Bandar Kuching MP urges S’wak govt to come clean over losses related to Serba Dinamik

Dr Kelvin Yii

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KUCHING, Jan 11: Bandar Kuching MP Dr Kelvin Yii is urging the Sarawak government to reveal the losses it suffered due to the recent fiasco concerning oil and gas company Serba Dinamik Holdings Berhad.

He said the High Court had on Tuesday (Jan 10) allowed a petition by six financial institutions to wind up Serba Dinamik Holdings Berhad, and its three companies Serba Dinamik International Ltd (SDIL), Serba Dinamik Sdn Bhd, and Serba Dinamik Group Bhd, over debts totalling RM5 billion.

Dr Yii expressed his concerns, pointing out that Serba Dinamik Holdings Berhad has been suffering plunging shares prices since May 2021 while the State Financial Secretary is the second biggest shareholder with 159.5 million shares and 36 million warrant holdings, as cited in the company’s Integrated Report 2021.

He added that Bintulu Development Authority (BDA), a state-linked body, is the 12th biggest shareholder with 21 million shares and 6 million warrant holdings.

In a previous attempt to communicate with the Sarawak government, Dr Yii said he had brought this matter up in the May 2022 Sarawak State Legislative Assembly (DUN) sitting and Deputy Premier Datuk Amar Douglas Uggah Embas replied by saying that the company was only going through a series of interim or short-term setbacks.

“He (Uggah) went on further to say that the company is looking into a turnaround and restructuring plan and that the investment is closely monitored, and the State Government wish not to reach a position whereby too often, investment decisions are made based upon isolated and short-term considerations.

“However, he fell short of revealing the total amount the Sarawak government has in this company and possible losses due to the scandal,” said Dr Yii in a statement today.

With that, he stressed that good governance is fundamental to ensure the future of Sarawak, especially when the Sarawak government is looking into managing huge sums of public money for the sovereign wealth fund. — DayakDaily