Winding Up Petitions Filed Against Serba Dinamik Subsidiaries

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A report says the creditors include six financial institutions that had provided RM1.2 billion in syndicated term financing to Serba Dinamik.PETALING JAYA: Creditors have filed winding-up petitions against Serba Dinamik Holdings Bhd and its three subsidiaries after they were said to be unable to settle their debts.
The subsidiaries are Serba Dinamik International Ltd (SDIL), Serba Dinamik Sdn Bhd (SDSB) and Serba Dinamik Group Bhd (SDGB).
According to a report by the Edge Markets, the creditors included six financial institutions that had provided RM1.2 billion in syndicated term financing.
They are AmBank Islamic Bhd, Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd and Bank Islam Malaysia Bhd, according to court documents sighted by the Edge Markets.
The winding-up petitions were filed on the premise that Serba Dinamik is unable to pay its debts under Section 465(1)(e) and Section 466(c) of the Companies Act 2016, taking into account the company’s current, contingent and prospective liabilities.
Legal action was taken after the troubled oil and gas company, which has been involved in an audit saga for almost a year, failed to pay an instalment of RM99 million due on Dec 20, 2021.
Serba Dinamik and its four senior executives were charged in December 2021 with submitting a false statement in relation to the company’s record high revenue of RM6.01 billion for the 12-month period ended Dec 31, 2020.
However, in April 2022, the Attorney-General’s Chambers decided to withdraw the charges following a letter of representation by the accused which the AGC has not publicly provided an explanation for.
The Securities Commission then imposed a maximum compound fine of RM3 million each against Serba Dinamik Holdings Bhd, its chief executive officer, executive director and two officers for submitting the false financial statement to Bursa Malaysia.
“Besides the default on the RM99 million instalment, the petitions were also filed on the grounds that Serba Dinamik could not meet the payment obligations related to RM1.78 billion in syndicated term financing.
“These events of default include its failure to meet its payment obligation, failure to submit audited accounts within the extended deadline of Nov 30, 2021, as well as Serba Dinamik’s classification as a Practice Note 17 (PN17) company on Jan 6, 2022,” the Edge Markets said.
Victor Saw, from PricewaterhouseCoopers (PwC), has been appointed to act as liquidator of Serba Dinamik and the three subsidiaries. - FMT

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