"KUALA LUMPUR (Jan 10): The High Court on Tuesday (Jan 10) allowed the petition made by six financial institutions to wind up Serba Dinamik Holdings Bhd and its three companies, namely Serba Dinamik International Ltd (SDIL), Serba Dinamik Sdn Bhd and Serba Dinamik Group Bhd."
this company can't be saved anymore, luckily bosses smart already offloading huge shares to bili like miao miao. later got fund to setup a brand new company with brand new name, and hope the loyal supporter like miao can continue give the full support to the new company. bosses say terima kasih besar-besar atas sumbangan anda, see you next time
Largest insolvency court case present Benjamin, who was also objecting to the adjournment, also informed the court the case involving Serba Dinamik is the largest insolvency case in the courts given the debt of RM5 billion.
He said putting the case into context, this is a case of a group of companies which has the largest debt owing in the insolvency court, and it does not have a credible restructuring plan.
“It owes RM1.7 billion to the syndicated lenders, it owes another US$500 million to the sukuk lenders, RM250 million to Hong Leong Islamic, and to my client another RM70 million.
“This is close to RM5 billion, and there is no proper restructuring plan. There is a propensity as in the past for the Serba Dinamik group of companies to come out with bare allegations, with no credible evidence to support,” he said.
There is no evidence to support the value of their assets, or the buyers of their assets, Benjamin said, adding that this is the situation the creditors had to deal with in the past year.
He added that in the judicial management application, the group said that it is eager to pay the creditors, but nothing came out of that, with the group failing to pay the creditors on Aug 31 and at the end of last year.
Lee Shih on behalf of the interim liquidator said that Serba Dinamik and the respondents had not filed the statement of affairs, and that they had also failed to disclose where the assets are. In addition, the directors — some of whom are in SDIL — also refused to divulge details.
Beyond comprehension, how to arrive at 5 billion Debt? SerB is a small O&G Co compare to Sapnrg ( owe 10bil ) but Sap is the largest in the world or somewhat in between.
Serba ends with disgrace Karim & management. Banks & other borrowers will be like sculptures devouring the remaining assets. Shameless management no need to resign but direct termination. Poor remaining investors will get the dead certificates as remembrance of their mistakes !
a petition filed by Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, AmBank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd, and Bank Islam Malaysia Bhd, and granted an order to wind up the four companies, which are in debt to the tune of some RM5 billion.
With Serba Dinamik’s stock now suspended and trading at one sen, it is likely that the company will soon be off the radar and forgotten, but it leaves behind a dangerous precedent.
Anybody here with friends in big 4 can tell you inside news. The whole idea of Serba was to cheat and siphon money from banks. This is a collaboration between the BoD and some Umno politician. No idea why Mabel keep talking rubbish. This Serba news is old news. We've already known since last year when they were asking the auditors on certain thing regarding the legality of the method of cheating money from the banks to the tune of 5 billion. This is not a hidden news among big 4 people.... Mabel still dreaming that Serba will rise again in 2024?
investorking, i thought u cut loss long time ago, dont tell me you go buy more? liquidation is worse than delist. liqudation means you as a shareholder dont even get to keep the toilet paper used by karim to wipe his butt. shareholders now have 0 value in serba... last time long ago you have a shareholder certificate paper to frame it on the wall, now with digital you got nothing....
Someone mention ...The End..?? Is it truly the end or just the beginning of life threatening ending???? The story is far, far from over........
In passing Summary Judgement and the salient points expressly mentioned, one could not but observed that there were certainly CRIMINAL and FOUL plays right from INTENTIONS and execution into scams. As such, the Winding up Petition was ALLOWED beyond DOUBTS.
If there were manipulations, intentions and cooking of most devious plans, would that not surmounting to CHEATING of the 1st Degree???? Suiyee Auditor has loosen his grasp on the Audit trails which could easily have exposed the plans and the evaporated UNACCOUNTABLE funds that amounting to hundreds of millions if not Billions????
Malaysia now has been made a 2nd National Embarrassment headline and on world financial spotlights FOR ALL THE WRONG REASONS!!! Foreign Direct Investments would take a look at the Pariah loose rules of Engagement in financial and stocks wars for profits and shake their heads in disgust!! Imagine the RM3 million FINES (per pax) for a PLC which could if and under forensic auditing finds humongous amount of funds missing????
Not only has the minorities shareholders of Serba but the ENTIRE investing citizens of Malaysia had been shortchanged by this shameful case. The investing Malaysians have been INDIRECTLY harmed, damaged by the lack of Integrity, Transparency, Trustworthiness and Professionalism, and not only in this counter, but generally on BURSA Malaysia as a whole from the view points of every foreign Funds. That is perhaps why KLCI is unable to sustain 1500. Volume is uninteresting and buying is unseen.
As an investing Malaysian, the TRUTH to the debacle MUST be truly and fully exposed and the culprit/s be made to face Capital Punishment by bullet in head or in lieu 500 years prison (5 lifetime confinement without chance of Parole) THE DAMAGE DONE BY THEM TO THIS COUNTRY IS BEYOND REPAIR and the punishment meted must deter others from following.
PS : above opinion is personal and WITHOUT PERJUDICE.
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Posted by Vicky > 2023-01-06 21:08 | Report Abuse
Serba endgame is near. Thank you for your support.