High Court allows bid to wind up Serba Dinamik, three subsidiaries

The six financial institutions acting as the suit's petitioners are Standard Chartered Saadiq Berhad, HSBC Amanah Malaysia Berhad, AmBank Islamic Berhad, MIDF Amanah Investment Bank Berhad, United Overseas Bank (Malaysia) Bhd, and Bank Islam Malaysia Berhad.

Judicial Commissioner Ahmad Murad Abdul Aziz granted a petition by the six petitioners to wind up respondents SDHB and its subsidiaries, Serba Dinamik Group Berhad (SDGB), Serba Dinamik Sdn Bhd (SDSB) and Serba Dinamik International Ltd (SDIL) in proceedings conducted via online.

The four companies are said to have a total debt of close to RM5 billion.

Counsel Ranjit Singh, representing EFIRE Capital Holdings Ltd (who is seeking to be intervener in the proceedings) confirmed today's decision when contacted.

Meanwhile, according to Bursa Malaysia, pursuant to Section 476(1) of the Companies Act 2016, Victor Saw Seng Kee, a licensed liquidator of PriceWaterhouseCoopers (PWC) will be appointed as liquidator of SDHB.

It said the costs borne by the petitioners will be paid out of the assets of SDHB and Saw of PricewaterhouseCoopers Advisory Services Sdn Bhd (PwCAS) will continue to remain as the Interim Liquidator of the company and be empowered to exercise the powers granted by virtue of the order dated Aug 23, 2022 pending perfection and lodgment of the order.

"The board of directors of the company wishes to inform that upon announcement of the Winding Up Order, they will become functus officio and cease to have power in relation to the affairs of the company save and except that the board retains residuary powers to appeal against and/or apply to set aside the Winding Up Order.

"Any further queries in relation to the affairs of the company are to be directed at the Liquidator of the company.

"The board of directors of the company wishes to further inform that the board is in the midst of seeking legal advice to appeal and/or set aside the Winding Up Order," according to Bursa.