KUALA LUMPUR (May 31): As shares in Serba Dinamik Holdings Bhd hit limit down today, other counters related to its group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah also dived into the negative territory today.

Among them was KPower Bhd (formerly known as Kumpulan Powernet Bhd). Shares in KPower ended 23 sen or 17.56% lower at RM1.08, giving the group a market capitalisation of RM488.51 million.

Today's price decline alone saw the group lose RM104.04 million in market capitalisation. Since the beginning of the year, the stock has fallen by 41.30%.

According to KPower's annual report, Mohd Abdul Karim, who is also the group's non-independent and non-executive chairman and the largest shareholder, holds a 33.29% stake in the group.

Meanwhile, another counter related to Mohd Abdul Karim is Sarawak Consolidated Industries Bhd (SCIB).

Shares in SCIB closed 24.5 sen or 21.3% lower at 90.5 sen, valuing the group at RM444 million.

The group witnessed RM120.2 million in market capitalisation wiped out today alone.

Year to date, the stock has dropped nearly 33.94%. Mohd Abdul Karim, who is also the largest shareholder of SCIB, holds a 37% stake.

The plunge in share prices came after Serba Dinamik's board of directors was informed by its external auditor KPMG on some matters pertaining to its statutory audit.

The oil and gas services and engineering group said it was in the midst of appointing an independent firm to commence a special independent review to assess the veracity and accuracy of the matters.

However, Mohd Abdul Karim stressed that the group had done nothing wrong and described KPMG as acting in an "unfair" and "peculiar" manner for going straight to the group's independent directors to address the audit issues — instead of briefing the management first.

Notably, Mohd Abdul Karim is also the largest shareholder of Serba Dinamik, with a 26.93% stake.