What was the total debt amount owed by Serba Dinamik to the financiers?

Question

Accepted Answer

Serba Dinamik and Subsidiaries Owe RM5 Billion in Debt Leading to Winding-Up Petition

Serba Dinamik Holdings Berhad and three of its subsidiaries have withdrawn their appeal against a High Court ruling that allowed a petition to wind up the companies due to debts amounting to nearly RM5 billion. The winding-up petition was initiated by six financial institutions. The Court of Appeal subsequently struck out the appeal, ordering Serba Dinamik to pay RM200,000 in costs.
Petition Filed by Six Financial Institutions

The winding-up petition against Serba Dinamik and its subsidiaries was brought forth by a consortium of six financial institutions. These institutions include 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. The combined debt owed to these financiers was close to RM5 billion.
High Court Ruling in Favour of Petitioners

Previously, on January 10 of the preceding year, the High Court in Kuala Lumpur had ruled in favour of the petitioning financial institutions. This decision granted the petition to wind up Serba Dinamik Holdings Berhad and its three subsidiaries, affirming the substantial debt owed. The High Court had also dismissed an earlier application by the companies seeking a permanent stay of the winding-up proceedings pending their appeal.
Appeal Withdrawal and Cost Order

During the Court of Appeal proceedings, legal counsel for Serba Dinamik informed the three-man bench that instructions had been received from clients to withdraw the appeal. Consequently, the bench, led by Justice Datuk P. Ravinthran, struck out the appeal. In addition to striking out the appeal, Serba Dinamik was ordered to bear total costs amounting to RM200,000.

Reading history

Hide →

This history is cleared when the page is closed.

What was the total debt amount owed by Serba Dinamik to the financiers?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends