EY ACCEPTS APPOINTMENT AS SERBA DINAMIK'S INDEPENDENT REVIEWER

KUALA LUMPUR, June 28  -- Ernst & Young Consulting Sdn Bhd (EY) has accepted the appointment as Serba Dinamik Holdings Bhd’s independent reviewer to assess the veracity and accuracy of the matters highlighted by the latter’s former external auditor, KPMG PLT.

In a filing with Bursa Malaysia today, the oil and gas services provider said it has also agreed to the requirements of EY which is to ensure that the engagement could be performed in an independent and objective manner for the benefit of all stakeholders.

It said among the requirement is for EY to have full and unfettered access to KPMG for information and confirmation for the purpose of analysing the transactions and concerns highlighted and the engagement to be under close involvement and supervision of the Securities Commission Malaysia and Bursa Malaysia.

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Serba Dinamik said EY also requested that the engagement to be reported to independent board members of the company and no changes to the scope of the engagement as previously agreed with the independent directors and Bursa Malaysia.

“However, in light of the recent resignation of KPMG as the company’s external auditors, EY required assurance that the above requirements remain in place prior to executing the engagement letter and commencing the review,” it said.

It said this included a written confirmation from KPMG that co-operation in the form of access and information would be provided to EY for the purpose of understanding the alleged irregularities and anomalies identified such as the confirmation process of matters sent to identified customers and relevant work papers including confirmations and correspondences in relation to the findings and concerns raised.

“Accordingly, following the board meeting on June 25, it’s solicitors Shafee & Co have written to Lee Hishammuddin Allen & Gledhill the solicitors for KPMG for confirmation of the above requirement put forward by EY,” it said.

It said the said letter has also been copied to Bursa Malaysia.

“The company is currently awaiting a response from KPMG PLT through their solicitors,” it added.

-- BERNAMA