Serba sets to appoint its external auditor “within a week”

Editor’s Note: FocusM has just been informed by Serba Dinamik Holdings Bhd that the appointment of its external auditor can only be executed “within a week”, hence the amendment to the original headline and certain part of the content below.

 

SERBA Dinamik Holdings Bhd should be able to announce its new external auditor in due course – much sooner than its earlier stated end-July target.

This is given that the auditor which is to replace KPMG PLT which quit on June 24 has been approved by the board of the global integrated oil & gas (O&G) outfit after strong consideration of its ability to manage the job scope as well as its auditing experiences.

“The appointment process has been finalised. Expect an announcement over the next one week,” a company source told FocusM.

To re-cap, the company said last week that it has shortlisted “a few international auditors in the top 10 ranking” and would strive to conclude the appointment of its new auditor by the end-July timeline.

In a status update to Bursa Malaysia dated July 6, Serba Dinamik said it has submitted the RFP for provision of external audit to international audit firms on June 27 with its board targeting to appoint its new auditor by end-July.

Recall that Serba Dinamik had on June 22 filed a civil claim for substantial damages inflicted on its share price and market capitalisation.

Among others, the claims will be made on the grounds of professional negligence, breach of contract and breach of statutory duty.

Meanwhile, an attempt by FocusM to gauge how is KPMG is reacting to the legal suit filed by Serba Dinamik has only drawn a blank from the Big-Four accounting firm: “As the Serba Dinamik matter is before the courts, we are not able to comment any further.”

At the close of today’s trading Serba Dinamik was down 0.5 sen or 1.15% to 43 sen with 112.02 million shares traded, thus valuing the company at RM1.6 bil. – July 21, 2021

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