On our birthday, we confessed gotten an early scoop on the problems faced by Serba Dinamik and reports made by KPMG to police and SC.
The scoop was earlier than KPMG finding. We were alerted of the rise in turnover coincide with corresponding rise in receivables. Sources claimed the books are cooked.
For reasons not to be declared, we held back from writing about it. There were other urgent issues. More so, there were insufficient info or anything closely resembling evidence.
However, the manner groups believed to be aligned to KPMG was villifying Serba raises suspicion.
Its our second nature to sense propaganda is at work. Something sinister seemed to be happening. By right, work done by KPMG should be good enough to stand on its own.
Why the hype?
Taken from the blog nuclearmanbursa, a 50 something whose been around in the market:
On Friday last week, Serba Dinamik got its wish for an independent party to either condemn them or free them from the negativity that arose because KPMG could not form an opinion .Trading today will be interesting but only on Tuesday, the 1.75 billion shares traded last last week will meet the hold, fold or foresold fateReddit banter points to a new shareholder. Similar stories are bound to appear elsewhere ahead of Tuesday.
Nothing much said though on what looks like a deliberate attempt online and in Telegam to paint a picture of guilt on Serba Dinamik. READ ;Who would go to such lengths and why must we all be convinced that Serba Dinamik's guilt is cast on stonePronounce Serba Dinamik INNOCENT, and EY, the only BIG FOUR 1MDB auditor who walked away with their integrity and honesty elevated, will have knives pointed at their integrity by lesser men.Add the strange selling strategy employed by the EPF and a Sarawak based media's demand to know if the fabled PAK PANDIR IS FOR REALHave we forgotten how attempts were made on Air Asia, seemingly on governance issues over the past 6 years, which could have resulted in Tony Fernandes, having to sell against his will and on the cheap the company he built from nothing. The personalities in Serba Dinamik are mere dwarf's compared to Tony in terms of profile, wealth, and global networking, but even he had to take The WALK OF SHAME
READ ;TUESDAY, shall have her share of diamonds in the rough intrigue, and nothing more than that because they have always known as you now know ; the story of Serba Dinamik has yet to be told.
KPMG has the SC, watchdogs, other authorities and professional NGOs on their side, why the need to pounce on Serba further.
From being perceived as crook, now Serba is increasingly looking like victims. This whacking a housefly with a sledgehammer. Nothing more thrilling than rooting for underdogs.
More so, under the PN government, PLC owners are heard facing political harassment, in whch enforcement agencies are abused at the instruction by one bald headed Datok, to illicit support for PPBM.
Institutional investors are suspiciously instructed to sell down their shareholding and press the share prices down. Media threatened by government officers to have ads pulled out as to not give coverage to events such as Bellamy Moves.
Through our job and business experience, Auditors are naturally and unnecessarily petty and pain in the assess. However, their attitude are different for those money churning big corporation clients.
Auditors double dipping as "salesman" for their other "services" is an open secret. In a subtle way, the auditee is assured. Take care of us and we take care of you.
KPMG was embroiled in the 1MDB debacle. They qualified their accounds, but retracted under political pressure and media campaign following the fall of the BN government.
Should KPMG be wrong, then like Deloitte, they should also be heavily fined for US$80 million.
Lets not forget Arthur Anderson in the Enron scandal. Local fixation with The Big Four can be puzzling. They are not without their sins. (Note KPMG cheating scandal in 2019 here).
International names does not necessarily mean they are without fault. Years ago this blog highlighted before the hanky panky of internationally renown rating agencies.
Anyway, lets wait for Ernst and Young to review KPMG and Serba Dinamik. An Auditor Watcher claimed that unlike KPMG, EY came out of 1MDB with reputation intact.
Serba Dinamik could be guilty as charged. But, frankly we would love to see an auditor like KPMG be disciplined. They can seldom be too good for themselves.