‘Remember it has settled but there is a new issue.’
It seems that the court case involving the oil and gas company, Serba Dinamik Holdings Bhd is almost over, but there is a new problem involving the issue of debt arrears.
Recently, 6 creditors have filed a winding-up petition *against the company, including 3 of its subsidiaries.
*Petition to obtain a Court Order against a company that can cause its reputation to fall and damage to the business but can still remain trading.
Among the 6 creditors are financial institutions that have provided RM1.2 billion in syndicated term financing as below:
AmBank Islamic Bhd.
Standard Chartered Saadiq Bhd.
HSBC Amanah Malaysia Bhd.
MIDF Amanah Investment Bank Bhd.
United Overseas Bank (Malaysia) Bhd.
Bank Islam Malaysia Bhd.
It is understood that under Section 465 (1) (e) and Section 466 (c) of the Companies Act 2016, Serba Dinamik Holdings Bhd and Serba Dinamik International Ltd (SDIL), Serba Dinamik Sdn Bhd (SDSB) and Serba Dinamik Group Bhd (SDGB) can was prosecuted for failing to pay the RM99 million installment on 20 December 2021.
Meanwhile, the petition was also filed on the grounds that Serba Dinamik failed to meet its payment obligation of RM1.78 billion in syndicated term financing.
This has indirectly made Serba Dinamik subject to Practice Note 17 (PN17) status on 6 January 2022.
As a reminder, last December, Serba Dinamik and 4 of its executives were facing court charges for false statements involving company reports for the 12 -month period ended 31 December 2020.
The issue lasted until April 2022 before the Attorney -General's Chambers withdrew the charge following a letter of representation.
In addition, the Securities Commission also imposed a RM3 million compound on Serba Dinamik Holdings Bhd along with its chief executive officer, executive director and two officers for submitting false financial statements to Bursa Malaysia.
