The High Court today allowed the petition made by six financial institutions — Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, Ambank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd, and Bank Islam Malaysia Bhd — to wind up Serba Dinamik Holdings Bhd and its three companies — Serba Dinamik International Ltd, Serba Dinamik Sdn Bhd, and Serba Dinamik Group Bhd. 

Following the petition, the four companies — said to have a combined debt of close to RM5 billion — would be placed under liquidator Victor Saw from PriceWaterhouse Coopers. 

Judicial commissioner Ahmad Murad Abdul Aziz had earlier heard an application by the companies to postpone today’s hearing. The lenders objected to this. 

The companies had offered to settle 15% of their debts by August 31 last year and the remaining amount by the end of 2022. However, they had failed to do so.

The court was made aware that the defendants had also failed to make statutory payments like EPF and Socso for its staff. – January 10, 2023.