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Serba Dinamik to finalise independent assessment firm next week

Serba Dinamik group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah

KUALA LUMPUR, May 29 --  Serba Dinamik  Holdings Bhd has shortlisted a few international independent firms to assess the veracity and accuracy of matters highlighted by its external auditor, KPMG PLC.

The board of directors is expected to make its decision by the end of next week.

During a press conference today, group managing director and chief executive director, Datuk Dr Ir Mohd Abdul Karim Abdullah said at the request of the external auditor,  Serba Dinamik  has decided to appoint an independent firm to assist in reviewing the issues that the external auditor had been unable to do and to review the process of confirmation.

Previously, the audit firm had raised several concerns, including customer confirmation from external customers with regards to sales transaction; customer and supplier company search in Bahrain, as well as the legitimacy of information technology contracts on trade receivables balances and sales transactions.

Meanwhile, non-independent executive director, Datuk Syed Nazim Syed Faisal said a proposal to remove KPMG PLC has been mooted to ensure that its statutory audit is completed on time and that  Serba Dinamik 's operation is not interrupted.

This follows KPMG PLC’s decision to halt the audit and request for an independent review to assess the veracity and accuracy of the matters that it had highlighted.

"As I mentioned earlier, we have addressed the issues with regards to KPMG's matters.

"The shareholders who are also sitting on the board are taking this matter quite seriously. We do believe that there's no intention for the shareholders to actually go and try to silence KPMG," said Syed Nazim.

Mohd Abdul Karim said a simple majority of 50.01 per cent is needed for the motion to be passed, adding that KPMG PLC will remain as the external auditor if the required votes are not met.

He emphasised that there is no genuine issue of legitimacy and value of the contracts as raised by the external auditor. 

 Serba Dinamik  has also constantly requested for the customer to continuously assist KPMG with their request, said Mohd Abdul Karim.

"We felt that it is unfair to us, our shareholders and stakeholders for the external auditor to take such actions without further engagement with the management to complete the audit; only highlighting the issues nearer to the deadline for the company to announce the audited accounts,” he said.

Group chief financial officer Azhan Azmi said once the shareholders hand over their special notice on the proposal to change the audit firm to the company, the company will issue the notice to the existing external auditor and they have seven days to respond according to the law.

"Subsequently in the next seven days, the board will continue to discuss and proceed with the issuance of the notice of the Extraordinary General Meeting (EGM).

“After 14 days of issuance of the notice, the EGM will be held. So, in total, this would be 28 days from the date of the issuance of the special notice, so technically, this would be on June 28 or 29," he noted.

-- BERNAMA

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