Court strikes out appeal against winding-up following Serba Dinamik and three subsidiaries

PUTRAJAYA: Serba Dinamik Holdings Berhad and three of its subsidiaries on Tuesday withdrew their appeal at the Court of Appeal against a High Court ruling that allowed a petition filed by six financial institutions to wind up the companies.

The three-man bench led by Justice Datuk P. Ravinthran subsequently struck out the appeal.

Justice Ravinthran, who sat with judges Datuk Hashim Hamzah and Datuk Mohd Nazlan Mohd Ghazali, ordered Serba Dinamik to pay total costs of RM200,000.

Earlier lawyer Sandra Tan representing Serba Dinamik and its subsidiaries Serba Dinamik International Ltd, Serba Dinamik Sdn Bhd and Serba Dinamik Group Bhd informed the court that she received instructions from her clients to withdraw the appeal.

On Jan 10 last year, the High Court in Kuala Lumpur allowed the winding-up petition brought by 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 over debts of nearly RM5bil.

HSBC Bank Malaysia and Hong Leong Islamic Bank Bhd supported the winding-up petition.

In Tuesday's (June 25) proceedings, lawyer Koo Yin Soon appearing for the six syndicated financiers, lawyer Niisha Lakshe for HSBC Amanah and HSBC Bank, and lawyer Karen Tan for Hong Leong Islamic Bank asked the court to give them costs following the withdrawal of the appeal.

They said they had prepared for the appeal which involved voluminous documents.

Niisha also mentioned this on behalf of the liquidators appointed by the court.

On March 16 last year, the High Court dismissed Serba Dinamik and the three companies’ application for a permanent stay of the winding-up pending the hearing of their appeal at the Court of Appeal.

Early this month, it was reported that Serba Dinamik had been delisted by Bursa Malaysia of its shares after Bursa rejected the company’s final appeal. - Bernama