The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia's Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had little hope of recouping her bank's $10 million from the perpetrator, who was sentenced to life imprisonment. "We can't afford to lose the case. This represents 70 percent of our capital. Our business may get suspended," Josephine Yei said in an interview.
PETALING JAYA: Star Media Group Bhd
has called on a corporate guarantee given by JAKS Resources Bhd in relation to a property development project in Section 13, Petaling Jaya.
Under the corporate guarantee, JAKS Resources is to ensure its subsidiary, JAKS Island Circle Sdn Bhd (JIC), fulfils all its obligations under a sales and purchase agreement (SPA) that it entered into with Star Media Group on the project on Aug 19, 2011.
In the SPA, Star Media Group sold a piece of land in Section 13 for RM135mil.
In lieu of cash, JIC is to deliver a 15-storey office block known as Tower A. The delivery of the tower, however, has been delayed by 28 months despite the media company giving four extensions.
According to an announcement to Bursa, JAKS Resources issued the corporate guarantee to Star Media Group on Oct 17, 2013.
Star Media Group said that it has served on the corporate guarantee to JAKS Resources and JIC on Wednesday.
Last week, Star Media Group called on bank guarantees amounting to RM50mil that was given by JIC in relation to ensuring the completion and delivery of the Tower A.
JIC then obtained an ad-interim stay restraining the banks from fulfilling the bank guarantees. The matter is to be heard on March 7.
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