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KUALA LUMPUR (Jan 8): JAKS Resources Bhd has failed again in its bid to get the court’s permission to appeal against the release of a RM50 million bank guarantee to Star Media Group Bhd.
In a filing with Bursa Malaysia yesterday, Star Media said, the board of directors was pleased to announce that the federal court had unanimously dismissed JAK’s leave application with costs awarded to the company.
The guarantee is in relation to an agreement between Star Media and JAKS’ unit, JAKS Island Circle Sdn Bhd, for the latter to develop a 15-storey tower in Petaling Jaya. JAKS and Star Media got into a dispute due to delays in the construction of the tower block. JAKS, which argued that the delays were partly due to changes in Star Media’s requirement to the tower’s design, retaliated with a suit to restrain the guarantee’s release.
This article first appeared in The Edge Financial Daily, on Jan 8, 2019.
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