KUALA LUMPUR: The Court of Appeal has dismissed property developer JAKS Island Circle Sdn Bhd’s (JIC) bid to stop two banks from releasing RM50mil in bank guarantees to Star Media Group Bhd.
The effect of the Court of Appeal’s judgment on Wednesday is that a High Court decision dated July 12 will stand and both AmBank (M) Bhd and United Overseas Bank (Malaysia) Bhd can proceed to release the bank guarantees totalling RM50mil to Star Media Group.
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