KNM defaults on loan

PETALING JAYA: KNM Group Bhd has defaulted on a principal repayment of US$3.4mil (RM15.04mil) and and interest of US$16,104 (RM71,227) to the Bank of China (Malaysia) Bhd.

Cash-strapped KNM, which had announced a default on three credit facilities totalling RM417.6mil earlier this month, said the latest default occurred on Dec 26 via its wholly-owned subsidiary, KNM Capital Labuan Ltd.