KUALA LUMPUR: Genting Malaysia Bhd’s shares on Bursa Malaysia went down in the morning session yesterday, affected by the ongoing legal dispute between the Malaysian casino resort group with Fox and The Walt Disney Company.
As at midday break, the share price declined 11 sen to RM3.15 with 20.14 million shares exchanging hands.
In a filing to Bursa Malaysia Wednesday, Genting Malaysia said Fox Entertainment Group LLC, Twentieth Century Fox Film Corp and FoxNext LLC (collectively known as FOX) on Jan 22, have filed a counterclaim seeking US$46.4 million (RM191.7 million) from the group, alleging breach of the implied covenant of good faith and fair dealing.
In addition to that, Genting Malaysia said Fox has claimed a sum of RM191.7 million in respect of annual licence fees, guarantee amounts/royalties and travel reimbursements pursuant to the memorandum of agreement (MoA) signed on June 1, 2013, as amended, as well as consequential damages, reasonable costs and other relief under applicable law.
“Genting Malaysia is in the process of reviewing the above with its legal counsel and intends to file a timely response and will make any necessary announcements in relation to the above matter when appropriate or once there is further material development,” it said.
Previously, Genting Malaysia is suing Fox and The Walt Disney Company for more than US$1 billion (RM4.13 billion) for terminating their contract to develop a Fox-branded theme park at Resorts World Genting in Malaysia.- Bernama
