BUSINESS

MSWG URGES SERBA DINAMIK SHAREHOLDERS TO VOTE AGAINST AUDITOR REMOVAL

29/05/2021 03:13 PM

KUALA LUMPUR, May 29 -- The Minority Shareholders Watch Group (MSWG) today urged all minority shareholders of Serba Dinamik Holdings Bhd to vote against the resolution to remove KPMG PLT as the company's auditor.

As part of good governance, KPMG should be allowed to complete its work and report to Serba Dinamik’s shareholders at the forthcoming annual general meeting, MSWG said in a statement.

"Since the company is setting up a special independent review by appointing an independent firm to assess the veracity and accuracy of the matters brought up by the external auditors, the external auditors should be around to defend their findings and explain themselves. 

"There is no urgency to remove the auditor at this juncture,” it said.

Yesterday, Serba Dinamik announced it had received a notice from Datuk Abdul Kadier Sahib, a non-independent director and shareholder holding 15.96 per cent of the company’s total issued share capital, proposing an extraordinary general meeting to appoint BDO PLT as auditor to replace KPMG PLT.

KPMG had earlier raised issues regarding certain suppliers appointed by Serba Dinamik, an anchor company for Petronas’ Vendor Development Programme.

Replying to a Bursa Malaysia query, Serba Dinamik said it would set up an independent committee to manage and handle the matters in relation to the special independent review, which would report to its board of directors.

The committee, it said, would comprise mainly non-executive directors, legal advisors, internal auditors, the company secretary and a representative of the management.

-- BERNAMA


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