Business

Malaysia's Serba Dinamik says KPMG quits as auditor after being sued

FILE PHOTO: The KPMG logo at its Canary Wharf offices in London
FILE PHOTO: The KPMG logo at the accountancy firm's offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo
(Updated: )

Bookmark

KUALA LUMPUR: Malaysian oil services firm Serba Dinamik Holdings said on Thursday it has received a notice from its external auditor KPMG handing in its resignation with immediate effect.

In a stock exchange filing, Serba said KPMG stated in the notice dated Jun 23 that Serba's lawsuit against it had "compromised their ability to independently continue the audit engagement and discharge their professional duties as auditor of the company".

READ: Malaysia's Serba Dinamik says it will take legal action against auditor KPMG

Serba said it is currently identifying new auditors for the company.

KPMG did not immediately reply to an emailed request for comment.

In May, Serba said KPMG had raised concerns about not being able to verify contracts and transactions worth RM3.5 billion (US$840.74 million) with 11 customers.

Source: Reuters/jt