JAKS obtains stay of execution, says will appeal against High Court's ruling in dispute with Star Media

JAKS Resources Bhd has obtained a stay of execution relating to the High Court’s decision to partly allow the Star Media Group Bhd’s application in an on-going legal dispute with the company related to the balance purchase price of RM134.5 million for the sale of a piece of land from SMG to JAKS.

“In respect of the application, the Court awarded late payment interest to be calculated at the rate of 8% per annum on the balance purchase price of RM134.5 million in respect of a property in Section 13, Petaling Jaya from Oct 25, 2015 to July 6 2020, being the date of vacant possession of the said property,” the group said in its Bursa Malaysia filing.

According to the advice of its solicitors, JAKS highlighted that the High Court did not allow SMG’s claim of RM134.5 million being the balance purchase price as it is of the view that the delivery defined in the sale and purchase agreement, had occurred on July 6 2020. Furthermore, the group was advised that the High Court did not allow any late payment interest on the balance purchase price from July 6 onwards and that both parties’ claim and counterclaim had been disposed of by the court.

JAKS filed a countersuit against Star Media Group on May 29 2019, seeking damages and costs for prematurely initiating the claim in bad faith and/or and/or maliciously, and/or is an abuse of court process for relief amount totalling RM595.28 million. This lawsuit is on-going.

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