[ad_1]
PETALING JAYA: The High Court dismissed the injunction of JAKS Resources Bhd (JRB) to prevent Star Media Group Bhd from claiming a bank guarantee of RM 50 million expected for a joint development project in Section 13, Petaling Jaya. ] In a filing with Bursa Malaysia yesterday, Star Media said the High Court had also ordered the financial institutions to release bank guarantees to the group within five business days of the said termination.
Meanwhile, JRB told the stock exchange had ordered its attorneys to file a notice of appeal at the Court of Appeal and to file a stay application for the execution of the Order of the High Court and an injunction Erinford against the issuing financial institutions and Star Media pending the hearing of the appeals.
It has been reported that the RM50 million bank guarantee comes from two financial institutions.
Star Media claimed that the JRB JAKS Island Circle Subdivision Sdn Bhd (JIC) did not deliver Tower A of the project on schedule, thereby allowing it to require bank guarantees 50 million guaranteed RM.
However, in February, JIC filed an injunction with the Kuala Lumpur District Court to prevent Star Media from receiving the RM 50 million bank guarantee.
The deadline for the delivery of unoccupied possession of Tower A expired on February 15 following the last extension agreed between Star Media and JRB.
The shares of Star Media and JRB remained unchanged at RM1.06 and RM1.28 respectively
[ad_2]
Source link
