news

JAKS files defence, counterclaim against Star Media


KUALA LUMPUR (May 30): JAKS Resources Bhd has filed its defence to a claim by Star Media Group Bhd that the former, as corporate guarantor to its 51.5%-owned subsidiary JAKS Island Circle Sdn Bhd (JIC), is liable for JIC's default of obligations in relation to a property development project in Section 13, Petaling Jaya.

The property developer has also filed a counterclaim against Star Media, seeking damages and costs for prematurely initiating the claim in bad faith and/or maliciously, and/or is an abuse of court process.

In a filing with Bursa Malaysia yesterday, JAKS said the next case management at the High Court here is fixed on June 17.

"The company will make further announcement on the developments of the matter as and when necessary," it added.

Star Media had on April 30 taken legal action against JAKS, claiming RM134.5 million being the balance purchase price for the purchase of the Section 13 land from Star Media and late payment interest of RM43.22 million.

JAKS shares closed down 2.5 sen or 3.33% at 72.5 sen yesterday, with 6.82 million shares done, bringing a market capitalisation of RM466.26 million.
 

Click here for more property stories.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. JAKS releases RM50m bank guarantee payment to Star Media
  2. JAKS fails again in bid to get leave to appeal against release of RM50m guarantee to Star Media
  3. JAKS anticipates ‘very significant’ profit growth in next two years