Habis

I consider it more of money has evaporated rather than being stuck.

Ant Group Co. will wind down a popular but controversial “mutual aid” service, which provided crowdfunded medical coverage for many ordinary Chinese citizens but was frowned upon by the country’s insurance regulator.

The financial technology giant controlled by billionaire Jack Ma on Tuesday said it has notified customers that Xianghubao, its online mutual-aid program, will cease operations after Jan. 28.
https://www.wsj.com/

another nail on ant group.

This post has been edited by icemanfx: Dec 28 2021, 11:27 PM

Ppl in difficulty instead of helping But add salt to wound. Next time Same thing happen to Your loved one baru tau🤭

just because he voiced out his opinion

.... i am bemused by the headline of the articles. It was rather kind and gentle ....

isn't this much more than submitting false statements?

My opinion is that this is the at-arms-length approach to reporting when going into a larger issue.
Which is correct in my book.

It states only the facts which has been backed by the court, in this case the charge of "submitting false documents". In this way, every bit of the article is factually correct in the event someone wants to sue.
Of course to us, this has much wider implications. Some very serious, my head is already doing mental gymnastics on how this will turn out.

Much like Gloves, a lot of retailers have been burned by this for very different reasons. One was market based valuation, the other is starting to look like a case of fraud.
I'm having my morning coffee reading the Serba thread on i3. Lots of painful retailer admissions as we reach the acceptance stage.

This post has been edited by statikinetic: Dec 29 2021, 10:19 AM

I considered myself lucky because right from the start, a good friend told me that in this game, one must always accept the fact that one could always be wrong.

That is very important. But the hardest element to practice.
Hard lessons and some unsolicitated advice who whomever is interested.

In the long run, the market will give you what you want. But people don't always understand what they really want.
You can choose to be always right. But you must pay the market for the priviledge of being right.
You can choose to earn money. But you must be able to consistently eat humble pie.

A lot of friends who get into investment tells me that they want to earn money. But I find out that they prefer being right instead.
I was like that too.

The clarity comes when one finds the simplest goal - earn money aka make what we buy worth more albeit the different methods

When the number is in red, something is wrong somewhere, at least temporarily and reflection is needed constantly to check the reality

Getting b*tchslapped a few more times and one shall awake - own experience



This post has been edited by billy_overheat: Dec 29 2021, 08:59 PM

Now finally charge in court..

Bursa willing to unsuspend counter or not?

This post has been edited by Cubalagi: Dec 29 2021, 04:32 PM

Best cure.

SC charges Serba Dinamik VP of accounts and finance with creating false sales
Surin Murugiah
theedgemarkets.com

December 29, 2021 11:58 am +08

KUALA LUMPUR (Dec 29): The Securities Commission Malaysia (SC) on Wednesday (Dec 29) charged Serba Dinamik Holdings Bhd vice-president of accounts and finance Muhammad Hafiz Othman with allegedly creating fictitious sales.

According to the charge sheet in the Shah Alam Sessions Court, Muhammad Hafiz is alleged to have created fictitious sales, causing falsified revenue to be recorded in Serba Dinamik's earnings report for 2020.

The alleged act is an offence under Section 368(1)(b)(i) of the Capital Markets and Services Act 2007 (Act 671) (CMSA) and punishable under Section 368(2) of the same Act.

If convicted, Muhammad Hafiz faces imprisonment not exceeding 10 years and shall also be liable to a fine not exceeding RM1 million.

On Tuesday, the SC secured a warrant of arrest for Serba Dinamik Holdings Bhd group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah, who is currently at large.

Earlier the same day, the regulator charged the group, its director as well as officers for submitting a false statement to Bursa Malaysia Securities Bhd — which is an offence under Section 369(a)(B) of the CMSA — in relation to a revenue figure of RM6.014 billion contained in Serba Dinamik’s financial report for the quarter and year ended Dec 31, 2020.44

https://www.theedgemarkets.com/article/sc-c...ing-false-sales

>>>>>


This sounds clearer....

this is not directed to karim

but yeah he's in charge of finance

Explains the mass exodus of board members leaving before the entire episode blew up.

fictitious sales is one thing.... but let's not forget the fund raising activities it did...

there's the 450 million private placement in May 2020...
there's the 500 million private placement in Feb 2021...

and then there's the 1.2 billion raised via islamic bonds....

lot's of money.... and as we know... by Dec 2021, Serba has missed its bond payments.....


KPMG highlighted the issues with the sales...
KPMG also highlighted issues with purchases....


ya... one should check the cash flow statements....

Boon3, I guess another one of our discussion points which aged quite well.

It was such a dead giveaway... the issues that KPMG highlighted was unreal. Baffling. Did Serba expect an auditor like KPMG to not notice those glaring comical issues? And then the intital answers replied, that was comical too.,,,

Actually kpmg knew the problem way before this. It is only After kpmg decided to settle the fine to 1mdb that they decided not to cover up for serba. Maklumlah, nanti kena pay 333 mil again🤭

They have been auditors since IPO. Is it only this year they noticed?