Who is Serba Dinamik’s top creditor predator?

By Pearlwhite 19^th May 2022 8.58AM

Serba Dinamik is moving on.  Not shackled to its past, nor will it stop for anyone.  One thing that it needs to get moving, is the re-instatement of its financing facilities.

Unfortunately, purposely by its syndicated loan financier, it had refused to overturn an erroneous decision it made in the past i.e. to freeze Serba Dinamik's working capital financing on the basis of unsubstantiated claims of Fraud and Financial Transgressions (FAFT) and negative publicity.

Such facilities were essential for day-to-day operations of Serba Dinamik, executing client and new client contractual obligations and financial obligations. 

The loss of RM3 billion of banking facilities had also caused Serba Dinamik to fail to meet its bi-annual interest payment to its bondholders in November 2021 and that further resulted in additional downgrading of its Bond rating by numerous rating agencies.

That is to say, the financial institutions had ignored their governance and risk management procedures and shot themselves in the foot.  This is a blatant disregard of their own fiduciary duties and precautionary processes as a trustee and as a financial services provider.

Details of the financial facilities are detailed here.

https://www.theedgemarkets.com/article/cover-story-serba-dinamiks-lawsuit-reveals-contention-kpmg-and-banks-potential-exposure

It is no coincidence that such blatant disregard deserves the attention and review of Bank Negara Malaysia (BMN).  At stake, is the creditability of the Malaysian banking industry.

With the events that surround the fiasco at Securities Commission (SC) now resolved, perhaps the next step is for BNM to conduct a review of the behaviours of Serba Dinamik’s institutional financial managers.

BNM should start with HSBC Amanah with outstanding financing facilities by Serba Dinamik of approximately RM1.6 billion.

Datin Che Teh Ija Binti Mohd Jalil - Independent Non- Executive Chairperson HSBC Amanah

She retired from the Securities Commission of Malaysia (“SC”) where she had served for 17 years since 2000 in various capacities including Executive Director and as Advisor of Special Projects in the Chairman’s Office.  During her stint in the SC, she was involved in capital market policies development and regulation, human capital development and training and education. She also co-led in the establishment of the Securities Industry Dispute Resolution Centre, Private Pension Administrator and the Capital Markets Promotion Council.

She is currently a Director of Securities Industry Development Corporation and Finance Accreditation Agency Berhad.

https://www.hsbcamanah.com.my/amanah-and-you/board-of-directors/#jalil

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It is not recommend that consultations be made with Certified Financial Analyst, Brokers, Traders and/or MBA/MA Finance Graduates as they are deemed not to have the necessary competency and skills to evaluate and advise on such matters discussed in the article.