Serba Dinamik managing director and CEO Datuk Dr Mohd Abdul Karim Abdullah contended that EY Consulting’s report was “documentary hearsay evidence”. As such, KPMG was unable to determine the appropriateness of the IT transactions entered into between Serba Dinamik and its customers. Other than the above, there are also allegations of related party transactions in Serba Dinamik’s dealings in the Middle East. In a message to The Edge, a Serba Dinamik executive said, “Trust me, we have done nothing wrong.”As the uncertainty continues to drag on, investors have voted with their feet, dumping Serba Dinamik shares. In hindsightIn the past, oil and gas executives from rival companies had expressed doubts over Serba Dinamik’s fantastic profit margins.

Source: The Edge Markets January 11, 2022 09:59 UTC