“The board of directors of Serba Dinamik wishes to reiterate that the company is taking steps to procure the support of Malaysian Trustees regarding the application for a court-convened meeting of its creditors and the application for a restraining order to be granted over the company,” it said in a filing to Bursa Malaysia.

Serba Dinamik said this in response to Bursa Malaysia’s query to clarify an article which stated that Malaysian Trustees had filed a civil suit against the company after it defaulted on its debt papers.

Malaysian Trustees is the trustee of Serba Dinamik’s RM100 million Islamic commercial papers (ICP) that the company has defaulted on.

It was reported that Malaysian Trustees is seeking a declaration that a dissolution event has occurred on the ICP, together with an order to compel the company to pay the outstanding amount with compensation for late payment.

Malaysian Trustees is also seeking to execute a sale agreement with Serba Dinamik to acquire from the beleaguered oil and gas outfit its entire beneficial interest in the Shariah-compliant business of Amanahraya Investment Management Sdn Bhd, as part of the agreement under the dissolution of the ICP.