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You Got Served KPMG

by K. Vatsala Devi

After almost a month of dubious allegations, dwindling share prices and general uncertainty, Serba Dinamik Group Berhad makes a strong comeback by filing a civil claim against external auditors KPMG PLT.

After slightly more than a month of being the centre of attention for alleged wrongdoings, Serba Dinamik Holdings Berhad made a bold move and found itself under the spotlight once again.

It was announced today that after much deliberation, SDHG made the decision to file a civil claim for substantial damages against KPMG on the grounds of professional negligence, breach of contract and breach of statutory duty on broadly the following grounds, among others.

This announcement was made at a press conference held late evening yesterday at Menara Serba Dinamik that was attended by Group CEO Datuk Dr Mohd Abdul Karim Abdullah, Serba Dinamik’s newly appointed chairman Datuk Mohamed Ilyas Pakeer Mohamed, and the Group’s legal consultant Tan Sri Muhammad Shafee Abdullah.

At the press conference, newly appointed chairman Datuk Mohamed Ilyas Pakeer Mohamed said that KPMG has “negligently red flagged some issues”, and claimed that the external auditor had “blown the audit issues out of proportion”.

He also further added that regrettably due to the ongoing situation, a lot of adverse speculation has been created in the market that has amongst others, resulted in a significant drop in the Group’s share price and overall market capitalization.

To recap, KPMG in the course of their audit raised issues in obtaining various confirmations from SDHB’s customers and vendors on various payables and receivables including establishing the existence of the said customers and suppliers.

These matters were raised in a Special Board of Directors meeting on 3rd May 2021, where KPMG indicated that they were not willing to complete the audit until and unless a 3rd Party independent review is conducted on the alleged findings raised by KPMG.

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