RM192mil counter claim filed against GenM

KUALA LUMPUR: Defendants Fox Entertainment Group LLC, Twentieth Century Fox Film Corp and FoxNext LLC (Fox) have filed a US$46.4mil (RM191.7mil) counter claim against Genting Malaysia Bhd (GenM) for breach of contract at the US District Court, Central District of California.

In a filing with Bursa Malaysia yesterday, GenM said Fox, together with Twenty First Century Fox Inc (21CF) and The Walt Disney Company also filed a reply to the lawsuit initiated by the company in November last year.

Fox, in the counter claim, is demanding US$46.4mil in respect of annual licence fees, guarantee amounts or royalties and travel reimbursements pursuant to a Memorandum of Agreement dated June 1, 2013, as well as consequential damages, reasonable costs and other relief under applicable law.

GENM added it was in the process of reviewing the above with its legal counsels and intends to file a timely response. The company would make any necessary announcements in relation to the above matter when appropriate or once there is further material development.

At the close of the trading yesterday, GENM was down by 2 sen to RM3,26.

Business , Corporate News , GENM , Genting , Fox , claim , Bursa , contract , breach


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