Counters linked to Serba Dinamik Bhd’s group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah are feeling the heat of the accounting issues at the oil and gas services and engineering group. It is not just about the drop on their share prices, but their fundraising exercises will be hit.
The audit issues raised by Serba Dinamik Bhd’s auditor KPMG are in relation to the company’s sales transactions, trade receivables and payables, as well as material on site balances, according to the company’s filing with Bursa Malaysia. The announcement was made just two hours after Serba Dinamik’s non-independent non-executive director Datuk Abdul Kadier Sahib, who holds a 15.96% stake, proposed to call for an extraordinary general meeting to remove KPMG as its auditor and appoint BDO as replacement.