Business News

KNM Process gets winding-up petition

Tuesday, 23 April 2013

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

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