Serba Dinamik Holdings

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#1
Sporean investors might be familiar with Serba Dinamik as they were once substantial shareholders on CSE Global on the local bourse. 

It is rare to have auditors red flagging companies. It is even rarer the company wants to sue their own auditors for "red flag negligence" (whatever that is supposed to mean)

Malaysia bourse wants independent review of oil firm's deals after auditor's red flags

"To provide clarity to the market, it is imperative that (Serba Dinamik) undertake the necessary steps to appoint the independent reviewer immediately to address the uncertainty surrounding the veracity and accuracy of the matters, as highlighted by its external auditors, in a timely manner," Bursa Malaysia said in a statement.

The exchange also asked Serba to provide a timeframe for the appointment of the reviewer.

It was not immediately clear what the consequences will be for Serba if it did not fulfill the exchange's requirement.

Serba said earlier this week it has taken legal action against KPMG, saying the auditor "negligently red-flagged some issues". KPMG responded by saying it will vigorously contest any court proceedings.

https://www.businesstimes.com.sg/stocks/...-red-flags
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