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Business & Finance

Serba Dinamik says audit flags issues with deals involving $847mn

  • KPMG noted that it was not able to verify contracts and transactions with 11 customers, Serba Dinamik said in a stock exchange filing on Friday.
  • The deals amounted to total sales transactions of 2.3 billion ringgit, trade receivables balance of 652 million ringgit and materials on site balance of 569 million ringgit, the company said.
Published May 29, 2021
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KUALA LUMPUR: Malaysian oil and gas services firm Serba Dinamik Holdings Bhd said its auditor has raised issues with sales deals involving over 3.5 billion ringgit ($847.05 million).

KPMG noted that it was not able to verify contracts and transactions with 11 customers, Serba Dinamik said in a stock exchange filing on Friday.

The deals amounted to total sales transactions of 2.3 billion ringgit, trade receivables balance of 652 million ringgit and materials on site balance of 569 million ringgit, the company said.

Serba Dinamik said it did not see any issues with the deals and that it plans to appoint an independent firm to "review the accuracy and veracity" of the issues raised by KPMG.

"The company takes the view that there is no issue with regards to the legitimacy and existence of the contracts as well as the value that will render any material impact to the financial and operational aspects of the group for the financial year ending June 30," it said.

Serba Dinamik shares have been suspended since it revealed on Tuesday that its external auditors had flagged some matters related to statutory audit, without providing any detail.

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