SIX financial institutions who have provided RM1.2 bil in syndicated term financing have filed winding up petitions against Serba Dinamik Holdings Bhd and its three subsidiaries.
According to court documents sighted by theedgemarkets.com, the financial institutions that filed the action are AmBank Islamic Bhd, Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (M) Bhd and Bank Islam Malaysia Bhd.
The three Serba Dinamik subsidiaries are Serba Dinamik International Ltd (SDIL), Serba Dinamik Sdn Bhd (SDSB), and Serba Dinamik Group Bhd (SDGB).
The creditors embarked on legal action after the global integrated oil and gas (O&G) outfit failed to pay an instalment of RM99 mil that was due on Dec 20 last year. They have appointed Victor Saw Seng Kee, a licenced liquidator of PricewaterhouseCoopers Advisory Services Sdn Bhd, to act as liquidator of Serba Dinamik, SDGB, SDSB and SDIL.
Recall that following investigations by the Securities Commission (SC), Serba Dinamik and four of its top brass were charged on Dec 28 last year for submitting a false statement in relation to the company’s record high revenue of RM6.01 bil for the 12-month period ended Dec 31, 2020.
But in a surprise turn of event early this month, the Attorney-General’s Chambers (AGC) decided to withdraw the charges following a letter of representation by the accused. The AGC has not publicly explained its decision.
This left the SC with only the option of issuing maximum compound fines of RM3 mil each against the company and the four individuals with an additional RM1 mil against Muhammad Hafiz (lump sum totalling RM16 mil).
The creditors are of the view that Serba Dinamik is unable to pay its debts as per Section 465(1)(e) and Section 466(c) of the Companies Act 2016, taking into account the company’s current, contingent and prospective liabilities, according to theedgemarkets.com.
Besides the default on the RM99 mil instalment, the petition was also filed on the grounds that Serba Dinamik could not meet the payment obligations related to RM1.78 bil in syndicated term financing.
These events of default also include Serba Dinamik’s failure to meet its payment obligation, failure to submit audited accounts within the extended deadline of Nov 30, 2021 as well as its classification as a Practice Note 17 (PN17) company on Jan 6.
Serba Dinamik was last transacted at 35 sen at the close of the mid-day trading on Oct 22 last year prior to the trading suspension of its shares/warrants, hence giving the company a market capitalisation of RM1.3 bil. – April 29, 2022