Posted by cK1973 > 2023-10-12 13:23 | Report Abuse

kena bakar dah....
sakit....
cabut dulu....
tunggu kat 1c .....

Posted by OtisKL > 2023-10-12 13:32 | Report Abuse

@MacDee34, I do not know who you refer to, NOBODY pays me, and I am not ANYBODY's promoter or kuli. I am a student and I am minding my own business. So, KINDLY you stop relating me from any of your hallucinations. OK?

Posted by Plantermen > 2023-10-12 13:48 | Report Abuse

Wonder how many retail players KNM actually turn up to vote at the EGM. Looking at the numbers TY and the incumbents { with MAA backing} have the edge over Tengku Kamariah. Bekir Taib may be the king maker. Right now no one have the numbers yet. The whole EGM may be preemptive and futility. if the creditors reject KNM debt arrangement proposal. Both parties doesn't have the numbers. We the minorities if stand together can really make an impact. Pity the coming EGM is not help physically

Posted by theboss9009 > 2023-10-12 14:29 | Report Abuse

sana gaduh sini gaduh. When can we have world peace hahahhaa😂😂

Posted by MacDee34 > 2023-10-12 14:30 | Report Abuse

Court Halts KNM’s Creditors Meeting: Report
Business News, October 12, 2023

In light of recent developments involving KNM Group Berhad, a statement from a party in the company says the High Court has halted a creditors’ meeting and appointed a professional liquidator to assess the scheme’s feasibility.

The statement from a group of shareholders highlights the concerns surrounding the initial proposal found in an Explanatory Statement by the board of directors. The move to seek a court order to stop the creditor’s meeting was prompted by what the group of shareholders say are the scheme’s poor quality, conjectural statements, and unverified information, which could have misled creditors.

Dato’ Loh Siew Cheang from Cheang and Ariff confirmed the court order in a message to Business News.
No Creditors Meeting

KNM issued an imperfect Explanatory Statement in haste, just six days after a hearing and this raises questions about the company’s preparedness and the quality of information presented, says the statement issued to the media today.

This has understandably led to creditors seeking an independent assessment of the situation, it adds.

On Oct 4th, KNM Group Bhd said its initiatives to reduce its debt of RM1.1 billion were on track and that its major creditors are supportive of its restructuring exercises to get back on its feet.

In a statement, the oil and gas services provider said it had received a support letter from an unnamed major creditor on its initial public offering (IPO) track for its prized asset, German machinery and equipment company Borsig.

On 8 September 2023, the CEO of KNM Ravindrasingham Balasingham made an appeal to the public shareholding to back the current Board saying at that time they “earned the confidence of the creditors and any plans to remove and replace [the current Board] could derail the process to extend the Restraining Order”.


https://businessnews.com.my/wp/2023/10/12/court-halts-knms-creditors-meeting-report/

Posted by Medusa > 2023-10-12 14:39 | Report Abuse

1. INTRODUCTION



The Board of Directors of KNM wishes to inform that KNM Group Berhad, Deutche KNM GMBH, and Borsig GMBH (‘Plaintiffs’) had on 11 October 2023 filed a writ action at the High Court of Malaya at Kuala Lumpur vide Civil Suit No WA-22NCC-731-10/2023 against Flavio Porro and Terence Tan Koon Ping (‘Defendants’).



The matter is now fixed for case management on 25 October 2023.



2. PARTICULARS OF THE CLAIMS UNDER THE CIVIL SUIT NO: No WA-22NCC-731-10/2023



The Civil Suit is to seek the following reliefs:



(a) An order that the Defendants, whether jointly or severally, pay the Plaintiff the amount of EUR 3,444,832.16 (equivalent in currency exchange EUR 1 x RM 5.01= RM 17,258,609.12) or any other sum quantified by this Honourable Court within fourteen (14) days from the date of the order herein;



(b) An order that in the event the Defendants fail to comply with prayer (a) above, all assets and properties of the Defendants wheresoever situated and whatsoever in nature be traced, and thereafter be paid over to the Plaintiffs whether for, inter alia, the purpose of satisfying all loss and/or damage suffered by the Plaintiffs;



(c) General damages to be assessed;



(d) Exemplary and/or aggravated damages;



(e) Post-judgment interest at the rate of 5% per annum on the total sum awarded by this Honourable Court from the date of judgment until the judgment sum is settled in full;



(f) The order herein be endorsed with a penal notice pursuant to Order 45, Rule 7(4) and Form 83 of the Rules of Court 2012;



(g) Costs; and/or



(h) Any other reliefs this Honourable Court deems fit and/or appropriate.



3. BASIS OF THE CLAIM AGAINST THE DEFENDANTS.



(a) The Civil suit is in relation to the sale of the 3rd Plaintiff to Vorsprung Industries GmbH (‘the Borsig sale’) which was later terminated in December 2022.



(b) The Plaintiffs contend that the Defendants as the Directors, at the material time, owed to the Plaintiffs, amongst others, obligations under common law, equity and the Companies Act 2016 (“CA”):



(i) To at all times exercise their powers for a proper purpose and in good faith in the best interests of the Plaintiffs;

(ii) To at all times exercise reasonable care, skill and diligence.

(iii) To ensure that the affairs of the Plaintiffs are properly managed and that their assets are not disposed or exploited in a manner prejudicial to the Plaintiffs.

(iv) To manage the assets of the Plaintiffs as trustees of the Plaintiffs.

(v) To make good business decisions and judgment in the best interest of the Plaintiffs.



(c) However, Plaintiffs aver that the Defendants breached their duties owed to the Plaintiffs in the following manner:-



(i) The Defendants did not obtain prior approval from the 1st Plaintiff’s Board of Directors and/or bring to the 1st Plaintiff’s Board of Directors’ attention in executing a document entitled "Project Bear Cost Cover and Break-Up Fee Arrangement" in particular Clause 1 which exposed the 2nd and 3rd Plaintiff to the Due Diligence Costs regardless of the circumstances.



(ii) The 1st Defendant caused the execution of the “Amendment Agreement to Project Bear Cost Cover and Break-Up Fee Arrangement” without any authorization or approval from the 1st Plaintiff’s Board of Directors. The said agreement exposed the 2nd Plaintiff and the 3rd Plaintiff to unlimited Due Diligence Costs regardless of the circumstances.



(d) As the sale of Borsig was aborted in December 2022, due to the obligations imposed under the “Project Bear Cost Cover and Break-Up Fee Arrangement” and “Amendment Agreement to Project Bear Cost Cover and Break-Up Fee Arrangement” to absorb the Due Diligence Costs regardless of the circumstances, the Plaintiffs were compelled to enter into a settlement with Vosprung, although the cancellation of the sale was due to Vosprung.



(e) In furtherance the Plaintiffs’ claim against the Defendants are based on conspiracy to injure, breach of duty of loyalty and fidelity, negligence and breach of statutory duties.



The Company will make the necessary announcements as and when there are further developments in relation thereto.



This announcement is dated 12 October 2023.

Posted by UpUpRocket > 2023-10-12 14:44 | Report Abuse

@OtisKL,

I went to take a look at MacDee34 posts. This is what I gather. He's a Tunku hater. Anyone who see his posts can see that. For what reason I wouldn't know. But for me it's fine. We all have our own prejudices, who we love and who we hate. There must be some reason.

His posts date back few years. His comments are not biased. My conclusion is, he's not a bad guy. Totally unlike Flavio or Heeschen. My advice to you bro, don't get upset with his comments. Most likely he's going through a rough patch in his life at the moment. He's not thinking straight.

His posts are emotional, subjective and speculative. For example, how to value a business. It's based on few factors and it's dynamic. The value today could be rather different from last year.

Even when the creditors and bankers are ok with the management's proposal he says they won't like it.

I don't know about others but I post facts. The writ of summons for Flavio is not fake news. Within one days two there will be announcement to prove it. Otherwise I will close my account and won't comment again. Cheers, bro! Peace...

Posted by UpUpRocket > 2023-10-12 14:45 | Report Abuse

Oops! Medusa just confirmed my writ is real. Thanks, bro. Where you got it, so fast?😀

Posted by MacDee34 > 2023-10-12 14:49 | Report Abuse

I don't hate Tunku, I hate crooks who abuse the power granted by the public and corruption. Creditors and shareholders are getting screwed. Now so desperate Tunku has to attack the new guys that have a plan as it is his only way to do business. Intimidation.

Your creditors just spoke Tunku, better listen up real good. I hear Kazakhstan has taken an Interest in you. Let's see how that goes.

SEVERAL substantial scheme creditors of KNM Group Bhd and subsidiary KNM Process System Sdn Bhd have obtained an order from the Kuala Lumpur High Court directing chairman of the scheme of arrangement (SOA) to adjourn the meeting planned for today (Oct 12).

In other words, the court wants the cash-strapped oil & gas (O&G) engineering outfit to postpone its creditors’ meeting to a later date so as to enable the court to appoint an approved liquidator to make an assessment report on the viability of the proposed scheme.

With this latest development, the current KNM board has lost an avenue to obtain an approval for its SOA before the company’s extraordinary general meeting (EGM) slated this coming Monday (Oct 16).

The notice of the said SOA meeting was contained in an Explanatory Statement (ES) by the current board without appointing an independent scheme adviser.

KNM had earlier issued the ES on Sept 25 then suddenly retracted it to eventually re-appear published on Oct 2 and Oct 10 with amendments.

As it is, the KL High Court has ordered the appointment of a professional liquidator to assess and prepare a conclusive report on the feasibility of the SOA which was earlier produced and proposed by the current KNM board.

Recall that KNM’s CEO Ravindrasingham Balasingham had made an appeal to the public shareholders (retail investors) on Sept 8 to back the current board as the directors had “earned the confidence of the creditors and that any plans to remove and replace (the current board) could derail the process to extend the restraining order”.

Yesterday’s (Oct 11) application was heard before Justic Liza Chan. Datuk Loh Siew Cheang appeared as lead counsel and was assisted by John Wong Yoh Hon of Shui-Tai Advocates & Solicitors, Eizlan Farhan Nakhrowi and Claudia Nyon. KNM was represented by Bahari Yeow,

At today’s mid-day close, KNM was up 1 sen or 9.09% to 12 sen with 38.99 million shares traded, thus valuing the company at RM486 mil. – Oct 12, 2023


https://focusmalaysia.my/knms-current-board-loses-creditors-support-following-kl-high-court-ruling/

Posted by UpUpRocket > 2023-10-12 15:01 | Report Abuse

@Auntylee,

Betul cakap Saya ada pigi Borsig road show. The whole management team was there. Many investment bankers ada attend. Some people say Borsig cannot be listed because of KNM problems. But if it cannot be listed then why are all the investment bankers there? Only The Star paper invited for the event. And other corporate site bosses also there. And big police guy also attended.

Lagi Bos Juergen dari Germany ada sana explain the whole company profile.

Posted by UpUpRocket > 2023-10-12 15:10 | Report Abuse

They are really efficient. The Edge just published the new about Flavio.
https://theedgemalaysia.com/node/685848

Posted by OtisKL > 2023-10-12 15:15 | Report Abuse

@UpUpRocket, thanks for the advice, truly appreciate it. Even a mere student can understand the situation based on the materials publicly available by KNM, Bursa KL and credible market analysts, which party was the main culprits that drove KNM into PN17.

Posted by OtisKL > 2023-10-12 15:23 | Report Abuse

Messy legal battles are ensuing due to the past board, that the current board is clearing up, all these are facts based on announcements statements, real facts. Mr Porro stood for re-election and lost it by 96% votes. Definitely the shareholders voted against his re-election, legitimate and valid. That was December 13th, 2022, 11 months ago only. Proposed disposals of assets were announced since 2020 itself. As time passes by, valuation of a company changes, the market conditions changes, the fundamentals changes too, so does decisions to retain or monetization exercise will change too.

Posted by UpUpRocket > 2023-10-12 15:30 | Report Abuse

Regarding the SOA meeting which was postponed it is up to anyone to interpret. We understand that the two biggest creditors are ok but now there are reports that some creditors are not happy.

If I were the court it's only logical to postpone until after EGM. What's the point of approving things at the SOA and then there's a new management taking over? It would be a total waste of time, right? Why not give the current management the time to put their house in order first? The SOA can then be held at a slightly later date. My two cents.

Posted by OtisKL > 2023-10-12 15:38 | Report Abuse

@MacDee34, if you have issue with the current Chairman's directions or plans, confront him direct, but please don't categorically stereotyping others whom are not involved, associated or so-called "paid trolls" as you bluntly accusing (which is subject to defamation) or just some other minority shareholders like you. I am not fighting with anyone, that includes you. Initially I thought you were giving fair comments but along the way you attack individual characters blatantly accusing everyone. As far as I am concerned, as I respect your views, be kind to the others who have their views too.
Respect the ideas to lift the company out of PN17, and defending the assets of KNM. The current board in their published statement clearly mentioned there isn't going to be hair-cut, whatever their amounts owed by the company will be paid in full, so what's the problem?
Why championing the cause by putting an injunction without knowing the repercussions at later time?

Posted by OtisKL > 2023-10-12 15:44 | Report Abuse

Even if the current board succeeded in getting the approval of creditors to accept the SOA, the voting powers still within your powers, right? If you think you changed the destiny before, what makes you think you have lost it now? Everyone should vote, each vote counts. Let the best team wins. End of the day, shareholders will be the ultimate beneficiaries. SOA exercise completed means one hurdle done ✔️ if need tweaking, can always seek courts grant the powers for amendments. Laws are protective of all parties.

Posted by Medusa > 2023-10-12 16:02 | Report Abuse

Latest update: Police in the midst of calling Kenneth Vun mafia geng to assist investigation probably arrest

Runnnnnnnnnnnnnnnnnnnnnnnnnnnn

Kikiki…

Posted by MacDee34 > 2023-10-12 16:04 | Report Abuse

Don't listen to the noise coming from the paid Trolls who only spreads lies and unfounded stories of the fake mafia listed below. Notice what day these accounts were created and look at what they post vs what is in the real news:

OtisKL | Joined since 2023-09-08
doubleup | Joined since 2023-09-07
Adagold | Joined since 2023-09-05
UpUpRocket | Joined since 2023-09-09
maxwin69 | Joined since 2023-09-07
SGX6138 | Joined since 2023-09-09

Posted by Alex Chua > 2023-10-12 16:05 | Report Abuse

how to vote ya

Posted by TheEqualizer > 2023-10-12 16:08 | Report Abuse

How will the johor princess act now that flavo maybe a crook?
Of course not guilty until proven otherwise.
Does she still wants to be associated with flavo?
Curious uncle here

Posted by Cipta > 2023-10-12 16:19 | Report Abuse

When borsig wanna listed. Remember priority to KNM shareholder to apply the IPO ya..

Posted by doubleup > 2023-10-12 17:06 | Report Abuse

@Medusa,

MacDee34 say stop spreading unfounded stories about fake mafia. Hehe... I wonder why your name not in his blacklist, like mine.

I believe your source of mafia story is genuine. Kenneth Vun is being called up by the police. But I have to admit I don't have any source to confirm the story. I heard from my sources that Kenneth and Alex also going to kena kaw2 from the police. I can't confirm.

In any case I feel it's not fair to be blacklisted because my account quite new. I'm not dragging you into the water, but your account also quite new leh. 🤣🤣🤣

Posted by Medusa > 2023-10-12 17:08 | Report Abuse

Lies Kepala bapak Hang. Which news are fake? If too stoopiid to know who is scammer Kenneth Vun, suggest you to read more court charges against mafia scammer Kenneth Vun

Runnnnnnnnnnnnnnnnnnnnnnnnnnn

Kikiki…

Posted by Medusa > 2023-10-12 17:15 | Report Abuse

@doubleup

Im not in blacklist because Im genuine rich investor not create account just for one particular stock. I have invested millions that stupiiid boy thought im here to support any team.

I only attack scammer mafia in any post like serbuk dinamik another Chinese turned Muslim scammer Mohd karam

Runnnnnnnnnnnnnnnnnnnnnnnnnnn

Kikiki…

Posted by OtisKL > 2023-10-12 17:34 | Report Abuse

@Medusa, that disgruntled one is a boy? Alamak, budak2 sekolah maen kat sini buat apa?

Posted by doubleup > 2023-10-12 17:34 | Report Abuse

@Medusa

Actually I also genuine investor like you, maybe not so rich. So far I only invested all the most boring dividend stocks like SportsToto Public Bank Petronas Uchitec PPB. These stock make money but make us very sleepy, nothing to talk.

I have not invested in any non-dividend stock. KNM is my first such stock. I comment KNM because lots of fun as you can see. Knife and dagger flying everywhere. Everyday exciting. Hahaha

Posted by OtisKL > 2023-10-12 17:35 | Report Abuse

Budak nakal, maen jauh2

Posted by Michael Kwok > 2023-10-12 17:37 | Report Abuse

I say run 8.25 am on thr 2 days.say must throw soon.please see.after tht 17 cents range down to 10 cents(lowest this week oct)
12/10/23 5.35pm
Price 16.5 cents,maybe 5-6 oct 2023 a little more upward.tht it.
5/10/23 8.25pm

Posted by MacDee34 > 2023-10-12 17:38 | Report Abuse

@Medusa can speak his mind. He is not one of these troll that came here to spread fake news in behalf of knm. He does it in behalf of himself

Kikiki..

Posted by EatCoconutCanWin > 2023-10-12 17:39 | Report Abuse

Goreng rugi mau sue olang pulak.. apa punya manusia

Posted by OtisKL > 2023-10-12 17:40 | Report Abuse

@kwok taiko...dump kau2 liao, now waiting for 9sen... Hahaha. Buy low, sell high...

Posted by Michael Kwok > 2023-10-12 17:44 | Report Abuse

Otis i say tht it in knm 5-6 oct must sell.see the words probably.go the the name and check.morning before opening.not pm but 8.25am.where got i ask sell high buy low.with good deed.the the story when i ask buy knm.
12/10/23 5.44pm

Posted by OtisKL > 2023-10-12 17:47 | Report Abuse

@kwok tailo, next tip when...?

Posted by UpUpRocket > 2023-10-12 17:49 | Report Abuse

@MacDee34

How come the same news one is ok, another is fake troll? When somebody say corporate mafia you say fake but when Medusa comment corporate mafia you say ok. Like tat double standard not fair leh

Posted by Michael Kwok > 2023-10-12 17:50 |

Post removed.Why?

Posted by UpUpRocket > 2023-10-12 17:51 | Report Abuse

@Medusa

Sorry no offence ya. MacDee34 sayang you I'm fine. I just feel not fair treatment for others loh.

Posted by Aati99 > 2023-10-12 17:52 | Report Abuse

Ikut german jutawan masuk? 😁

Posted by Michael Kwok > 2023-10-12 17:55 | Report Abuse

Ovh buy 24-25 cents.3 sifu include me say will up.if below 23 cents 2 days in a row by evening sell.tq.
12/10/23 5.55 pm

Posted by OtisKL > 2023-10-12 18:00 | Report Abuse

Thanks kwok tailo, for the tips. Need money to cover my studies, not cheap leh all pakai money, Grab pakai duit, Starbucks pakai duit, photocopy pakai ewallet, masuk libraries pakai duit...

Posted by OtisKL > 2023-10-12 18:01 | Report Abuse

@kwok tailo, one question- astro still ada chance naik balik kah?

Posted by OtisKL > 2023-10-12 18:10 | Report Abuse

Aiyoo, major reliable newspapers also producing conflicting facts, how lar to analyse and conclude the data... what is what, which is which..

https://www.nst.com.my/amp/business/corporate/2023/10/966209/knm-group-mahmud-abu-bekir-our-side

Posted by MacDee34 > 2023-10-12 18:35 | Report Abuse

One thing I observe about this current board of directors, they are simple minded and very predictable. Wait so long to sue the Italian guy until the day before the EGM. How you think it looks to the judge when he enters his counter suit for damages? The damages he can claim against each director is going to be 10x. So many sheep on this board.

Now, it is clear that this ES is gone. Ravi claims he had a egm? Approved borsig listing? We are not so incompetent as creditors. That is why this meeting was canceled by the judge. You can not lie in a document with rm 1 billion plus in debt reading it. People need to be held to account. Even mamak shop operators are smarter than that Ravi.

Now what about the Golden Powers in Italy? I hear it is going to be jail time for you Ravi. Selling a company like FBM to the IRANIAN GOVERNMENT. How do you think you are going to bypass the Golden Powers and sanctions? Please tell us all how you did not know about it. Please....

Posted by UpUpRocket > 2023-10-12 18:38 | Report Abuse

@OtisKL

No conflicting facts lah. Earlier report also quoted Mahmud Bekir got full confidence in Tunku.

The only conflict is when Tengku Kamariah says Mahmud is her friend and will support her. Tat one she own self say ma. Mahmud never say. So, news report no conflict ya. They just report exactly what these two people say.

I also post only the facts as published by the media. Only some people depending on who they like it don't like, will selectively consume the parts of the news that fit their narrative. I'm not blaming anyone. All of us have our own bias.

Posted by AnonymousJr > 2023-10-12 19:16 | Report Abuse

More shares acquired by new substantial shareholder this week in open market.

Current managements’s efforts to take action against previous management is applauded. It is quite rare for action to be taken against fiduciary acts that eats away shareholder value. Additionally, without a doubt an IPO if properly executed will be of great asset to KNM Bhd. Consider getting in some real experts JP / Goldman / Moelis.

Another applaud for possibly incoming management for stating this:
“anyone can do asset strip by selling assets of the company at distressed prices”.

. . . her vision for the next five years, which includes injecting new capital, acquiring new assets to increase Borsig’s current capacity, substantial investments into new projects, cooperating with inter-governmental bodies and securing new long term contracts.

“We have the local and European resources to assist KNM to settle its debt repayment,”

This is what all shareholders want to hear!

(Albeit any corporate exercise may involve share issuance but i’d support anything that adds shareholder value in the longer run rather than subtracting value slowly and painfully)

As I suggested a 50-50%, old and new representation in management might be the best way forward for ALL shareholders.

Posted by OtisKL > 2023-10-12 19:19 | Report Abuse

@AnonymousJr, thanks for your insights and constructive comments, very refreshing and very useful 👍

Posted by OtisKL > 2023-10-12 19:25 | Report Abuse

@UpUpRocket, oh I see. Okay Okay, now I get it. When Bekir Taib or his nominee votes, the screen won't show whom he votes, correct? Only tabulated percentage of in favour or against a particular resolution. Well, I am greatly confident someone enticed him to buy the shares, whoever brought him in will have his votes in favour 😉 we can reckon who that shall be... only results will speak out lauder, Bekir Taib won't issue statement to create rifts among his powerful 😎 friends, he is a businessman after all, decorum prevails.

Posted by UpUpRocket > 2023-10-12 19:47 | Report Abuse

@OtisKL

You're right. We have to understand rich people. They only want to enjoy life. You think they got no other better work to do meh? If the guy is not really his friend why he want to bother waste his time go out of the way to support him. He might as well stay at home, enjoy his beer and play with his girlfriends, right?

Tunku is really his friend loh. Otherwise he buy the share and vote Tengku girl meh? To me it doesn't make sense loh.

Posted by OtisKL > 2023-10-12 20:03 | Report Abuse

@MacDee34, you are correct. Wonder why waited from December 2022 until October 2023, 11 months to take legal recourse against the culprits. Anything more than 6 months lapses has not much credible motivation to pursue it. KNM should breach the breakup fee pymt and instead initiate such legal recourse then. Well, its not too late to take that direction, however "human perception " may lean on the point of "selective prosecution" factor, coincidentally the boardroom tussles ongoing. Whatever it is, intentional wrongdoers must be penalised by the courts.

Posted by OtisKL > 2023-10-12 20:06 | Report Abuse

@UpUpRocket, I like your way of referring the Tengku girl.... 😃😁😀

Posted by UpUpRocket > 2023-10-12 20:14 | Report Abuse

@OtisKL

It has been mentioned before. It's up to us to believe it not. The current management have their hands full trying to turn around the company and clear the mess left by the previous management especially Flavio. So they didn't have time to pursue the mess created by the earlier culprits. They had no choice but to go after Flavio because he kept making problems.

Finally they conducted the forensic audit and officially lodged a police report for wrongdoing.