Clearly a storm is brewing in Serba Dinamik, but who is going to get caught in the eye of the storm and who gets to ride through the storm, only the people at EY and their close friends knows for sure.
Standard & Poors rating on Serba Dinamik Bhd last week failed to cause a strom on any front, as the established players know the rules of the game and the reasons for the report.
Here are two S&P reports on Serba Dinamik READ :SNAPSHOT of The JUNE RATING and SNAPSHOT of the current rating.
If you notice, apart from the rating level assigned, S&P
is just playing with its English, repeating itself, by using the same set of information but with different sentence structure.
Those information, were derived just prior to the June rating, where the bond agencies were briefed by Serba Dinamik.
I suggest you read the report on that briefing carefully. READ ; Serba Dinamik Gives Update On Auditor Concerns;
So why then did S&P decide to put out the report apart perhaps for the need to show the world that it has a good command of English?
Well the reason is obviously because the EY special report is coming to conclusion and S&P has to show the world that it is on the ball at all times.
Smaller investors sensing that the cat is out of the bag, have now decided to jump on their guns too. READ : Danson Tan : Audit Report Finally Release.
All these senseless need to speculate, make some money or lose ones underwear while in the process of trying to make some money, could have been avoided if Bursa Malaysia had taken even an ounce of pride in its work as the market regulator .
A market regulator's top priority
is to ensure Fairplay is always the order of the day. To do that Bursa Malaysia after consulting EY should have put out an indicative timeline on when the audit process will reach a conclusion.
After pressing Serba Dinamik to be open on how it conducts is business, what did Bursa Malaysia to next?
BURSA Malaysia proudly showed the world that it conducts its business in an opaque, secretive manner, where fair play is NOT the order of the day.
