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.
 

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