KUALA LUMPUR (March 20): The High Court on Monday (March 20) dismissed the application for remuneration filed by the interim judicial manager of Practice Note 17 (PN17) company Khee San Bhd's wholly-owned unit, Khee San Food Industries Sdn Bhd (KSFI).

The application for remuneration by Datuk Adam Primus Varghese Abdullah was dealt with as a preliminary issue of the judicial management application filed against KSFI by Maybank Islamic Bhd, said Khee San in a bourse filing.
 
The group said the court also ordered the return of KSFI's money that is being kept by the interim judicial manager's solicitors, Zaid Ibrahim & Co (Zico).

“The court had also given an order that KSFI’s monies be transferred to and kept by its solicitor pending the disposal of appeal (which will be filed by the interim judicial manager) and/or any application filed before the court (application for direction to release KSFI’s monies,” the filing read.

According to court documents sighted by The Edge, the interim judicial manager had transferred RM2.33 million in KSFI funds to Zico’s account, while another RM106,809 in transfers remained pending.

Khee San fell into the PN17 status in November 2021 after KSFI was placed under judicial management following an application by Maybank Islamic to place the unit under a court-supervised restructuring.

Shares in Khee San closed unchanged at 15.5 sen, giving the company a market capitalisation of RM21.28 million.