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KNM petitions court to liquidate Mission Bio over disputed debt

By Ron Kotrba | November 15, 2012

KNM Process Systems filed a “winding-up” petition in the Shah Alam High Court in Malaysia against Mission Biofuels, a wholly owned subsidiary of Australia-based Mission NewEnergy Ltd. A winding-up petition, according to Carter Clark Financial Recovery, is a petition presented to the court, typically by a creditor, seeking an order that a company be put into compulsory liquidation.

According to KNMPS, Mission Biofuels is indebted to KNMPS for, among other things, a sum of more than USD$16.5 million for equipment and services as contractor for Mission Biofuels’ second 75 MMgy biodiesel process facility that features continuous acid conditioning, silica pretreatment, free fatty acid pretreatment and technical-grade glycerin refining; in addition to the balance owed on a plant in Kuantan Port, Malaysia.

In public documents filed with the U.S. Securities and Exchange Commission, Mission stated that the amount KNMPS claims it is owed by Mission is under dispute, and that its solicitors have advised that the petition is “defective, frivolous, vexatious, malicious and an abuse of the court process…”  since the dispute is already in arbitration with no award. Per the EPC contract between Mission and KNMPS, arbitration is the recognized solution in settling disputes and, therefore, this should not be circumvented, stated Mission.  

Executive chairman of KNMPS parent company KNM Group Ir Lee Swee Eng owns a major shareholding interest in Mission NewEnergy Ltd. 

 

 

2 Responses

  1. Michael Harris

    2012-11-21

    1

    as a share holder i am considered about this release. I revived a notice of annual general meeting today (11/20/2012) with a prospects of the up coming meeting. It appears the Mission Newenergy will be offering a increase in stock (if approved) and it is my hope that they will get there financial house in order.

  2. Rosie

    2012-11-25

    2

    世人都知英语好,唯有钱途忘不了;A B C D E F G,雅思、托福、GRE.教材辅导一本本,十年辛苦为谁忙?心脑不能并用,举一不能反三,意识形态、思维方式依然故我,词汇只知数数量而不知计质量,只知滥用记忆力,不知要自行分析判断,还得时常反省,自我总结。只知表面现象做足表面文章去应景,而根本不愿探求本质、发展和变化。再就是患得患失,拔苗助长一日用心,奢求十日之效;一月用功,便冀一年之绩。长此以往,如何到达彻底解脱之彼岸?We are trapped in the usonvary learning mode which relies almost entirely on our faculties of memory alone, without independent thinking, without habitual classification of what we learned periodically. In fact, strategic thinking is such a rare commodity in this day and age that it demands a premium in the “market place”.Too often, we are so misconceived that we believed frequent exchanges of ideas with other fellow learners of English are so beneficial that they would make this trip or pilgrimage somehow faster and easier. While we may intuitively agree that the only way to learn English well is to closely mimic the process how native speakers learn and perfect their own language skills, few of us actually pursued that route to full fruition. At least in Mainland China, there is also a trend to place a disporportionate amount of emphasis on classic English literature and with the hope that this would somehow cultivate a refined English taste. What a waste of time. Not surprisingly, many have benefited from such grossly misplaced emphasis at the expanse of the whole nation: too much educational resources have been wasted or underutilized.The most important thing in the complete MASTERY of a language, at least in this author, is to put one’s heart and mind TOGETHER to wherever they need to be, whether in learning grammar, vocabulary, different modes of thinking or linguistic aesthetics. Additionally, a little knowledge on history, of the language in concern, is an absolute must.Just my two cents on language acquisition and retention.

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