No u r wrong

These areas were identified by KPMG as d key areas AND KMPG HAVE SATISFIED ITSELF THAT AFTER CHECKING THESE WERE OK and 2019 showed a true and fair


PRECISELY THE SAME AREAS in d current dispute HOW COME KPMG CANNOT TAKE SIMILAR AUDIT STEPS AS IN 2019 TO VERIFY??


Same things can audit 2019 suddenly cannot audit in 2020??



The only thing tat hv changed is Covid-19





To me, this says KPMG flagged the same discrepancies in the 2019 audit but effectively said "these are in question and need to be addressed" before the next audit.



bobvic96 https://www.thestar.com.my/business/business-news/2021/06/05/the-essential-role-of-an-audit?utm_source=smt&utm_medium=email&utm_campaign=BNL_Ju

"Interestingly, in the FY19 audit report, the auditors had highlighted three key audit matters then and they include:

> Existence, accuracy and completeness of revenue recognition;
> Completeness and existence of material on-site amounting to RM908mil; and
> Valuation of trade receivables and contract assets valued at RM1,526mil.

In FY19, the auditors addressed these key audit matters via various methods and means to ensure the financial statements were accurately reflectively of the balances presented".

To me, this says KPMG flagged the same discrepancies in the 2019 audit but effectively said "these are in question and need to be addressed" before the next audit. Serba indeed addressed them in 2020 by increasing the amounts substantially. KPMG's assessment was obviously in conflict with what the Serba BoD wanted. I believe this is why the annual reporting was extended to end June, with the Serba BoD expecting to be able to bully KPMG into submission.

It obviously hasn't worked for Serba's BoD.

I may have got it wrong, I'm not an accountant, but I've been around a bit, including in oilfield contracts and operations.

It will be interesting to see, if the BoD are found to have their hand in the till, what the consequences will be (look at the economics of SCIB too). I guess a number of foreign investors will be watching this too.

Given the sea-change in the tone of reporting in the press, I guess some politicking is going on.

Serba, could be a going concern if it is only money, however, any fraud element would have to be removed.

12/06/2021 12:59 PM

RM 100,000 sons of d soil can alibaba sub to Aker nobody bothers

So u see

If u r sons of d soil share capital of RM 100,000 is more thn enough nothing else is required

So tat part of KMPG queries is non issue



Malaysia going down d drain is another story for another day



Sslee You be the judge what had became of Malaysia? When those given contracts cannot perform and wasted billion in taxpayer money walk free and those doing the job well get fxxx?

Malaysia practices a form of affirmative action, in which many contracts awarded by state-linked companies are reserved for ethnic Malays and indigenous people – collectively known as Bumiputera, or "sons of the soil".

The three sources, two from the anti-corruption agency and another source who is familiar with the case, said an Aker executive is accused of submitting documents aimed at misleading Petronas that one of Aker's subsidiaries would qualify as a Bumiputera-owned company when it did not.

The Aker executive was expected to be charged with the offence of cheating, two of the sources said. That offence carries a sentence of up to five years' jail, a fine, or both.

The sources requested anonymity due to the sensitivity of the matter. They did not give the name or nationality of the executive who would be charged.

Aker Solutions has six subsidiaries registered in Malaysia, where its Asia Pacific headquarters is based, according to its 2020 annual report.

Last year, the company reported NOK 1.57 billion (US$189 million) in revenue from its Malaysian businesses. In 2019, it said it had been awarded an umbrella agreement for engineering services from Petronas.

11/06/2021 10:34 AM

Awang bro tis ain't d best of time to sell some...

90 sen is too cheap

Wit Foxconn as a strategic partner DNEX is set for at least d next 20 years

D 3 shareholders hv made sacrifice to secure DNEX future selling so cheap at 0.90

For a change tis auditors KPMG wil b sued by its client

Bro selling not a good sign

Awang is Karim bro

Awang selling is not good sign

Is AIMFLEX website any good?


Halal Crypto haha, kalau subcon ke aimflex baik la tu. kpmg tk marah. ict projek bagi co tak de ict background, baru kpmg bising bising.

10/06/2021 7:37 PM

Awang AIMFLEX hit too

Awang selling

Tis could b heaven

Tis could b HELL

ICT jobs to sub to Awang's AIMFLEX

Investment funds may sell quoting pontential corporate governance issues not necessarily financial issues

Tis is a precursor to imminent intervention by d powerful

Btw..

YINSON.. it will b good very good if u could kindly clarify IN WHAT WAYS ARE U DIFFERENT FROM STRUGGLING BUMI ARMADA?

M sure this question is in investors' mind for d longest time

TQ

Yours sincerely

I don't want to say TOLD U SO!!


U don't know anything do not simply post



Yinson sue tis kiasu fella

Tis is a precursor to imminent intervention by d powerful

Tis is a precursor to imminent intervention by d powerful

Tis is a precursor to imminent intervention by d powerful

Tis is a precursor to imminent intervention by d powerful

Karim selling warrants to top up margin

Syed is talking up d price

Thr must b heavyweights interested in d PP

Foxconn or Foxconn alike

PETALING JAYA: Dagang Nexchange Bhd’s (DNeX) aim of increasing its stake in Ping Petroleum Ltd by 60% to 90% will enable the group to consolidate Ping’s contribution and exert more control over the company to access proven and probable oil and gas reserves.

“The Anasuria cluster, which Ping has a 50% effective interest in, offers mature O&G (oil and gas) fields that entail production and development opportunities.

“Once we increase our stake, our effective entitlement to the cluster leaps from 15% to 45%. With greater control, we are afforded the flexibility to unlock Ping’s long-term growth potential, ” said (DNeX) group managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir.

Syed Zainal, in a reply to StarBiz, said DNex saw an opportunity of an attractive entry price with strong upside potential in increasing its stake in Ping.

“Ping is stable, cash generating and profitable as well as has a strong track record and has been recording revenue and profit year-on-year for the past three financial years.

“What is important to note is that Ping has been able to generate positive cash flow from its operations without having to rely on external borrowings, and has been in a net cash position for the past three fiscal years, ” he said.

To fund the 60% stake buy, he said the group is looking at borrowings, some or all of which may be procured from Ping in the form of an inter-company loan.

“The recently announced private placement will partially finance the proposed acquisition of Silterra. At the same time, it will also go to funding our Ping acquisition as the intention of the private placement is to fund any suitable and viable potential businesses or investments as well as our working capital requirements, ” Syed Zainal said.

DNeX had said it would pay RM314mil for an additional 60% stake in Ping Petroleum Ltd to raise its stake in the oil and gas company to 90%.

On its plans for Ping, Syed Zainal said Ping’s focus in the near term will be to unlock its untapped potential and maximise economic value from its asset portfolio.

He said there was an opportunity to further improve Ping’s production output by rejuvenating existing wells to monetise economically attractive reserves in the Anasuria Cluster.

“Moreover, as international O&G majors are divesting their upstream assets as part of their global portfolio rebalancing, we are also looking into acquiring additional late cycle producing assets in such target markets as the North Sea, Malaysia and within the region as well. “Opportunities are aplenty for us to embark on investments or acquisitions of late cycle producing brownfield assets in these regions, ” he said.

Ping is said to have managed to keep and reduce operating costs to below US$20 (RM82) per barrel to ensure the company remains profitable and generates a positive operating cashflow despite the soft and volatile market conditions.

Syed Zainal said the group was looking at potentially expanding into similar assets to the Anasuria cluster within the UK as well as in South-East Asia.

“The O&G industry is also expected to face a major transition, with many major international O&G players expected to divest mature or late cycle oil assets as part of their efforts to reduce their carbon footprint.

“We see opportunities to acquire these quality assets in the near term to capitalise on improved oil prices once the global economy improves, ” he said.

On the group’s plans for Silterra following winning the bid for the asset, Syed Zainal said immediate plans to drive Silterra’s transformation were to increase plant utilisation, undertake cost optimisation and expand market access.

“These include initiatives to improve efficiencies and increase the company’s operational capacity as well as new capital investment to remove bottlenecks and improve plant utilisation, ” he said.

“In addition, we will lead Silterra to ready market access including strategic customers and long-term supplier contracts by leveraging on the network of our partner.”

He said also in the pipeline were the adoption of technology upgrades including micro-electromechanical system and silicon photonics, thus enabling change in product mix that can generate improved business margin.

“The outlook of the semiconductor sector is expected to stay bullish with increasing demand continuing up to 2024, which can lead to sustainable positive earnings for Silterra and DNeX.

“This makes the acquisition of Silterra timely and strategically compelling for DNeX. We are confident that our business in the semiconductor market will grow at a strong pace, ” he said.

“We

Getting a larger share

Tis is SD exposing KPMG

Do u think Elon Musk needs to put up a website to get jobs??

Thr r tonnes of projects offered to Karim

If u have to take a number to see Karim to talk over a project ur number would likely b 1692

Tis is no right

KMPG is the one which requested for the change



satu langkah yang memberikan Serba Dinamik ruang bernafas bagi memuktamadkan penyata kewangan

There is absolutely no need for Karim to put up websites to try to get jobs

Karim has very good connections

Karim is Petronas nurtured trained

Poster boy of Petronas programmes

Pride of Petronas

Recently space projects whatnot have been thrust upon Karim

Serbadk has to accept these projects reluctantly

Find out who owns AIMFLEX

AIMFLEX is on standby for ICT jobs fr Serbadk

Yes it is listed on Bursa

AIMFLEX fka iStone know or not?

Do u know AIMFLEX?

ICT biz is to b sub to AIMFLEX

Tis shows revenue thr cld b inventories pending billing

Trying to tell u n em too

And it doesn't mean b4 tis Ramunia yard Serbadk did not do fabrication jobs


OrlandoOilSemiconIoT Serbadk jz spent 320m to buy Telok Ramunia yard for fabrication jobs

06/06/2021 9:42 AM

Fabrication takes time

Junior KPMG auditor

Wat r u talking abt?

If u done pay overseas suppliers in advance they won't even sell to u


Mikecyc Haha refer to Documents : PO , DO , Invoice .. materials on site belong to which party !!

06/06/2021 9:41 AM

Serbadk jz spent 320m to buy Telok Ramunia yard for fabrication jobs

Not if the inventories hv to b purchased overseas

Try telling ur overseas suppliers those materials on site stil urs

Is capital intensive means anything here?

Does inventories include long term projects/contracts which need to b completed upto a certain % b4 can do billing?

Only Japan would not take in till receivables hv paid up


Those increases in inventories and receivables, can a company consider them as revenue even if they not yet sold their inventories or not yet collects their receivables?