Star Media receives notice of appeal after JAKS loses legal suit

PETALING JAYA: Star Media Group Bhd said it has received notices of appeal after the High Court denied JAKS Resources Bhd's (JRB) request to stop it from claiming a RM50 million bank guarantee.
Star Media told the stock exchange that it had also been served with unsealed copies of applications for "stay of execution and Erinford injunction".
The company said its solicitors had advised that the Court's order to release the bank guarantees is in effect until such further order from the Court itself or an injunction is obtained to prevent the banks from releasing the bank guarantees.
Yesterday, Star Media announced that the Court had dismissed JRB's injunction to stop the company from claiming the bank guarantee provided for a joint development project in Section 13, Petaling Jaya as JRB failed to deliver vacant possession of Tower A of the project within the stipulated deadline.
The Court further ordered the banks to release the bank guarantees within five working days from the said dismissal.
Star Media's share price closed 3.77% higher at RM1.10 with 168,500 shares done, while JRB's shares fell 3.91% to RM1.23 with 6.04 million shares traded.