1) Possible indefinite Serba suspension because FFU will never be revealed due to too much fraud inside the company.
2) No more trust in Serba management, therefore no bailout or white knight.
3) Creditors will try to get their money as much as possible, but fire sales proceeds are not enough to pay the creditors.
4) Serba balance sheet will become negative, and all Serba shares will become dust (useless paper).
5) Another story created in Bursa History – SAAG, Serba Dinamik
6) Bursa is doing its best to force FFU release so that the share can be traded before the eventual delisting.

I assume Karim does not mind losing his 21% Serba shares (through suspension and eventually delisting) because billion RM has been siphoned to suppliers and vendors which were under Serba Dinamik’s control.

As JM was withdrawn, fire sales will follow soon. With fire sales, all proceeds from the sales will not be enough to pay the debts. Serba Dinamik will turn to dust. Before this happens, Karim will find a way to throw his shares.

As the debts are greater than the assets, eventually Serbadk will sink like Titanic, but by refusing to reveal FFU, Karim doesn't want to open the door for evacuation. All shares will turn to dust. All die with him.