High Court dismisses Serba Dinamik's permanent stay application

Justice Ahmad Murad Abdul Aziz, in his decision, said that the companies had failed to prove special circumstances that would justify the court to stay its winding up orders pending an appeal.

"I further find that a refusal to grant the stay would not render the appeals against the orders to wind up nugatory. The court also ordered the companies to pay total costs of RM7,000 to the syndicated financiers, RM3,000 to HSBC Amanah and RM3,000 to Hong Leong Islamic Bank. An ad interim stay was a temporary stay of the winding-up order against the company, filed by six financial institutions and several creditors after Serba Dinamik defaulted on a sum of RM1.7bil from RM5bil it owed.

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