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Malaysian firm Serba Dinamik s stock plunges for second day on audit issues

Shares in Malaysian oil and gas service provider Serba Dinamik slumped for a second straight day on Tuesday after its auditor questioned more than 3.5 billion ringgit ($850 million)in contracts and transactions .

Kuala lumpurSerba dinamikEdwina gibbsThomson reuters trust principlesThomson reuters trustAccounting issuesAsean countriesAsia pacificCorporate eventsCompany newsEmerging market countriesEnergy trbc level 1Energy fossil fuels trbc level 2Oil amp gas related equipment and services trbc level 3Volatile shares hot stocksManagement issues policies

UPDATE 1-Serba Dinamik independent directors express concern over audit matters

By Reuters Staff (Adds details on independent firm, committee tasked with reviewing auditing issues; background) KUALA LUMPUR, June 4 (Reuters) - Independent non-executive directors at Malaysia’s Serba Dinamik Holdings Bhd have expressed shared concern over issues flagged by the company’s auditor. In a statement on Thursday, the directors said the oil and gas services company’s management, together with the board, is taking steps to resolve matters and will appoint an independent firm to assess the issues “independently and objectively”. The directors also said the appointed firm will report its assessment results to a committee which, to ensure independence, will have no representation from management.

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UPDATE 2-Serba Dinamik shareholder PNB has deep concern after audit issues raised

Malaysia's largest fund manager Permodalan Nasional Bhd (PNB) said on Wednesday it was deeply concerned by developments at Serba Dinamik Holdings Bhd , which is under investigation by the country's securities regulator.

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