Business News

Published: Tuesday April 23, 2013 MYT 12:00:00 AM
Updated: Friday April 26, 2013 MYT 12:34:09 AM

KNM Process gets winding-up petition

KUALA LUMPUR: Mission NewEnergy Ltd’s subsidiary, Mission Biofuels Sdn Bhd (MBSB), has served KNM Process Systems Sdn Bhd with a winding-up petition.

In a statement yesterday, Mission NewEnergy said MBSB’s move follows KNM’s failure to pay it approximately A$3.8mil (RM12.2mil) plus interest.

This is in relation to the liquidated ascertained damages under the engineering, procurement, construction and commissioning contract of Mission NewEnergy’s second biodiesel refinery in Malaysia.

The invoices had been presented to KNM over the last two years, and despite a letter of demand served on KNM by MBSB’s solicitors, the company had failed to pay up.

Mission NewEnergy said the hearing of the petition would take place on July 18. – Bernama

Tags / Keywords: News, Business, Business, Mission New Energy, KNM Process, biofuel


  1. Guitar gods of a different sort
  2. Masteel to proceed with commuter rail project
  3. RHB bank's net profit up 36%, NAV boosted 40 sen to RM6.97
  4. JCY assessing impact of worker unrest, fire at Johor plant
  5. Cahya Mata Sarawak net profit up 65% to RM66mil
  6. Axiata Group Q2 earnings at RM447m (Update)
  7. S&P 500 scores first close above 2,000; data helps
  8. Cafe makes an impression on US palates
  9. CPO still offers good margins although at 5 year low
  10. How will the GST affect rental income?