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So the matter in serba Dinamik is most likely is revenue recognition in which it will be fixed and resolved, if the market remember YU., YU. Is AIM listed company exactly like Serba Danmik was found that revenue overstated and revenue recognition was accounted wrongly, YU. Rectified the the revenue and found at loss not at profit. By the way YU. Share price went up from 80p to 350p last 6/8 months.
Simply for unqualified ppl, revenue was booked higher or less that what it should be as per IFRS rules. This issues is very very very common with most companies and audit.
“ The company said it saw no issue concerning the legitimacy and existence of the contracts and it did not expect any material impact in the financial year ending on June 30”
“ On Friday, Serba Dinamik said KPMG had raised issues over contracts and transactions that the auditor had not been able to verify with 11 customers”
“ I believe the company has strong fundamentals; we have done what we are supposed to do, in terms of governance... now it is up to the market to decide but we do hope that the explanations can help to put the counter in a stable situation, ” Abdul Karim said, when asked whether the issue had affected investor confidence on the stock”
Conclusion: 2 companies related to Serba was trading normal under Malaysia stock exchange and they claimed that they are separated entities. One in UK “ Bion” is still trading normal.
Looking forward to result in few days and restore confidence in here.
So HillyBilly , Bion is a separate entity and it will not be affected by issues found at Serba. My conclusion to
Well Serba Danmik has resumed normal trading on Monday , so the temp suspension lifted.
Also Serba Danmik is share holder to Bion and would not effected trading.
Something I don’t understand, KPMG auditing Serba for last 8 years...all of sudden they riser issue to 11 customers with huge sales from previous and current year. What they were doing for last 8 years.
50% to 80% its game to collect a very cheap shares from serba by Karim or his family and other sister companies such as BION and BHD.
Most likely they want V capital to sell the remaining shares in bion and they will hover it immediately. They have spend so much money and invested heavily in funds and engineering into Bion. Now its delivering now its revenue is going to be massive, so time to buy whoever want to sell for cheap.
@ hamodeh82 you say "They have spend so much money and invested heavily in funds and engineering into Bion". Do you have a link to this info? Thanks
Just listen to what he is saying on Serba support
https://youtube.com/watch?v=FyO6u5XouzA&feature=share
Hilly billy time exactly 5.50 when he asked him if serba are supporting. He answered with the word “ massive” 4 years man of support???? Do you think Serba will sell the holding???? Youuuu are wrong.
You are right only only in one thing. As the CEO of Bion was ex-CFO of Serba and that could be problem if approved guilty with audit issues. But listen carefully, the issue was disclosed in this financial year, in which he left in 2018.
Sorry left July 2020 last finance year in which was audited and fine.
From Serba Dynamik wesbite seems that Syed Nazim is STILL the CFO of Serba Dynamik and is now also CEO of Bion Plc. See last sentence. Where did you read he is no longer CFO of Serba Dynamik?
https://e-serbadk.com/personnel/datuk-syed-nazim-bin-syed-faisal/
ACADEMIC/PROFESSIONAL QUALIFICATIONS
Syed Nazim obtained his Bachelor of Accounting in 2004 from the International Islamic University Malaysia. He later obtained a Master Degree in Islamic Finance Practice in 2014 from the International Centre for Education in Islamic Finance, Malaysia. He also obtained a Certificate in Islamic Banking and Finance Law in 2013 from the International Islamic University Malaysia. He is a member of the Malaysian Institute of Accountants since 2007.
WORKING EXPERIENCE AND OCCUPATION
Syed Nazim began his career with KPMG (Assurance division) as an Audit Assistant in 2003. Later in 2009, he joined MISC Berhad as Strategic Planning Manager. Thereafter, in 2012, he joined RHB Islamic Bank Berhad as the Head of Statutory and Management Reporting.
In 2013, he joined Ibdar Bank BSC(c), Kingdom of Bahrain, as Vice President, Financial Compliance and Administration. In August 2015, he joined the Serba Dinamik Group as Chief Financial Officer and subsequently, was appointed as our Group Chief Financial Officer in June 2016.