I will revert once I receive feedback from the person-in-charge.
Thank you and kind regards, Lydia
To: "Berjaya.com.my-Media" <media@berjaya.com.my> Subject: Berjaya Jeju Court Ruling
Dear Lydia,
I'm a minority shareholder of both Berjaya Corp and Berjaya Land. In its latest quarterly report, Berjaya Corp has mentioned about court ruling on Jeju case falls on Jan 09 as follow:
At the formal hearing, held on 25 July 2019, the presiding judge requested BJR to submit evidentiary evidence with respect to the total claims by BJR and fixed 19 September 2019 as the next hearing date. On 19 September 2019, the presiding judge fixed 31 October 2019 as the final hearing before the court decides on the JDC Lawsuit. The final hearing was subsequently re-set to 25 November 2019. The court has fixed 9 January 2020 for the delivery of the judgment.
Unfortunately, minorities have not been updated accordingly. Would appreciate feedback from you will be much appreciated, and would offer much comfort to minorities if an announcement be made.
Jeju case didn't get coverage from local analyst and newspapers reported, plus bursa noticed a bit unusual. This is big money involved bjland or bjcorp financial faith.
Actually I a bit fedup with Malaysia esp Bursa. When Malaysia keen to let IPO listing with huge billion share like Mr DIY , Uncle Don etc. Promise to share 40% profits to investors, but when you look back at bjland case. You feels like different story after all.
I think there's a court case, otherwise it won't be reported in bjcorp annual and quarterly reports. Though, bjcorp has failed to update minorities despite stating that 'important' date in the latest report. Let's see what bjcorp's Lydia has to say in her reply to my e-mail...
Your email below refers. Regarding the JDC Lawsuit, the court has postponed the delivery of judgement from 9 January 2020 to 6 February 2020.
Berjaya Land would have made an immediate announcement had it received the judgement on 9 January 2020.
Berjaya Land will report the status of its material litigations in its quarterly unaudited interim results if there is no significant change to the litigations.
I have replied while seeking to verify the news posted here earlier, as follow:
Dear Lydia,
Since BJCorp has mentioned a delivery of judgment on Jan 09, a delay is considered significant to minorities if there's no follow-up provided. Please be considerate! We're not sitting in the board or holding any management role in BJCorp or BJLand.
have suggested BJCorp had lost in its claim in Jeju case, against what's pictured in the quarterly report. Would you kindly verify if the claims in the news valid, and how's it differ from what's presented to minorities in the quarterly reports?
Translated as: The Malaysian Berjaya Group, who lost in a lawsuit for damages to the former recreational residential complex against Jeju Island, appealed.
Berjaya Jeju Resort (BJR) has recently filed an appeal with the Seoul Central District Court for the loss of the 200 million won damages filed against Jeju Island.
On March 20, 2015, Berjaya decided that the Supreme Court would invalidate the disposal of land-based recreational residential complexes and land acceptance.
Subsequently, Jeju and Seogwipo City, which are license disposal agencies, were also responsible, and filed an additional lawsuit on March 19, 2018, one day before the expiration of the claim (March 20, 2018).
In a first trial against Jeju Island, the court ruled that the plaintiffs did not believe that the defendant violated the Burjaya side in violation of the objective duty of attention.
It was judged that Jeju Island did not grant the permit even though it found that the recreational residential complex does not correspond to an amusement park, which is an infrastructure under the National Land Planning Act.
A trial of 350 billion won against JDC has been under trial for four years. The Tribunal visited Jeju in November 2016 and conducted on-site verification, but it has not been able to resume pleadings until now due to land appraisal.
Originally, Berjaya had invested 2.5 trillion won in Yerae-dong, Seogwipo-si by 2017 to create a high-end residential complex. Since July 2015, due to financial difficulties, the construction was completely suspended.
As the Supreme Court found that land acceptance was invalid, about 200 original landowners also filed a lawsuit to return land to JDC. The litigation is equivalent to 480,000㎡, which is 65% of the 74,1192㎡ of business sites.
Entertainment theme & amusement park actually sounds no different. But casino such big issue, they're both know or one side simply add in. Judgment is ok. Now, the JDC and bjjland dispute. Anyone have opinion?
On 13 September 2017, Jeju District Court rendered a judgement against JDC and Seogwipo City in the Administrative Lawsuit. The judgement rendered all of the development approvals issued in connection with the Jeju Project null and void. JDC and Seogwipo City have filed an appeal against the Administrative Lawsuit judgement. On 1 February 2019, the Korean Supreme Court dismissed JDC and Seogwipo City's appeal.
In view of the nullification of all the development approvals issued in connection with the Jeju Project, BJR made an application to the court in the JDC Lawsuit for a supplementary land price appraisal report, to be prepared with respect to the Jeju Project site subject to a revised assumption that no development approval had been issued on the Jeju Project site. In February 2018, the presiding judge in the JDC Lawsuit was re-assigned to another court, and another judge was appointed as the new presiding judge in the JDC Lawsuit.
In July 2018, BJR made an application to the court in the JDC Lawsuit to conduct a second supplementary land price appraisal report, as BJR was dissatisfied with the first supplementary land appraisal report which was based on disputable land reference. The court in the JDC Lawsuit granted BJR's application to conduct a second supplementary appraisal, to be undertaken by a different appraiser. The second supplementary land price appraisal report has been completed and a preparatory hearing was held on 20 June 2019. The presiding judge closed the preparatory proceedings for pleading and stated that the formal hearing will commence on 25 July 2019. At the formal hearing held on 25 July 2019, the presiding judge requested BJR to submit evidentiary evidence with respect to the total claims by BJR and fixed 19 September 2019 as the next hearing date. On 19 September 2019, the presiding judge fixed 31 October 2019 as the final hearing before the court decides on the JDC Lawsuit. The final hearing was subsequently re-set to 25 November 2019.
Jeju Island wins damages between Jeju Island and Berjaya Group By Kim Kwan-mo 2019.04.18 16:01 Comments 0Facebook Twitter Cacao story Copy URL Share article Writing The Seoul Central District Court Berjaya Jeju Resort dismissed claims seem to have affected 3,500 one hundred million won lawsuit against JDC Jeju Island prevailed after a lawsuit for compensation for damages with the Berjaya Group in Malaysia regarding the suspension of the construction of Yeorae Recreational Residential Complex. The settlement of one of the biggest issues, the resolution, will also affect JDC's litigation.
Bird's-Eye View of Recreational Residential Complex that Berjaya Resort has promoted The Seoul Central District Court's 33-party civil affairs dismissed a claim for damages against Jeju Island on January 18 by Berjaya Jeju Resort (BJR), a Jeju corporation of the Malaysian Berjaya Group.
The Tribunal dismissed the plaintiff's claim for Berjaya Jeju Resort and ruling the plaintiff to pay the litigation costs.
On March 20, 2015, the Supreme Court judged that the land reclamation complex of the traditional recreational residential complex was invalid and was found to be an illegal administrative disposition due to intentional negligence of public officials.
As a result, BJR, which was a business operator, suffered damages in the amount invested, such as construction cost, and Berjaya Jeju Resort filed a claim of 350 billion won against JDC on November 6, 2015.
In addition, on March 19 of last year, it claimed that Jeju Island and JDC were responsible for the suspension of the construction of the Yerae-dong complex and filed a claim for damages of 210 million won to Jeju Island. JDC has filed a lawsuit of $ 350 billion in damages.
Meanwhile, the Yerae-gu recreational complex development project will invest 2.5 trillion won by 2017, with a land of 74,193㎡ in Yerae-dong, Seogwipo-si, casino town, spa resort, landmark with condominium, 5-star hotel, shopping center, etc. The plan is to build a tower, medical center, spa auditorium and museum. The project has been suspended since July 2015 since it started in 2013.
Err... It's actually roundcateye that posted the link first. I raised the content of the article to bjcorp merely because they're off by too much and got me worried...
In case u dunno..subsequent 2 article published in 18 April 2019. Here's the follow up article on 7 May 2019 Anyway this case refers only to the 200 million won (RM700,000) damages filed against Jeju Island and not the 350 Billion won (RM1..23Billoin) case mentioned in BJLand report to be decided on 6 Feb. 2020?
Appeal of Berjaya Resort to Lose Damage By Kim Jung Ho ( newss@hanmail.net ) Approval 2019.05.07 09:55
The Malaysian Berjaya Group, who lost in a lawsuit for damages to the former recreational residential complex against Jeju Island, appealed.
Berjaya Jeju Resort (BJR) has recently filed an appeal with the Seoul Central District Court for the loss of the 200 million won damages filed against Jeju Island.
On March 20, 2015, Berjaya decided that the Supreme Court would invalidate the disposal of land-based recreational residential complexes and land acceptance.
Subsequently, Jeju and Seogwipo City, which are license disposal agencies, were also responsible, and filed an additional lawsuit on March 19, 2018, one day before the expiration of the claim (March 20, 2018).
In a first trial against Jeju Island, the court ruled that the plaintiffs did not believe that the defendant violated the Burjaya side in violation of the objective duty of attention.
It was judged that Jeju Island did not grant the permit even though it found that the recreational residential complex does not correspond to an amusement park, which is an infrastructure under the National Land Planning Act.
A trial of 350 billion won against JDC has been under trial for four years. The Tribunal visited Jeju in November 2016 and conducted on-site verification, but it has not been able to resume pleadings until now due to land appraisal.
Originally, Berjaya had invested 2.5 trillion won in Yerae-dong, Seogwipo-si by 2017 to create a high-end residential complex. Since July 2015, due to financial difficulties, the construction was completely suspended.
As the Supreme Court found that land acceptance was invalid, about 200 original landowners also filed a lawsuit to return land to JDC. The litigation is equivalent to 480,000㎡, which is 65% of the 74,1192㎡ of business sites.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
lwyy60
477 posts
Posted by lwyy60 > 2020-01-09 22:02 | Report Abuse
lolz, nvr realise i still have portion here and average abit lolzz, Good luck all.