Serba Dinamik deadline to submit FY20 annual report postponed to Nov 30

Serba Dinamik deadline to submit FY20 annual report postponed to Nov 30
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KUALA LUMPUR (Oct 25): Serba Dinamik Holdings Bhd, whose securities have been suspended from trading by Bursa Malaysia as it failed to provide timely update on the findings of the special audit, said that the stock exchange has allowed it to postpone the submission to Nov 30 from Oct 31.

The company had changed its financial year end to June 30, 2021 from Dec 31, 2020, following a dispute with its former auditor KPMG which resulted in a civil suit from Serba Dinamik and KPMG's resignation.

Serba Dinamik said it received the approval for the one-month extension on Oct 25.

Bursa had suspended the trading of Serba Dinamik's shares and warrants from Oct 22 until the latter revealed the findings of its special independent review by EY on its audit — which the regulator said were communicated to Serba Dinamik's independent directors on Oct 21.

However, Serba Dinamik denied that the independent directors had received any documents on the said findings.

KPMG in May pointed to audit issues on transactions by Serba Dinamik amounting to over RM3 billion. The company reiterated it did not have any wrongdoings. Consequently, it took legal action against KPMG.

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Kathy Fong