💼 Brief Take: Serba Dinamik’s Wanted Boss
An arrest warrant was issued for the Malaysian energy services company’s CEO Mohd Abdul Karim Bin Abdullah.
Securities Commission Malaysia (SEC) said an arrest warrant has been issued for Serba Dinamik Holdings’ CEO Mohd Abdul Karim Bin Abdullah, according to its statement and media reports on 12 March 2026.
Eveline’s Take
Serba Dinamik’s boss has made it into the Malaysian regulator’s “Wanted” poster, marking the latest turn in the former market darling’s fall from grace.
During the Malaysian energy services company’s heyday, most analysts tracking its stock had a “buy” or “outperform” call on the back of its fat order book.
However, Serba’s house of cards tumbled down in May 2021 when KPMG raised questions on sales transactions, trade receivables and on-site materials worth around MYR 3.5 billion (USD 888.7 million).
Serba’s shares and bonds tanked after the auditor’s concerns hit the headlines, while the company’s access to refinancing was effectively shut. In June 2021, Serba’s management reportedly took legal action against KPMG and alleged that the auditor had “negligently red flagged some issues.”
Serba had two key similarities with bankrupt Indonesian textile company Sri Rejeki Isman (Sritex):
Despite posting consistent growth, their businesses were actually propped up by working capital engineering as they weren’t generating enough cashflow.
Both companies also reported margins that were higher than the industry average even though they were not adding substantial value.
In January 2023, the Malaysian High Court granted a petition filed by six financial institutions to wind up Serba and its subsidiaries. These financial institutions were Standard Chartered Saadiq, HSBC Amanah Malaysia, AmBank Islamic, MIDF Amanah Investment Bank, United Overseas Bank (Malaysia), and Bank Islam Malaysia.
The Serba companies – which reportedly had debt totalling around MYR 5 billion (USD 1.3 billion) – withdrew their appeal in June 2024.
Serba’s liquidation was unlikely to yield significant recovery for its creditors, as some of its debt proceeds had flowed overseas and any remaining assets could be difficult to trace. However, lenders who had a personal guarantee from Serba’s chief might still be searching for the businessman.