The civil suit seeks an order that the defendants pay 3,444,832.16 euros (RM17,258,609.12) or such other sum quantified by the court within 14 days from the date of judgment, according to KNM’s local bourse filing today.

The plaintiffs are also seeking damages, including exemplary and aggravated damages, post-judgment interest on all sums awarded at the rate of 5% per annum, and costs.

The suit relates to the sale of Borsig GmbH to Vorsprung Industries GmbH, which was aborted in December 2022.

The plaintiffs allege that the defendants had breached their duties as executive directors in connection with the sale, including by failing to obtain the approval of KNM’s board of directors prior to executing key documents relating to the sale.

“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 Vorsprung, although the cancellation of the sale was due to Vorsprung,” the filing claimed.

The suit was filed at the Kuala Lumpur High Court yesterday.

The matter will be called up for case management on Oct 25.

The oil and gas services provider will hold its extraordinary general meeting (EGM) on Monday to determine the fate of the company’s current board of directors.

At market close, KNM’s share price was up by one sen or 9.09% at 12 sen, giving it a market capitalisation of RM485.51 million.