Mission NewEnergy files counterclaim in on-going Malaysian suit

In Malaysia, Mission NewEnergy Limited’s wholly owned Malaysian subsidiary, Mission Biofuels Sdn Bhd (MBSB), has filed a counterclaim seeking specific performance (completion of the refinery) and to recover contractual damages including liquidated damages from late delivery, interest cost, cost incurred on behalf of KNM and other wasted expenditures.

More materially, MBSB is also seeking damages and recovery of loss of profit. To date final acceptance of the plant is almost 5 years overdue. MBSB has lost its productive capacity during this period and the future period until acceptance of the refinery. At a full rate of operation, MBSB could have generated approximately $1.25 billion in revenue from the refinery, which will form the basis for the material counter claim on loss of profits against KNM.