Marketing

Toggle

Article

Fox files RM191.7m counter-claim against Genting

Fox has filed a US$46.4 million (approximately RM191.7 million) counter-claim against Genting Malaysia for breach of contract and breach of the implied covenant of good faith and fair dealing.

According to the bursa filing, the amount is in respect of annual licence fees, guarantee amounts or royalties and travel reimbursements pursuant to the Memorandum of Agreement dated 1 June 2013, as well as consequential damages, reasonable costs and other relief under applicable law.

Genting said in the bursa filing that it is in the process of reviewing the counter-claim and “intends to file a timely response”. Necessary announcements related to the counter-claim will be made when appropriate or available.

This comes as Genting is suing Twenty-First Century Fox and The Walt Disney Company for over US$1 billion for abandoning the 2013 contract to build Fox World, a Fox-branded theme park. The US$1 billion includes approximately US$750 million Genting had invested in the park, as well as consequential and punitive damages. Genting had previously alleged that both parties faced “seller’s remorse” and that Fox has “improperly conspired” with Disney to “sabotage” the Fox World project.

Disney later denied Genting’s claims of it abandoning the contract, with its spokesperson telling A+M that the claims made against Disney in this matter are “utterly without merit”.

Read More News

in Singapore by

MPAS Announces 2012 Winners

Travel magazine Asian Geographic Magazine has claimed the top award being named the Overall Magazine of the Year for 2012 by the M..

Trending