Anti-climax ending to Serba Dinamik saga

The Edge Online reported on Thursday that SC came to a settlement to merely impose compound for alleged accounting fraud by Serba Dinamik. It is truly anti-climax ending to the many months of investigation and expose by Edge.

In their March 28th to April 3rd issue, they dedicated the frontpage for Serba Dinamik with a fullspread article inside with a provoking title: "What Serba Dinamik didn't want you to know". 

One would guess there is development on the SC case against Serbadk. Edge was pushing on SC to stick to their guns and prepping the public on the upcoming case.

Generally Edge summarised their one year fight against Serbadk's alleged fraudulent accounting till successfully managed got SC to charge them. Those following the issue and in the market have heard it before except the following excerpt:

Flicking through the EY Consulting report, which is part of Bursa Malaysia’s bundle of documents in its suit against Serba Dinamik, it becomes apparent why the O&G company is reluctant to let the findings of the EY Consulting report be made public.

The EY Consulting report, in a nutshell, questions why Serba Dinamik was in possession of company stamps — both of its vendors and those of national oil major Petronas, other oil majors, and of the company’s many suppliers.

Read the rest of "Serba Dinamik in the spotlight" here or the hard copy issue below:

Serba finally reply the RM4.5 billion question

In an interview with FMT, Serba Dinamik finally explained and replied to the RM4.5 billion KPMG claimed audit discrepancies.

The saga caused some RM3 billion capitalisation of the company wiped out following attempt to sack and resignation of KPMG, sellout by local Fund Manager including Pak Pandir dubbed EPF, resignation of independent members of the Board of Directors and unprecedented lawsuit against an external auditor.

Apparently, 1MDB did the same on KPMG. Another relief to Serba is criminal charge against an ex-KPMG sued by 1MDB and also ex-Serba independent Director. More in Rocky Bru here on the change of perception against Serba.

The crux of the matter is the audit discrepency. Part of it was probably leaked and rebutted back in i-Investor portal. Sarawak Kini discussed it here.

Serba CEO Datok Mohd Karim Abdullah has finally spoken. FMT below:

Businessman trickery, Auditor no angel

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 fate 

Reddit 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 ; 

1) Do read the their comments and check out the dates they became forum members 

2)First accuse, latter eat crow. Damage Done 

Who would go to such lengths and why must we all be convinced that Serba Dinamik's guilt is cast on stone 

Pronounce 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 REAL

Have 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 ;

1.AIR ASIA SHARES DOWN 23 PER CENT AS HONG KONG BASED AUDIT GROUP HINTS  FRAUD

2.11 PER CENT BLOOD BATH IN AIR ASIA.

3.TA SECURITIRES; SELL FIRST, ASK QUESTIONS LATTER

4.TONY RETURNS. NOT GUILTY.

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

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.

Serba Dinamik: Idris Haron answerable, SC cover up track?

It turned out to be premature to claim the compound imposed on Serba Dinamik Holdings Berhad's Directors as anti-climax and the ending. The saga had escalated further into another episode and looks to be far from ann ending. 

It is frustrating for parties closely following Serbadk issue to be denied the truth. SC or more precisely Attorney General, Tan Sri Idrus Haron's office decided to hold back charges and merely imposed compound thus saving lurid details from being revealed in court.

Till the compound imposed, the authority and The Edge as the media that supported SC's cause claimed the account are fictitous and manipulated. 

By not going to trial, Idrus Haron denied justice to the minority shareholders and investing public. He is not sending a stern warning to the new crop of top executives in PLC currently rampant in the market conjuring up fake account.

Why did Idrus decide so? What is the motivating reason? Is he being instructed? Is something insidious happening? 

Then there is the childish manner SC is reacting and retaliating to Serbadk. 

Serba Dinamik vs KPMG: Lines are drawn

Since the tumultous month of June which saw some RM4.0 billion market capitalisation wiped out from Serba Dinamik Group Berhad, the lines for the legal duel between Serba vs KPMG was finally drawn last week. 

KPMG filed its defense on August 26th to reply to the lawsuit immediately filed by Serba in June. The legal issues are out in the open for the market and public to form a credible opinion. 

The fact that government-owned company, 1MDB filed a civil lawsuit against 44 partners of KPMG, in which one of them was implicated in the Serba affair, only proves auditors are not protected from liable. 

That was the argument put forth by various professional bodies in defense of KPMG back in June. The discussion back then in Edge Online, Malay Mail Online and Focus Malaysia can be found here, here and here, respectively. 

Auditors in Malaysia have been sued before as Depakata blog here highlighted Silverbird's 2012 lawsuit against Deloitte, which was settled in March this year. And, Depakata wrote here auditors have inherent biasness too.

In the UK, Edge Online reported here that KPMG was caught supplying 'false and misleading' data to the Financial Reporting Council. In the Serba case, KPMG was accused of prematurely alerting Bursa and SC with presumbly 'false and misleading' data.

So what will the legal dispute be about? 

Who is MSWG's Devanesan Evanson batting for?

Pak Pandir is a famous Malay folklore character depicted as naive and simpleminded. 

He is the village idiot foolishly following advise blindly and seldom succumbed to situation which puts him in hilarious situation.   

In the Serba Dinamik episode, Sarawak Kini, a Sarawak based blog described EPF as a Pak Pandir Fund Manager. They went on to account for repeatedly being on the wrong side of the market, which is contrary to their claim as a prudent investor. 

The market talk is EPF has something to hide for it benefited in the short and long play through the meteoric rise of Serba shares in the past. The cat may have got their tongue.

To cover from losing face and not be shamed, the likes of EPF, Bursa Malaysia and Securities Commission need a voice to assist and perhaps, cover for them. Suspiciously and with basis, Minority Shareholders Watchdog Group (MSWG) maybe doing their bidding.  

The recent comment by its CEO, Devanesan Evanson in Focus Malaysia here made him look as naive as Pak Pandir to the astute observer. 

Serbadk's Nusantara mystery

This blog was alerted by Nuclearbursaman's posting, "Serba Dinamik: There is more than the eye can see". 

Though aware of the Edge's report 3 days ago of "Creditors vote in favour of Serba Dinamik's scheme of arrangement", too overwhelmed by other prevailing issues and focused on research for articles on food security on rice and BNM's monetary policy reactions to the prevailing economic condition to ponder. 

Cannot helped to be overwhelmed by NBM's comment: 

ITS one thing massaging your accounts to pull the wool over the public eye, but it's a whole new different ball game trying to fool suspicious hard nose bankers the second time around.

Its mysterious enough for "Misteri Nusantara", a Malay TV program once shown on RTM thus worthy of a snapshot comment. 

SUNDAY MUSING: Facial recognition, Sophia and Drone Technology

For the past few days, the media social been thriving on the latest of the never ending political saga of Dato Seri Anwar Ibrahim's aspiration to be the 8th Prime Minister.

He seemed to be moving for the kill to destroy the next possible competitor in his way. The video of Dato Seri Azmin Ali allegedly having gay sex in a hotel in Sandakan had him in a corner.

The latest development made Anwar pulled the brakes. His boys are still giving excuse he has the numbers and its only giving Tun Dr Mahathir breathing space.

The political saga will not end and it is not impossible there is nothing to it all, but mere diversion to a big robbery in the making.

Unfinished Serba Dinamik issue

Reopening of the economy is reviving confidence in the market. Serba Dinamik Berhad shares have been gaining attention as it rose by 4 sen few days ago, in which media attributed to company restructuring. 

According to Hong Leong Investment Bank, investors will shy away pending the outcome of the Special Independent Review (SIR) report from Ernst and Young (EY). 

Is restructuring the main reason or market got hints of the SIR early? 

Mohamed Ackiel, Senior Vice President for Special Projects is promoted to Deputy CEO. He led the digital transformation, and several key initiatives and projects in the Middle East, Central Asia, and Americas. 

The resignation of five independent members of the Board of Directors in June to protest of the company's lawsuit against auditor KPMG took centre stage in the corporate turmoil at Serbadk. 

After Serba, Scomi having auditor problem

The above was one of the images used in this blog's April 30th article entitled, "Is something big hatching on Malaysian rail involving Scomi?"

Its been awhile since this blog wrote anything regarding the Scomi deal with KTM. Its water under the bridge and KTM's maintainance will be Scomi Rail's. However, the story of Scomi Group on the brink has not ended. 

Nuclearbursaman wrote that April 30th Star Online report on the resignation of Group CEO, Sammy Tse Kwok Fai was a red flag alert. It happened at the time this blog was writing on the KTM deal. Shah Hakim Zain and friends was back to the drawing board to save the company.

However, there have been another development early this month. Star Online reported:

KPMG admitted to breach and negligence

Still in hot soup for false and misleading report to the UK's Financial Reporting Council in the Carillion affair, KPMG came to a settlement on the 1MDB civil lawsuit against them and the 44 partners.

1MDB sued KPMG and the partners for US$5.64 billion. The latest news reported they came to a settlement with 1MDB at US$80 million equivalent to RM333 million.

Ministry of Finance issued a media statement yesterday, as follows:

13 with Tan Sri-s, Dato Seri-s and LGE cronies in MBI round-up

As of the latest tonight, sources mentioned Eddie Ong and wife, Dato Keh Chuan Seng or known as Ramen (mentioned in this blog's April 9th posting), ECK's Tan Sri Khor Eng Chuen, and owner of Chin Hin Berhad, Dato Sri Chiau Beng Teck. 

[Read Corporate Secret https://www.the-corporatessecrets.com/blog/2025/04/23/bagaimana-ceo-hextar-group-dalang-bersama-tan-sri-tan-kean-soon-t7-global-tan-sri-khor-kroni-mb-kedah-terima-wang-haram-lebih-rm3b-scammer-tedy-teow-mbi/]

[Read Corporate Secret https://www.the-corporatessecrets.com/blog/2025/04/25/skim-mbi-tan-sri-ketiga-tan-sri-datuk-alex-ooi-pengerusi-ideal-property-group-ditahan/]

The figures mentioned for all named up up to total RM7.6 billion. Street estimate the whole scam involved RM11 billion. 

As a result of the bust, Bursa Malaysia felled by 13.22 points today. 

Damn slow cause this blog been rewriting about MBI since March 26th. Almost an effing month ago!

This blogger is telling now that this is just the beginning. The widespread existence of scammers including those linked to MBI and Corporate Mafia have been the conversation at the highest international level. 

Anwar's boy, Farhash corporate misadventure

One month after Anwar Ibrahim announced his cabinet line-up, Berjaya Group announced his former Political Secretary, and PKR Perak Chief, Farhasy Salvador Wafa as its new Chairman for 7-Eleven Malaysia Holdings Berhad. 

The official communique gave a glowing resume of Farhasy corporate experience, education and related positions held, but its a dime too many.

Those in the know are more concerned with his association with the Seremban-based stockbroking outfit, Apex Holdings Berhad. 

The public attention is on the fiery, temperamental and explosive close confidante of Anwar joining Vincent Tan's outfit. 

Rational measures on chicken price better than unsustainable populist moves - The Mole

The way forward is for market player and government to collaborate on a price control mechanism and at the same time, allow industry to adjust itself. The chicken price could be floated with commitment from industry to off load their chicken stockpile to cap price at below RM10.50 per kilo. This way subsidy could be minimised.

The Mole

June 28, 2022  

The technical committee to address food security issues met on Tuesday to discuss the new chicken price ceiling for July to September.

It was jointly chaired by Agriculture and Food Industry (MAFI) Minister Datuk Dr Ronald Kiandee, Domestic Trade and Consumers Affair Minister Datuk Seri Alexander Nanta aas well as Chief Secretary to the Government Tan Sri Md Zuki Ali.

The recommendation will be brought forward to the Cabinet and an announcement is due after their weekly meeting Wednesday.

After last week’s flipped announcement by Alexander Nanta to float the price of chicken, the Cabinet flopped back three days later with Prime Minister Datuk Seri Ismail Sabri Yaakob himself announcing the cancellation. All eyes await the Cabinet’s decision tomorrow.

Is the SC another Corporate Mafia group?

Ah! Plez Nuclearbursaman ... 

"ONE blog, which seems to be ahead of the rest, when it comes to the real underworld's involvement in the corporate world"?

That's too much compliment for a blog still not fully unblock by MCMC and short of hits. Ran out of handphones and laptops to give investigators whenever any complain arise. Just got one back yesterday. 

With a background in financial market, stocks & shares and observing corporate, its just natural instinct to put two and two together. 

The same method applies in politics. Unfortunate that political watchers lack the corporate background, thus unable to "follow the money" to anticipate the politics. 

Since the explosive revelation by The Corporate Secret (TCS) website on Victor Chin and its link to going-ons at Revenue, Green Packet, Caely and other PLCs, the mysterious, detailed, and revealing blog gave updates on Victor Chin's plan to restructure Revenue in the March 13 AGM. 

They plan to bring in corroborating former BNM and SC officials and their rep from their previously acquired PLCs into Revenue. 

In the me⁹anwhile, TCS is on the pursuit of another Corporate Mafia, the Chong Loong Men group. 

If the speed Victor Chin is being apprehended, asset frozen and Investigation Paper forwarded to AG, is anything to go by, will the same be expected of Chong Loong?

Not straight any more

Bersih is the flavour of conversation over the weekend.

It is seldom claimed as synonymous with the LGBT cause. To put the above picture, it does not mean this posting is about Bersih 5.0.

It is about education. In more specific term, it refers to the UPSR results last Thursday. There will be the mad rush of Malay parents seeking to enroll their children into boarding schools on Monday.

Education is not one subject we love to talk about. First, though having post graduate education, we are not an educationist.

The best people to speak on education should be experts and practitioners like teachers, academicians, researchers, etc. Not even PIBG or parental groups like PAGE, whose motivation is self interest and not the education interest for all Malaysians.

Allowing it be turned into a political referendum like what Tan Sri Muhyiddin did with his Education Blueprint effort was a disaster.

Everyone think they know education just because they went to school and have observations of their children and the few schools they are familiar with.