I used to presume that the Investment in Securities carried high risks due to lacking of sufficient information. In fact, it's actually not that complicated after finding out the information from the Annual Audited Accounts.

Investments in Derivative Assets ( Sacofa warrants ) RM 97 million as at 30 Jun 21
Purchase Costs in 2015 - RM 35 million
Fair value now - RM 97 million

Annual Audited Accounts 2020 (Note 30):
The determination of the fair value of derivative financial assets that are linked to and
must be settled by delivery of unquoted equity instruments is subjective and involves
significant judgement and uncertainties due to the use of assumptions and certain
unobservable inputs. The Group’s and the Company’s investment in warrants were valued
using the Binomial approach and is sensitive to data inputs including stock price, strike
price, risk-free rate and volatility.

On 23 October 2015, the Group and the Company acquired 18,444,697 warrants of SACOFA Sdn.
Bhd. (“SACOFA”) for a purchase consideration of RM35,413,818 representing a warrant price of
RM1.92 each. The original expiry date of the warrants was 25 January 2020 but was extended to 25January 2022. Each warrant entitles its holder to subscribe for one new SACOFA ordinary share at an exercise price of RM1.50 at any time during the exercise period.

Investments in investment securities (Money Market Funds Level 1 ) RM 154 million as at 30 Jun 21
Level 1 - Quoted prices in active markets for identical assets or liabilities.

Investments in investment securities (Income Debt securities Level 2 )RM 255 million as at 30 Jun 21
Annual Audited Accounts 2020 (Note 43 v):
At the end of the reporting date, the Group’s investment securities portfolio mainly
invested in government bonds and AAA rated bonds. The maximum exposure to
credit risk is represented by the carrying amounts in the statement of financial
position.

There is no history of default on these bonds and there is no indication that these
bonds may default. The Group is of the view that the loss allowance is not material
and hence, it is not provided for.

Redeemable preference shares (Level 3) RM 23.4 million as at 30 Jun 21

Annual Audited Accounts 2020 (Note 22 ii):
Ownership interests 26.7% in COPE-KPF Opportunities 1 Sdn. Bhd. and COPE Opportunities 2 Sdn. Bhd. are held through redeemable preference shares vide respective shareholders’ agreements.

Jenny. 多謝了.有人還以為MPAS是一間空當當的廠呢!

MPA還有請員工喔! 我還以為前任的GMD在六月份講爽而已。

CMSB get involve in the Sarawak construction business through JV 49% ownership in SEDC & PPES (Sarawak government arms). Moreover, CMSB's Cements segment is highly related to the construction activities in Sarawak.

CMSB get most of the construction contracts in Sarawak through JV in SEDC & PPES which are the Sarawak government arms. Cements business is automatically dependent on the construction jobs progress in Sarawak.

CMSB koyang kaki earning money most of the time. They don't need to do spend time managing the associates ie, Sacofa, OM Sarawak, Kenaga & KKB

Windfall tax is obviously targeted big corporations making billion profits in Banking, Telco, Gloves and Oil & Gas (Pchem & Petgas) and Tenaga.

Forensic audit investigations may expose, or confirm, various kinds of illegal activities. Normally, instead of a normal audit, a forensic audit is used if there is a possibility that the evidence gathered would be used in court.

The forensic audit process is similar to a traditional financial audit — planning, gathering evidence, and writing a report — with the additional step of a possible appearance in court. The lawyers on both sides offer evidence that the crime is either discovered or disproved, which decides the harm sustained. They explain their conclusions to the defendant should the case go to trial before the judge.

Whistle blowing ---> Reviewed by the BOD ---> Reported the authorities (police) ---> Engaged KPMG MRC to do independent review in May 21---> Independent review report is ready in August 21 ---> Forensic audit has been carrying out from August 21 until now ---> Authority brings the case to the court later.

Police and forensic auditors are now gathering evidences to charge people to the court. That's why it takes longer time.

Extracted announcement in April 21:
* Dato Sri Mahmud has agreed to the Board’s request and we have informed the authorities accordingly. *

We refer to the Company's announcement dated 5 May 2021 and the query from Bursa Malaysia Securities Berhad dated 6 May 2021 ("Query") in relation to the same.



The Company wishes to provide the following additional information pursuant to the Query:



1. Duties of the Group Chief Financial Officer ("GCFO") will be taken over by our General Manager, Group Finance - Madam Tan Mei Fung who has been with the CMSB Group for 24 years and has the requisite experience and knowledge to assume the role in the interim.



2. Concerns have been expressed to the Board on substantial investment and contract losses which have been accounted for and reported in our audited financial statements for 2016, 2017, 2019 and 2020. The nature of these transactions will be subject to review by an external consultant to be appointed by the Company.



3. CMSB is working on the appointment of an external consultant to undertake the investigation. The Terms of Reference ("TOR") are being drafted and expected to be completed within this week.



4. As stated under item 3 above the TOR are being finalised and the schedule for completion will be agreed with the external consultant to be appointed by middle of May 2021. The more important task of the external consultant, is to review whether there were sufficient effective controls and risk mitigation measures in place to ensure that there are no future recurrences.



5. None. As stated under item 2 above, these are historical losses which have been accounted for and reported in our audited financial statements for 2016, 2017, 2019 and 2020.



This announcement is dated 6 May 2021.

KPMG MRC completed its reports at the end of August 21. Investigators are checking the contracts of losses and written off that happened in the previous year. It is now Investigators (most likely forensic audit team and Prosecutor ) continue their tasks of gathering evidences in charging previous managements to the court.

CMSB reported to the police of the allegations in April 21.

We refer to the Company's announcements on 5 May 2021, 3 June 2021, 8 June 2021 and 2 August 2021 on the suspension of Mr Syed Hizam Alsagoff, the Group Chief Financial Officer of the Company and appointment of KPMG Management & Risk Consulting Sdn Bhd ("KPMG MRC") as the independent consultant to review the financial management of certain investment and contracts. Whilst KPMG MRC has completed its reports, the legal investigations of the said investments and contracts are still ongoing. The Company expects the complete results of the review to be announced by the end of October 2021.


The Board of Directors of Cahya Mata Sarawak Berhad dated May 6, 2021
CMS Deputy Group Chairman agrees to Board request to stay on
The Board of Directors of Cahya Mata Sarawak Berhad (“CMS” or “the Group”) has passed a resolution requesting Deputy Group Chairman Dato Sri Mahmud Abu Bekir Taib to continue his service with the Group and not to take leave of absence as announced on Thursday April 22, 2021.
Dato Sri Mahmud had on April 22 tendered his request for leave of absence in relation to reports lodged with the relevant authorities following whistle-blower allegations.
While the Board is grateful for his gesture of seeking leave of absence, we have reviewed the situation and resolved that there is no need for him to do so.

Dato Sri Mahmud has agreed to the Board’s request and we have informed the authorities accordingly.

The Board also wishes to announce that the Board is completely satisfied that the allegations of conflict of interest made against Dato Sri Mahmud and Karl Vink, former CMS chief information officer, in relation to the award of the contract by CMS I-Systems Sdn Bhd, a wholly owned subsidiary of CMS, to Vienna Advantage GmbH are without any basis whatsoever.

Windfall tax does not have much impact to mid company like CMSB since its PBT max 250 million in 2022.

The additional 9% windfall tax would be around 9 million provided Canone is able to achieve PBT 200 million in 2022. Minimal impact to mid company.

The additional 9% windfall tax would be around 27 million if TAAn is able to achieve PBT 400 million in 2022. Hahaha

Budget 2022 good to TAAn?

The threshold for companies in Sabah and Sarawak, the largest palm oil producing states, will be increased to 3,500 ringgit from 3,000 ringgit, he said.

https://www.google.com/amp/s/mobile.reuters.com/article/amp/idINL1N2RP0T8

Extended another month for investigator.. No hurry.

We refer to the Company's announcement on 30 August 2021 on the on-going legal investigations on the Group Chief Financial Officer following a review into the financial management of certain past investment and contracts. The investigators have requested for more time to complete their work and the Company has agreed to it. The Company expects the complete results of the review to be announced by the end of November 2021.

Heavy buying volume and price down & vice versa... Same pattern.. Hahaha

看起來還不錯。我最壞的打算是整個MPA的項目會註銷一次過的虧損.

MPA 這個項目已經延遲了兩三年. 如果明年能正式開始營運就已經算不錯了.

Heavy buying volume and price down & vice versa... Same pattern.. Hahaha

Habis cuci?

Thoroughly cleaning... soaking, rinse out, and removing.

Agreed with Calvin 882. Uptrend remains intact.

Luckyboy88. Not the first time bickering with him judging from the way of his responses in this forum. I know who he is. Hahaha

SD has replied to Bursa queries today and nothing to update SIR status since EY hasn't completed yet... So SD share resume trading tomorrow?

Today, SD replied to Bursa queries only. SD has not issued any status update in its announcement like the heading of the announcement:

Serba Dinamik Holdings Berhad - Status Update on the Special Independent Reviewer

Bursa Bursa...lol

All parties are playing 'tai zhi' drag more time for Karem. Lol

Bursa and SC don't have any details SIR from EY yet...the SIR is solely provided to SD's independent directors. Status Update is done by SD in announcing to the public according to the listing requirements. Bursa and SC know nuts. Hahaha

a) has provided that no work products will be distributed to any parties including the regulators before and/or after the status update;

What is 'after the status update? Very very deep...

a) has provided that no work products will be distributed to any parties including the regulators before and/or after the status update;

We refer to the announcement dated 22 October 2021 with regards to the notice given by Bursa Malaysia Securities Berhad ("Bursa Securities") to the Company.



The Company had on 25 October 2021 written a reply to Bursa Securities. Below are the salient points from our letter to Bursa Securities:



1) There were no documents or copy of any documents that fit the description of “Factual Findings Update as at 30 September 2021” given to the Independent Non-Executive Directors as at 22 October 2021.

2) The terms of engagement between Ernst & Young Consulting Sdn. Bhd. and the Company dated 2 July 2021:-

a) has provided that no work products will be distributed to any parties including the regulators before and/or after the status update;

b) prohibits any quoting or references to any report, any portion, summary or abstract thereof.

3) Any documents or report from Ernst & Young Consulting Sdn. Bhd. does not fall within paragraph 9.03 and 9.35A of the MMLR.



Ernst & Young Consulting Sdn. Bhd. is still in the midst of performing the Special Independent Review.



This announcement is dated 25 October 2021

Ernst & Young Consulting Sdn. Bhd. is still in the midst of performing the Special Independent Review.

LOL

Announcement of unfavourable SIR would cause all stakeholders of SD diarrhea. Suspension at closing market price 35 cents is much better option.

Slow slow motion and give Karem more time to cover the hole before a forensics audit is carried out.

SC and Bursa can do nothing to SD other than suspending share trading activities. SIR is not a forensics audit looking for evidence for charging people in the court. You can't say the management did something wrong illegal without the evidence from the independent forensic audit. It's merely an independent audit. Not really a big deal.

No legal investigations is carried out in SD.

Negotiate with them to find out the best reasons of delaying for the sake of stakeholders. They know already the real situation la.

If the unfavourable SIR is announced, it would checkmate Karem...

The best solution is suspension of trading for few years...more time is needed for Karem to sort out the problems.

If the unfavourable SIR is announced, everyone lousai.. Very scary...

As mentioned, there are many stakeholders of SD would be seriously affected. It is not only impacted shareholders.

If i were Karem, i would delay as long as possible...May be few years. It takes time to sort out all these problems and restructuring the group to rescue the situation. If not, every stakeholders of SD would be heading Holland.

If SD does not announce the unfavourable SIR, at least the bankers won't force SD to repay borrowings early... There is a chain effects.. Very headache one.

What are the reasons can be used for delaying the announcement? BOD meetings, covid cases, time to sort out the issues internally...

If the unfavourable results is announced, every existing shareholders of SD will go Holland... Stakeholders (Bond holders, banks, suppliers...) will be suffering...it would prompt the minority to go for court cases and seeking forensic audits.. No ending.

What would you do if you were Karem? Announce fast for favorable investigations results. If the situation is unfavourable, look for all sort of reasons to delay the announcement as long as possible.

Post removed.Why?

Post removed.Why?