KUALA LUMPUR: Australia-listed Mission NewEnergy Ltd's subsidiary has served a winding-up petition on KNM Group Bhd's unit, claiming the latter failed to pay A$3.80mil (RM12.2mil).
Misson NewEnergy said in a statement to the Australian Stock Exchange on Monday its subsidiary Mission Biofuels Sdn Bhd had served the petition to wind up KNM Process System Sdn Bhd over the sum plus interest.
It claimed the amount was related to liquidated ascertained damages under the engineering, procurement, construction and commissioning contract (EPCC) of Mission's second biodiesel refinery in Malaysia.
"These invoices were presented to KNM (KNM Process System) over the last two years and despite a letter of demand served on KNM by Mission Biofuels' solicitors, KNM has failed to pay," it said.
The hearing of the winding-up would be on July 18.