Posted by SarifahSelinder > 2019-08-05 12:52 | Report Abuse

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.