By virtue of the companies act,the com has to convene the EGM where removal of the external auditors is proposed upon the special notice given by the major shareholder who has the right to propose.

they have clearly implied that its not their initiative to conduct the EGM

The announcement posted by Benjamin has calmed the market.....

Based on the announcement, Serbs has at least cleared the air of concern of removal of auditors.they hinted that the removal of KPMG is not on their initiative....

Tomorrow LU

If the BOD didn't appreciate the impact of non- verification, the external auditors have no choice but to resort to audit committee together with independent directors for assistance.

There is nothing wrong with that in the spirit of practice of good corporate governance....

Yer.....worse of the worst,the whole BOD tender to resign and change of new blood in the board......

Do not expect KMPG to u-turn,the only hope is to rely on the independent review to thrash out all the issues raised by KMPG.

By focusing on the finalisation of an independent review firm to comb through all the issues raised by KPMG, only then Serba Dinamik could restore investors’ confidence and its own reputation.

Basically, only Serba Dinamik can save its own butt now and nobody else..........

Yer...it looks fishy ,sounds fishy , senses fishy and actuallly it is.......

Tips for u....

How i know? I have been informed by my intelligence in Russia

I have already highlighted that Germany only gave face to Russia to buy in principle but still subject to the approval of EU.

EU will never approve sputnik V.....so.....are you still blinded?

If you buy,you could be poorer by another 30% by tomorrow....

If u huy today,you could be poorer by another 30% by tomorrow....

The 11 customers are the same person as purportedly believed

As long as the irregularities of RM3.5bil billion of contracts and transactions with 11 customershave not been resolved ,no matter how much profit is reported by the co is futile........harbinger of plummet is unavoidable

the above is the Shocking news from Russia.....

Germany won't buy due to disapproval of EU.Germany has already stressed to RDIF that it won't buy until EU has approved...

Its just a nicer way of rejecting Russian for the purchase.

KPMG had raised issues over more than RM3.5bil billion of contracts and transactions that the auditor had not been able to verify with 11 customers.....very serious and significant statement....

Though BOD responded ,the external auditors disagreed to their non-professional response .the external auditors proposed a second opinion by engaging another independent review.

The external auditors know very well their objective views can not be easily countered .

I told u so..Germany won't buy due to disapproval of EU

hose heavy weight shareholders listed by diehard will soon become things of the past and harbinger of exodus from the market is expected..... fast and furious within this week....

Some diehards say they trust the company all the way.....very loyal as it sounds to be in the same boat,sinking together in tandem

Some one says time can tell....thats exactly what happened to transmile....we don't wait for the time to tell.it has already told in fact....

Those heavy weight shareholders listed by diehard will soon become things of the past and harbinger of exodus from the market is forthcoming... fast and furious within this week....

Some of The shareholders and or investors of the company listed are of heavy weight.the BOD is fully aware of the consequences if they don't uphold the practice of good governance

Who is to be blamed? The auditors ,SC or the audit committee ? None.basically the BOD is fully responsible for the plummet......

Some diehards are actually bleeding but refuse to face the reality .they are self deceiving and remain hopeful.will BOD give you hope or further sabotage of your investment in the co? Are you blinded or what?

KPMG is just doing their job with no agenda or conspiracy. They are accountable to stakeholders of diversity , not to the BOD.

BOD must act in the best interest of stakeholders and uphold the practice of good governance.Apparently,BOD has failed to deliver.

Another harbinger of limit down to penny stock is unavoidable....

The more you buy,the deeper the hole you are digging.in the end,you jump into the deep hole and get buried with your buy without any hope of returns.

The irregularities will keep haunting the co for a long long time.as long as the same BOD is still there,there is no chance of regaining of trust and confidence from the investors across the globe.

Profit is easy come easy go....don't be over the moon too soon....

The market doesn't like uncertainty but transparency. The longer they wait to let it be known publicly,the more havoc they are creating in the market.....

As at to date ,the EU has not yet approved the Sputnik V vaccine, and Germany has stressed that this would still be the prerequisite for any purchase. in other words ,Germany has yet to purchase any sputnik v.

Unrest has yet to formalise the agreement with RIDF and signing with two manufacturers in China is still unknown...

As I always say,don't count the chickens before they are hatched.there might be no chickens but just rotten eggs for you in the end....

Those people who bought the shares thought they are bargains but in fact 30 % more expensive when tomorrow comes......

Yes....LD again tomorrow

Shareholders to sue the BOD for failure to exercise their fiduciary duties and uphold the practice of good corporate governance.....

No need to see how tomorrow.sure another LD..
.

If U buy today,sure you will suffer heavy loss by 30% tomorrow...its not easy to restore the irregularities. The co doesn't want to leave no stone unturned ......

Someone is buying big and thought that its is cheap but the cheapest is yet to come......

NAB is 0.89....as long as it is above o.89,its OK...

They think they are terminators to terminate here and there.

they think the company is theirs and do whatever they like.

They think they can dictate as a tyrant.

If they disagree with the auditors ,then counter them with valid justifications. Don't act like half past six fellows...

No such thing as entering at the right time cos there is no right time for the company which is clouded with uncertainty.it takes a second to damage but it takes donkey years to build the trust and confidence in the mgt.

The only way to stop this bleedibng is to remove the whole mgt.

Now then they are sending the signal to the market that they are not practising good corporate governance and take it as their own company at their wishes....

Very silly of the BOD to propose the change of auditors is skin to removal of auditors at this critical stages....suiciding and insidious...

You think its cheap now ...the cheapest has yet to come......and harbinger of penny stock is expected......

The way it goes, the BOD respond,another LD is expected tomorrow

Those buggers think the dark clouds can be cleared by removing the auditors. They are making things worse and they will keep haunting the company,which is pernicious...

Pang 72,can.....u are the opportunist......

As I said,harbinger of penny stock until the dark clouds have been cleared.....

Harbinger of Penny stock

Serba has failed to exercise the good practice of Corporate governance.the way it goes, no stone must be left unturned.

THE Institutional Investors Council (IIC) has joined the Minority Shareholders Watch Group (MSWG) in objecting to the proposal by Serba Dinamik Holdings Bhd board to remove external auditor KPMG PLT in light of the flagging of some audit matters in relation to the company’s FY2020 financials.

This is because such move shall undermine the corporate governance process considering that external auditors play a major role as gatekeepers, according to its adviser Lya Rahman.

“After all, it is their (KPMG’s) responsibilities to highlight any issues of concerns, in particular those pertaining to financial transactions and how contracts were awarded which in Serba Dinamik’s case, appear to be questionable.” she told FocusM.


Lya Rahman
“Why the urgency to remove KPMG before the commencement of investigation and the results of the investigation known?

“Why is the company’s non-independent non-executive (Datuk Abdul Kadier Sahib) proposing to remove KPMG? What is the role of its audit committee and board? And who recommended the appointment of BDO PLT as replacement? Has due process on the removal and nomination taken place?”

In a Bursa Malaysia filing late last Friday (May 28), Abdul Kadier who holds a 15.96% stake in Serba Dinamik has mooted the convening of an extraordinary general meeting (EGM) to appoint BDO as KPMG’s replacement pursuant to Sections 277 and 322 of the Companies Act 2016 for the company’s financial year ending June 30, 2021.

“A comprehensive investigation needs to be undertaken independently to get to the bottom of the issue with no stone to be left unturned. The independent directors are now expected to play their role independently and not beholden to any major shareholder or management,” asserted Lya.

With regard to Serba Dinamik’s move to set up an independent international review parties to evaluate KPMG’s findings, Lya further commented:

“What is the scope of work by these independent parties? Why can’t they conduct internal enquiry to review the issues raised by KPMG? What is the role of audit committee and internal auditors on this?

“The concern is also on the composition of the independent committee as announced by the company – by having members of the management – how can the committee be deemed as independent?”

Oblivious to what was brewing in Serba Dinamik, the EPF had in this month alone (between May 4 and 24) acquired 1.8 million shares in the O&G industry player to bring its stake in the company to 10.16%.

MSWG’s viewpoints

In echoing IIC’s stance, a MSWG’s CEO Devanesan Evanson urged all minority shareholders to vote against the resolution to remove the auditor.


Devanesan Evanson
As part of good governance, KPMG should be allowed to complete their work and report to Serba Dinamik’s shareholders at the company’s forthcoming AGM, he added.

“Since the company is setting up a special independent review by appointing an independent firm to assess the veracity and accuracy of the matters brought up by the external auditors, the external auditor should be around to defend their findings and explain themselves,” he opined.

“There is no urgency to remove the auditor at this juncture. As such, MSWG urges all shareholders to vote against the resolution to remove the auditor.”

Very broadly, the shareholder activism group is of the view that external auditors are appointed by shareholders to provide an independent opinion on whether a company’s financial statements present a true and fair view.

“The external auditors’ opinion on a company’s financial statements will be presented in the annual report along with the audited financial statements,” suggested MSWG. “In addition, the external auditors will be present at the AGM to address shareholders queries in relation to their opinion.”

Having been suspended since May 27 (Thursday), Serba Dinamik is widely expected to resume trading tomorrow (May 31). The company was last traded at RM1.61 on May 25 with a market capitalisation of RM6 bil. – May 30, 2021