The Minority Shareholders Watchdog Group (MSWG) issued a statement today to urge the minority shareholders of Serba Dinamik Holdings Bhd not to change the company’s external auditor KPMG, citing this is a way to uncover the truth of the audit issues brought up by the auditor. In the statement, the MSWG said KPMG should be allowed to complete its work and report to shareholders in the upcoming annual general meeting (AGM) as part of good governance.
Prior to substantial shareholder Datuk Abdul Kadier Sahib proposing to change the external auditor, Serba Dinamik Holdings Bhd’s board already wanted KPMG to resign, according to non-independent executive director Datuk Syed Nazim Syed Faisal.
KUALA LUMPUR (May 29): Serba Dinamik Holdings Bhd “has done nothing wrong”, said its group managing director and chief executive officer (CEO) Datuk Dr Mohd Abdul Karim Abdullah today in clarifying the company s audit issues recently raised by its external auditor KPMG.
The company has described KPMG as acting in an “unfair” and “peculiar” manner for going straight to the company’s independent directors to address the audit issues instead of briefing the management first.
Furthemore, the management blamed KPMG for delaying the completion of the statutory audit, which resulted in Serba Dinamik missing the audit deadline.
“The Securities Commission [Malaysia] has their rights; Bursa Malaysia has their rights [to investigate]. Based on what we believe, we have done nothing wrong,” said Abdul Karim, who is also the single largest shareholder holding a 26.93% stake in the company, at a virtual press conference today.
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.
Serba Dinamik – which has long been a darling of investors known for its steady increases in earnings even in tough times – said it was appointing an independent firm for a special independent review to assess the veracity and accuracy of the matters. continued to be suspended on Friday at the company’s request. In a statement to Bursa before market opened, it said Bursa Malaysia Securities had approved the company s request for suspension of trading on Friday.
The voluntary suspension was pending the release of further clarification of the announcement made on May 25.
The integrated engineering solutions provider had requested for the suspension on Thursday.