Serba Dinamik shares slip on report of Securities Commission probe in early session

 KUALA LUMPUR, June 8 — Oil and gas (O&G) giant Serba Dinamik Holdings Bhd was among the top loser counters, losing 13.5 sen to 63 sen in the early session following on news reports that the Securities Commission Malaysia (SC) is investigating the alleged accounting woes of the company.

At 9.55am, a total of 264.11 million of Serba Dinamik's shares were transacted.

The SC said it was looking into the issues raised by Serba Dinamik's external auditor KPMG and whether the market rumours of a raid at the company’s office were real.

The O&G company, in a statement last Thursday, said it had appointed an independent firm to assess the veracity and accuracy of matters raised by its external auditor and to report the results of the assessment to an established independent committee.

It said the committee will have no representation from the management to ensure its independence.

On May 28, Serba Dinamik’s second largest shareholder, Datuk Abdul Kadier Sahib proposed the removal of KPMG PLT as its external auditor.

In its audit, KPMG PLT had flagged certain sales transactions, receivables and payables to the tune of over RM3 billion.

On June 2, Abdul Kadier withdrew a notice calling for an extraordinary general meeting (EGM) to replace KPMG as the company's external auditor and the proposed nomination of BDO PLT as the new auditors.

The withdrawal was made after due consideration, based on concerns raised by the shareholders and stakeholders that have been supporting the company.

Serba Dinamik said the board of directors accepted the withdrawal notice and declared the matter closed in view of the development. — Bernama

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