compromising its position.

Correction...worse scenario lifting of suspension never resumes

Basically, you can write off all your investments in these two companies,the biggest scam of this century.

all the negative signs now are seen as harbingers of heavy plummet of their shares price to happen after suspension is lifted ( worse scenario suspension never resumes).

Hopeless and pathetic

These two companies are the biggest jokes of this century, a laughing stock to the world....WTH

All the fraudulent representations will be exposed in the Court.

Suing against all the parties by Scib and serba is akin to sealing the coffin with the last nail...ready to be buried forever...

Psa has summed it all in the name of law...

Pathetic and hopeless

After suspension is lifted ,share price is likely to continue to be LD till negative value.......gone with the wind....

no need to investigate any more as contracts have been terminated .. end of the story.

KPMG has vindicated their concern with resignation, not to put their reputation in disrepute but other auditors are still blinded to it ..WTH

All the auditors , past and current have been fooled

Fishy
1. all non existent contracts terminated and or Cancelled.
2. non existence of receivables and payables ( but still paid out for the obvious reason)
3. Receivables written off as bad debts
4. Payables are financed by borrowing
5. Payables are still chargeable to Income statement as legitimate expenses
6. Full contract value ( up to termination ) is still taken as sales
7. Reporting loss is expected to be l shown in AR
8. Gearing is up due to irrecoverability of receivables
9. Loss is compounded
10. Inability of Company to repay debts/Loan in the end
11. kiss and say goodbye
10/11/2021 4:51 PM

Now then due to sudden termination of contracts( I have the feeling that such contracts were either non-existent or awarded by dodgy com)

1.Are the debts recoverable?
2.are the dues payable?
3.contra or write off of the two above?
4 ending up with fictitious profit after 3 above?
5.very fishy

Focusing on the core business is good. However risk reduction through well balanced diversification of the segment is also as important. The expected life of the oil palms has come to an end. No point to resort to re-plantation programme. Get out while the pricing has been recovered to be good now and move on by seeking for other potential segment.

LU or LD ?

1. keep your capital,
2. Refrain from being impulsive
3. look around for bargain hunting,
4. seek counters with value for money,
5. happy ending .....

Frankie T who was once my critic has gone to Hollywood to acting now....

What the hell is going on?

I have not been here for a while. Why dropped so much? Where the hell is the production of sputnik V? From day 1,I had said it was illusionary but many loggerheads disapproved me.

Time will tell and time has told now

It has gone to Holland with no return. Suing bursa will get matter worse. Bursa does not back off and is not afraid of "legal" gangsterism.

Glove is the thing of the past now......sunset ...

Kossan ends up better than supermax in price....what a funny whole world!

Just wait for the durian to drop...

Dodgy dealings are operating as usual....

up up and away .............

some fellows talk as if they do not know suspension has already been taken place today... OMG

Bigger con job is to be unfolded with bogus payables and receivables ,non-existent inventory ,fictitious sales,bogus contracts awarded by clowns etc etc...