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Serba’s Response to the Media Releases by Securities Commission and Bursa Malaysia

SHAH ALAM: 24 June 2021: We refer to the media releases issued by both Securities Commission and Bursa Malaysia on the 23rd June 2021.

We thank profusely both Institutions for alerting us of the law in relation to auditors’ obligation in reporting to SC. We however wish to point out that auditors in performing that duty has the highest onus to exercise that professional opinion, that there has in fact been a breach or non-performance of the identified laws, not a mere reasonable believe on their part that, that was so.

We also accept the advice by the two esteemed Institutions, with gratitude, that auditors can exercise some elements of professional skepticism during their audit, but this mere skepticism must be communicated to their clients for resolution of the matters, and mere skepticism is not sufficient for auditors to pre-maturely report, to the detriment of the company and the market.

We thank the Institutions for not delving into the facts of this case, which facts are still at large. Serba Dinamik have never claimed that its Chairman has officially communicated with either Institutions.