1. Serba Dinamik has failed to meet its payment obligations valued at RM14.6 million provided by Public Bank and Public Islamic Bank.
The oil and gas services company, which had a peak valuation of RM5.9 billion in 2019, is now worth 99% less, at only RM74.1 million.
The oil and gas services company, which had a peak valuation of RM5.9 billion in 2019, is now worth 99% less, at only RM74.1 million.
2. The reason behind the default is the firmβs failure to settle the outstanding payments to both banks.
Together with its liquidator, Serba has been in discussions with Public Bank to reach a resolution that prioritizes the interests of the group.
Together with its liquidator, Serba has been in discussions with Public Bank to reach a resolution that prioritizes the interests of the group.
3. On Mar 16, the High Court refused to grant a permanent stay of the winding-up petition against Serba and its subsidiaries.
The companies failed to demonstrate the necessary circumstances to justify the stay of the winding-up order issued on Jan 10, the High Court said.
The companies failed to demonstrate the necessary circumstances to justify the stay of the winding-up order issued on Jan 10, the High Court said.
4. Serba Dinamikβs downfall is a classic case of fraud, greed, manipulation, and corruption.
Executives of the company were "cooking the books," reporting fraudulent profits, and suing everyone else that came in their way.
Read the full story here:
Executives of the company were "cooking the books," reporting fraudulent profits, and suing everyone else that came in their way.
Read the full story here:
Loading suggestions...