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But who are the owners/directors of "Block 7 Investments"? Can you find them in Google? It's strange if you can't find comprehensive info for a company that awards projects worth billions..
Chuan, I think maybe that's why auditors raise flag.. A lot of confusions and things that are not clear.. If we think carefully they will have to bare serious consequences too.. (look at the market cap of Serbadk, Scib and Kpower.. almost cut into half).. And so many institutions and individual investors are seriously affected. Kpmg can't say, "Oh sorry, we overlooked only ma, come come I sign for you.. ok settle.."
the thing is not even KPMG people like Sharon Chong manage to point out all the valid questions with lots of point of suspicious. Without valid documents, Serba is unable to explain. But how come it take so long to proof the legitimacy of it when Serba should have proper documentaions in place. To me, it's very weird.
Calm down guys, I'm also an investor and I believe we are just trying our best to understand those things that we are confused about... It's nothing wrong with that as you can see even EPF is showing great concern now.. and they are going to ask Serbadk about the questions raised by kpmg..
My fellow investors, anyone knows what is ZonesCorp? Looks like its a public (government) institution in Abu Dhabi...
I really don't think it's "a company" because all zones, all industries and all companies are under ZonesCorp.. Is ZonesCorp a coordinator or what? Even Karim never said ZonesCorp award project.. but rather the project is awarded by Karim-owned Block 7 Investments..
Thank you Chuan and Jason.. but until now we only know the 7 billion ringgit project is awarded by Karim's company to Serbadk.. no info indicates the fund is from ZonesCorp.. It's still Karim award to Karim.. unless further evidence are shown.
Even if it’s a related party transaction, don’t you guys feel this is super dodgy? A company that can award that sum of project cant even have a proper website...
I’m not saying this is right or wrong, we dont know everything, but this surely raises some eyebrows...
HY Ng, I think what you say is quite true.. When compare with Malaysia company websites, I feel difficult to convince myself these are billion dollar companies in Abu Dhabi..
yes... just feel so sorry for those invested in this company, whatever it is i don think the share price will bounce back to RM1.60 level. meaw meaw.... just stay away from high gearing companies in future... my 2 ct
People tends to be delusional. Dint research on company and their contracts. Buy blindly then shout in karim we trust. Last2 become fintec style and price only said bursa all scam...
M. Khairudin, according to your link, there are many investors (Companies) that invested in various zones of ZonesCorp.. You may refer to the link below..
Can it be like MSC in Malaysia? Which they call for various companies to invest and build office in the corridor/zone whatever you call it..? Just playing guessing..
if not mistaken zonescorp is belong to UAE government. Seems like the project announced by Zonescorp is a government project, JV with Block 7 Investment and Serba. According to the briefing by Serba the project should start this coming July if not mistaken, let's see if it's exist or not.
KPMG setup a very nice road for everyone to dig these fishy info bro. They won't mention it publicly but will let everyone to be private investigator to sign more info and digest it. Block7 might not be in the KPMG queries, but apparently this is a hot topic for SC, Bursa or anyone to investigate now. Smart move KPMG.
Tony Wang and Danny Tay, ZonesCorp never said they fund they million dollar projects, at least until now even Serbadk also dare not said that.. In Serbadk announcement on 15 April 2020, it's stated that they got the project from Block 7 Investments LLC, as shown in the link below..
KPMG gave u guys the shovel. Dig the info as much as you want. Although it might not be part of the findings, but netizens influence in media will spill out more dodgy findings to SC and Bursa to investigate. Serba fans accept it or not, as long as there is no answer from any party besides of Serba, this case mostly is guilty until proven innocence.
Sharon Chong
Both efirecapital and Block 7 apparently belongs to karim, you can even find karim's photo (vice president) at efirecapital website.
As you mentioned the contract was awarded to serba by karim's block 7. No one know the details yet. Then suddenly this year we seen the news of Zonescorp signed an agreement with Block 7. Whether both projects are related or not, time will tell.
Apparently by the look of it, it looks like Karim use Block 7 and efire capital to JV with Zonescorp, and then contract awarded to Serba. Whether where the money came from, just let the authorities investigate.
And if karim is the vice president of Efire, who is the president?
A lot more details will be reveal I think if he is really making any fraud or wrongdoings this project.
You guys grab the latest the edge weekly page 58. Quoted from the edge; Karim denies he controls block 7, saying there is no related-party transaction.
Good point, if he is not control Block 7, then who control? even the zonescorp projects news said Karim from Block 7, unless there is another individual who is the real boss behind the scene.
As I mentioned, Karim is also the vice president of efire capital, there must be a president right?
Keith Liu
No idea but maybe covid pandemic is part of the reason but I think I seen picture of Karim and the representative from Zonescorp signed the agreement.
Is he allowed to leave Malaysia during mco 2.0? (since the news is from April 2021)
Peter Mueller, he can say anything I guess.. But whether to believe in him now it's up to the investors..
Don't you think it's really funny Block 7 and Efire Capital shares the same company contact number (But just deleted everyone knows why...), both companies use secondary-school-student-design websites with no contents, and Karim wants to convince us these are the companies that award billion-dollar project and he has nothing to do with Block 7..
Sharon Chong
Its obvious both Block 7 Investment and efire capital are related, both are karim's. Just if he is the vice president, who is the president?
If karim said he didn't control Block 7, then that "president" should be the one who control right?
The design of website mean nothing because a lot of "planned projects" website are just like that. (u check malaysia's one).
Precisely why delete the contact number if you did nothing wrong? Check fdds.ae that awarded serba with 1 bil contract. Contact number still there. Exactly same number as efire and block 7...
Totally agree Peter... Future Digital Data Systems (FDDS), Efire Capital and Block 7 Investments shared the same company telephony number... This alone already tell us they are all under Karim...
So Karim (3 companies in Middle East) gives projects to Karim (Serbadk in Malaysia)...
Now i guess we know why he keeps on doing private placement...
That's why I said, all these companies/groups should be related. Common sense if someone wanted to cheat, he would have register more numbers so public wouldnt so easy to find out the suspicious part of whole saga.
Like the companies raised by kpmg there are some sharing same addresses. That also could be one of the possibilities. No idea why they deleted the numbers but it's obvious these groups must be linked.
From my point of view, there is one individual behind the scene, since Zonescorp is involved in that block 7 hubs, i guess their government is also part of it. Since serba said they already sent a team to UAE to finalize this project planning, and will start this project this year.
We shall just wait and see.
Established in 2020, Efire Capital Holdings Limited is a Private Limited Company based in Abu Dhabi, United Arab Emirates. The organisation is owned by Emirati based enterprises. The organisation operates in the Nonequity Investment Instruments sector.
Why Apr 20 they informed investors it's a US-based Block 7?
It was non-related party transaction.
Foreign news 25 Apr 21 telling Block 7 is jv btw efire and serba.
Efire & Block 7 llc also sharing same office address Marina Plaza 331 Sultan Bin Zayed The First street 3 Floor, Office 301. Please search.
EFIRE CAPITAL HOLDINGS LIMITED, HEADQUARTERED IN ABU DHABI, IS A STARTUP INVESTMENT COMPANY WITH A FOCUSED APPROACH ON INVESTING IN THE FUTURE OF INNOVATION AND TECHNOLOGY. A joint venture of Liwa Investment Holding of Abu
Sharon Chong
as a professional audit firm, somemore as a big 4, they can't just "malas" to layan. and at the moment they are still in the progress to verify the accuracy and details of those issue raised.
Even if karim has a role in these companies that give contracts to serba, and if these contracts are valid and genuine, i would say it might be called as an element of conflict of interest.
it would be much worse if serba is the one who awarded projects to these companies instead right? Haha.
Tony Wang, the thought actually went acrossed my mind too.. haha.. who knows maybe Karim has been using the money from bonds, borrowings and private placements (perhaps also the money he gained from share market/selling warrants) to award projects to Serbadk..
That's why I say Karim to Karim, left hand to the right
Block 7 Investment llc maybe existed years ago, and this JV project with their gov called block 7 innovation hub, could be planned years ago. Another possibility is that maybe Karim use his foreign relations to get contracts, then these companies give the contracts back to serba. Serba not enough money to operate, how? Private placement lo.
Looks like the Edge also shares the same concern like us..
"Meanwhile one of Serba Dinamik’s largest jobs to date — a RM7.7 billion contract for engineering, procurement and construction of innovation hub, academic campus, related facilities and infrastructure in Abu Dhabi awarded by Block 7 Investments LLC and secured in April 2020 — has also come under the spotlight, with questions of who actually controls Block 7, and if it is linked to Abdul Karim." - The Edge
Sharon Chong
Of course everyone concern if these so called projects turned out to be fraud.
But karim need to clarify that these projects are indeed genuine and he actually using these companies to get projects from their gov/zonecorps as they cannot directly award to serba.
(bit like MY la).
I feel karim alone cannot do so much, perhaps there is one more individual (probably from their country).
Time will tell
