Dr Kelvin Yii said the state government owned “significant shares” in Serba Dinamik and would have likely suffered significant losses after the company’s share price plunged.

Citing a report, the Bandar Kuching MP said the state financial secretary was the second biggest shareholder with 159.5 million shares and 36 million warrants.

The Bintulu Development Authority, a state-linked body, was the firm’s 12th largest shareholder with 21 million shares and six million warrants, he said.

Yii said since a significant amount of public funds was involved in the matter, the Sarawak government must be transparent and “reveal three things”.

These were: the details and the quantum of losses suffered by the state treasury and the respective government-linked bodies and corporations with shares in Serba Dinamik; proactive measures taken by the state government; and plans to recoup the losses.

“This is a very serious issue and will have long-term implications,” he said in a statement.

On May 9, Serba Dinamik’s share price on Bursa Malaysia contracted by nearly 60% following the resumption of the trading of its shares.

Trading of the company’s shares had been suspended since Oct 22, 2021 due to its failure to comply with Bursa Malaysia’s directive.