KUALA LUMPUR (May 31): Orient Arotek Engineering & Trading Sdn Bhd (OAE) was allowed to intervene in Serba Dinamik Development Sdn Bhd's (SDDSB) application for a scheme of arrangement and a restraining order (RO) against its creditors by the High Court on Tuesday. Besides Serba Dinamik Holdings Bhd and SDDSB, the three other companies that had filed for RO and scheme of arrangement were Serba Dinamik Group Bhd (SDGB), SD Controls Sdn Bhd (SDCSB), and Serba Dinamik Sdn Bhd (SDSB). Justice Atan Mustaffa Yussof allowed OAE — one of the group's creditors — to intervene as Serba Dinamik Holdings' lawyers did not object to the application. Serba Dinamik Holdings said it is seeking creditors' approval for a scheme of arrangement to restructure the group's debt obligations, which proposed "a 100% return to the company's creditors". The issue with the financial year 2020 revenue was first raised by KPMG to Serba Dinamik Holdings' board in May 2021, which escalated into legal tussles between Serba Dinamik Holdings and regulators when the company refused to publish its special independent review.
