Latest news with #RM182
New Straits Times
2 days ago
- Business
- New Straits Times
KNM calls creditors' meeting to finalise RM1.18bil debt settlement plan
KUALA LUMPUR: KNM Group Bhd is calling for a court-convened creditors' meeting to present its RM1.18 billion debt settlement scheme. In a statement, the management service company said the proposed scheme of arrangement (SoA) represents a significant milestone in KNM's financial recovery plan, offering a fair and sustainable solution to all stakeholders. "The SoA, developed in close consultation with the company's major creditors, proposes full recovery of the compromised debt amounting to RM1.18 billion for the combined group, with creditors agreeing to waive accumulated interest and penalties totalling RM182 million as of the cut-off date, June 30, 2023," it said. KNM said under the terms of the proposal, creditors will receive 100 per cent recovery of principal, reflecting a strong and responsible financial restructuring effort, as well as settlement through the issuance of a five-year zero-coupon redeemable unsecured loan stock (RULS) totalling RM204 million. "Repayment of the RULS will be made via a combination of proceeds from any funds released from the escrow account tied to the recent Borsig sale to NGK Insulators Ltd, as well as proceeds from the sale of three assets - Thailand, the United Kingdom, and the FBM Hudson facility. "To strengthen KNM's ability to resume and grow its core operations, creditors have also agreed to allow the company to retain RM100 million in upfront cash proceeds from the Borsig sale. These funds will be utilised as working capital to revitalise and invest in KNM's fabrication operations in Malaysia," it said. Furthermore, KNM said to accelerate the repayment, the company will use any excess funds beyond the RM100 million initial cash injection and six months' working capital to redeem outstanding RULS on a rolling basis. KNM chief executive officer Ravindrasingham Balasingham said the group's creditors have been supportive of KNM over the last few years and have had constant engagement with the management. He said the SoA reflects the ongoing partnership and confidence in KNM. "It secures 100 per cent settlement of principal for the creditors and the necessary funds for rebuilding KNM's future operations - this scheme is great for the creditors, customers, employees and shareholders of KNM," he said. KNM said the SoA demonstrates its commitment to honouring its obligations while ensuring that the company remains operationally viable. "By aligning the interests of both creditors and shareholders, the proposal paves the way for long-term stability and business growth, particularly in Malaysia, where the company is refocusing its efforts," it added.
New Straits Times
22-05-2025
- Business
- New Straits Times
Former finance officer pleads not guilty to RM182,884 CBT charge
KUALA LUMPUR: A former finance officer of a company pleaded not guilty in the Sessions Court here today to criminal breach of trust (CBT) involving company funds totalling RM182,884.02. Siti Nurain Mohamad Ghazali, 37, as the officer entrusted with the company's financial affairs at HDJ Oil Enterprise Kuala Lumpur, was charged with committing the offence by taking the money, which was for payments to suppliers, for her personal use. The offence was allegedly committed at the Petron Jalan Tun Razak petrol station, between April and December last year. The charge, framed under Section 408 of the Penal Code, provides imprisonment for up to 14 years, whipping and is liable to a fine, if convicted. Judge Azrul Darus allowed her bail of RM20,000 with one surety and set June 24 for mention. Deputy public prosecutor Muhammad Amir Hanif Ahijman appeared for the prosecution while Siti Nurain, who has three children, was unrepresented. – BERNAMA
The Sun
22-05-2025
- The Sun
Former finance officer charged with CBT of company's funds amounting to over RM180,000
KUALA LUMPUR: A former finance officer of a company pleaded not guilty in the Sessions Court here today to criminal breach of trust (CBT) involving company funds totalling RM182,884.02. Siti Nurain Mohamad Ghazali, 37, as the officer entrusted with the company's financial affairs at HDJ Oil Enterprise Kuala Lumpur, was charged with committing the offence by taking the money, which is for payments to suppliers, for her personal use. The offence was allegedly committed at the Petron Jalan Tun Razak petrol station, between April and December 2024. The charge, framed under Section 408 of the Penal Code, provides imprisonment for up to 14 years, whipping and is liable to a fine, if convicted. Judge Azrul Darus allowed her bail of RM20,000 with one surety and set June 24 for mention. Deputy Public Prosecutor Muhammad Amir Hanif Ahijman appeared for the prosecution while Siti Nurain, who has three children, was unrepresented.
The Sun
22-05-2025
- The Sun
Ex-finance officer charged with RM182k CBT
KUALA LUMPUR: A former finance officer of a company pleaded not guilty in the Sessions Court here today to criminal breach of trust (CBT) involving company funds totalling RM182,884.02. Siti Nurain Mohamad Ghazali, 37, as the officer entrusted with the company's financial affairs at HDJ Oil Enterprise Kuala Lumpur, was charged with committing the offence by taking the money, which is for payments to suppliers, for her personal use. The offence was allegedly committed at the Petron Jalan Tun Razak petrol station, between April and December 2024. The charge, framed under Section 408 of the Penal Code, provides imprisonment for up to 14 years, whipping and is liable to a fine, if convicted. Judge Azrul Darus allowed her bail of RM20,000 with one surety and set June 24 for mention. Deputy Public Prosecutor Muhammad Amir Hanif Ahijman appeared for the prosecution while Siti Nurain, who has three children, was unrepresented.
The Star
22-05-2025
- The Star
Former finance officer charged with CBT of company's funds amounting to over RM180,000
KUALA LUMPUR: A former finance officer of a company pleaded not guilty in the Sessions Court here today to criminal breach of trust (CBT) involving company funds totalling RM182,884.02. Siti Nurain Mohamad Ghazali, 37, as the officer entrusted with the company's financial affairs at HDJ Oil Enterprise Kuala Lumpur, was charged with committing the offence by taking the money, which is for payments to suppliers, for her personal use on Thursday (May 22). The offence was allegedly committed at the Petron Jalan Tun Razak petrol station, between April and December 2024. The charge, framed under Section 408 of the Penal Code, provides imprisonment for up to 14 years, whipping and is liable to a fine, if convicted. Judge Azrul Darus allowed her bail of RM20,000 with one surety and set June 24 for mention. Deputy Public Prosecutor Muhammad Amir Hanif Ahijman appeared for the prosecution while Siti Nurain, who has three children, was unrepresented. – Bernama
