KNM Group’s board of directors has given their support to their current Chairman Tunku Dato’ Yaacob Khyra who won the majority support of Shareholders to continue with his leadership and deliver on his turnaround strategy and on the
Company’s Scheme of Arrangement with Creditors.
Tunku Dato’ Yaacob Khyra thanked all the Shareholders for their confidence, trust, and continued support. The Board said remains fully committed to the efforts to ensure targets of debt settlement within 9 months through a partial IPO of Borsig, which in turn will ensure a profitable and sustainable future for KNM Group Bhd., its Shareholders, and all Stakeholders.
The Group had also filed a writ action at the High Court of Malaya at Kuala Lumpur against Flavio Porro and Terence Tan Koon Ping, both former Executive Directors of the group for among others, conspiracy, breach of duty of loyalty and fidelity negligence and breach of statutory duties.
It was related to the sale of Borsig which 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.
