Malaysian service entrepreneur fails to impress banks


Malaysian services entrepreneur Serba Dinamik is facing a liquidation petition after returning to court last week in another twist to its financial woes as the company failed to repay six banks in due time.

The liquidation petition was served by HSBC Amanah Malaysia, Ambank Islamic, Bank Islam Malaysia, MIDF Amanah Investment Bank, Standard Chartered Saadiq and United Overseas Bank – collectively the syndicated lenders.

The syndicated lenders had asked the court to urgently appoint an interim liquidator of Serba Dinamik and three of its subsidiaries on the grounds, among other things, that he had violated the prior consent order.

The Kuala Lumpur High Court has authorized the appointment of Victor Saw Seng Kee of PricewaterhouseCoopers Advisory Services as interim liquidator of the company and relevant subsidiaries, for a fee.

The interim liquidator will have the power to control the affairs of the companies until a liquidator is appointed to initiate the liquidation process. The hearing of the liquidation petition against Serba Dinamik is scheduled for January 10, 2023, with a decision expected the same day, according to Malaysian news outlet The Edge Markets.

Application for stay

However, Serba Dinamik said on Monday that he filed a request for a stay of the High Court order authorizing the appointment of Victor Saw Seng Kee as interim liquidator and this request for a stay was set for the handling of the case. August 30.


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