Federal Court grants interim injunction in JAKS-Star Media case

PETALING JAYA: The Federal Court has granted an interim injunction to restrain the release of a RM50 million bank guarantees to the Star Media Group Bhd until Aug 1, which will also be the date the Erinford injunction will be heard.
Star Media Group has been served the with new notices by JAKS Resources Bhd (JRB), which includes an application for leave to appeal to the Federal Court against the Appellate Court’s decision on July 27.
Star Media told the stock exchange that the recent notice also included an application for Interim orders pending the hearing of the application for leave to appeal the Court of Appeal’s decision to the Federal Court.
Last Friday, the Court of Appeal dismissed JRB subsidiary Jaks Island Circle Sdn Bhd’s (JIC) motions for Erinford injunction to stop Star Media Group Bhd from claiming a bank guarantee of RM50 million provided for a joint development project in Section 13, Petaling Jaya.
Star Media’s shares gained 2.48% to close at RM1.24 with some 247500 shares done. Meanwhile, JRB’s shares fell 8.185 to close at RM1.01 with 16.52shares done.