News

Serba Dinamik board approves appointment of E&Y as independent reviewer

KUALA LUMPUR, June 14  -- Serba Dinamik Holdings Bhd’s board of directors has agreed in principle to appoint Ernst & Young Advisory Services Sdn Bhd (E&Y) as the independent reviewer to assess the veracity and accuracy of the issues highlighted by external auditor KPMG PLT.

In a filing with Bursa Malaysia, the oil and gas services provider said an updated announcement would be made on the finalisation of terms and conditions of the appointment.

In a separate filing,  Serba Dinamik  said the board of directors had identified the independent directors to form the committee to handle matters in relation to the independent review.

"The board of directors have tasked the independent directors to finalise the composition of the independent committee and its terms of reference.

“The company will make the necessary announcement once the composition has been firmed up and details are available,” it said.

 Serba Dinamik  refuted speculations that it would only take outsiders as members of the independent committee and that no board member would be involved in the independent group.

Additionally, the company announced the appointment of new independent and non-executive directors comprising Datuk Mohamed Ilyas Pakeer Mohamed, 65; Johan Mohamed Ishak, 45; and Masleena Zaid, 45, effective June 11.

Mohamed Ilyas is Koperasi Amanah Pelaburan Bhd (KAPB) executive chairman.

Both he and Johan are chairman and managing director, respectively, of Awesome Media Network Sdn Bhd, a company under KAPB.

Masleena is managing partner at Messrs Masleena, Yee & Partners. Both she and Mohamed Ilyas are directors of KAPB unit AP Holding Bhd.

Previously, KPMG 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.

-- BERNAMA

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