ChokeSlam
JAKS - Star has made a big blunder
SarifahSelinder
Publish date: Tue, 27 Aug 2019, 02:14 PM
Property losses to drag till end-2019.We understand that with the on-going lawsuits with The Star Media Group (Star), the handover of the Star Tower has now hit a snag and would now need to wait for the court to determine if Star would need to take possession or otherwise....
Source: PublicInvest Research - 22 Aug 2019
Ambil perhatian
... and would now need to wait for the court to determine if Star would need to take possession or otherwise.......
Star's lawyers have made a big bluder
Star should not have called out the RM 50m BG
If the court ruled that upon withdrawal of the RM 50m BG, Star had to take possession and to complete Tower A on its own; there will be absolutely no grounds for its legal suit to call out the Corporate Guarantee given by JAKS
And taksiran Sarifah 70 : 30 chance court kan rule Star had to take possession
And immediately there is total closure with Star
Yg Arriff
On ground YOU CANNOT HAVE THE CAKE AND EAT IT TOO, upon withdrawal of the RM 50m performance BG; Star of course had to take possession and to complete Tower A on its own.
And it follows that Star's subsequent legal suit to call out the Corporate Guarantee given by JAKS has absolutely no basis on ground Tower A had been delivered
Yg Arriff
https://klse.i3investor.com/servlets/ptres/51679.jsp
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SarifahSelinder
TAK... And immediately there is total closure with Star
x closure
Leaving yg counter claim against Star ni alive
The Board of Directors of Jaks Resources Berhad (“JRB”) or the “Company”) wishes to inform that the Company and its subsidiary JAKS Island Circle Sdn. Bhd. (“JIC”) has on 30 May 2019 filed a claim against STAR at the Kuala Lumpur High Court for breach of the Sale and Purchase Agreement dated 19 August 2011 (“SPA”) entered into between STAR and JIC.
The Company and JIC are claiming against STAR the following reliefs:-
1. a declaration that the Completion Period for JIC to deliver STAR’s entitlement under the SPA is on 20 June 2020;
2. a declaration that STAR has breached the SPA;
3. a declaration that STAR is unjustly enriched;
4. the sum of RM248,242,987.62 to be paid to JIC as liquidated and ascertained damages;
5. the sum of RM297,035,481.00 to be paid to JRB as loss of proceeds from corporate fund raising exercises;
6. the sum of RM50,000,000-00 together with all interests and all related costs incurred thereto pursuant to the Bank Guarantees that is to be refunded and/or returned to JIC within 7 days from the date of the Court Order; and
7. damages.
The Company will make further announcement on the developments of the above matter as and when necessary.
This announcement is dated 31 May 2019.
2019-08-27 14:31