Serba Dinamik board appoints Ernst & Young as independent reviewer

by RAHIMI YUNUS / pic by TMR FILE

SERBA Dinamik Holdings Bhd board has agreed in principle to appoint Ernst & Young Advisory Services Sdn Bhd as the independent reviewer to assess the veracity and accuracy of the matters highlighted by the external auditors KPMG PLT.

The oil and gas services company said in a Bursa Malaysia filing that an updated announcement will be made when the terms and conditions of the appointment finalised.

In other filings, Serba Dinamik announced it had appointed three new independent non-EDs, namely Johan Mohamed Ishak, Datuk Mohamed Ilyas Pakeer Mohamed and Masleena Zaid effective last Friday.

Johan, 45, is currently the MD of Awesome Media Network Sdn Bhd.

Mohamed Ilyas, 65, is a chairman of Koperasi Amanah Pelaburan Bhd, Hartanah AP Rakyat Bhd and AP Holding Bhd.

Masleena, 45, is currently a managing partner at Messrs Masleena, Yee & Partners.

She also holds directorship positions at Eastland Equity Bhd and AP Holdings.

In another filing today, Serba Dinamik board also clarified that they had identified the independent directors to form the independent committee, denying such speculation about the company finalising four members for “audit forensics”.

It said the board had tasked the independent directors to finalise composition of the independent committee and its terms of reference.

The company will make the necessary announcement once the composition has been firmed up and details are available.

The Malaysian Reserve had reported that the company was finalising such independent candidates comprising total outsiders to the company to ensure the independence and authority of the committee’s findings, according to sources.

Serba Dinamik shares declined to a new low at 54 sen during this morning intraday trading, before slightly recovering to 56 sen by the noon break, but still 8.26% lower from last Friday.