Star Media Group Scores Another Win in Legal Battle Against Property Development Firm JIC
Star Media Group Bhd has scored another win in its legal battle against property development firm JAKS Island Circle Sdn Bhd (JIC).
This time around, the High Court has allowed an application by Star Media Group to enforce the undertaking issued by JIC when they filed in early 2018 to stop the media group and the banks from accepting and releasing bank guarantees of RM50mil.
High Court judge Justice Lee Swee Seng on Wednesday (June 19) ordered JIC to pay interest totalling RM1,515,068.49 to the media group plus RM10,000 in costs.
The media house was represented by counsel Wong Guo Bin.
Datuk Wong Rhen Yen represented JIC.
On Jan 7, the Federal Court had in a unanimous decision shut down the developer’s final avenue to appeal when it dismissed its application for leave to appeal against previous court orders which were in favour of the media group.
JIC had for almost a year until then prevented the release of the RM50mil bank guarantees to Star Media Group following its failure to complete and deliver ownership of a building in Section 13, Petaling Jaya.
The Federal Court panel then was a strong one presided by Chief Judge of Malaya Justice Zaharah Ibrahim. Two other judges sitting on the panel were Chief Judge of Sabah and Sarawak Justice David Wong and Federal Court judge Justice Alizatul Khair Osman Khairuddin.
The court ordered JIC to pay RM30,000 in costs to Star Media Group.
It also ordered for JIC to pay RM10,000 in costs to AmBank (M) Bhd and United Overseas Bank (Malaysia) Bhd each.
On Feb 20, last year, Star Media Group informed Bursa Malaysia that the deadline for delivery of ownership of Tower A in Section 13 in line with a sale and purchase agreement dated Aug 19, 2011, made with JIC had expired on Feb 15, 2018.
This followed the fourth extension granted by Star Media Group to JIC.
However, JIC launched a series of appeals and applications for injunction to stop the release of the money.
The High Court, in its decision on July 12, 2018, dismissed the two originating summonses filed by JIC against Star Media Group to restrain the two banks from releasing the bank guarantees to the group.
The decision was later affirmed by a three-man panel at the Court of Appeal which also refused an interim injunction to JIC pending further proceedings in the Federal Court.
The apex court however later granted an interim injunction to JIC pending the hearing of its application for leave to appeal, which took place on Jan 7.