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HomeNewsElsewhereGenting Malaysia calls $600 million lawsuit ‘an attempt to extract an exorbitant payment’

Genting Malaysia calls $600 million lawsuit ‘an attempt to extract an exorbitant payment’

In a filing by Genting Malaysia Berhad on Thursday, the company states that its partner in the venture, RAV Bahamas ‘seeks unsubstantiated damages in excess of $600 million, and also requests pre- and post-judgment interest at unspecified rates’.

The company furthers: ‘these malicious and baseless claims are an attempt by RAV and its principals to extract an exorbitant payment from GAI and inflict severe reputational damage upon GAI (Genting Americas)’.

Earlier this week, Genting indicated that it had been informed of the claims against it, which are classified by the courts as ‘fraud’.

Genting operates RW Bimini via BB Entertainment, in which GENM indirectly holds a 78 percent interest via GAI.

Resorts World Genting Bimini, Bahamas
Resorts World Bimini, Bahamas

According to a report by The Bahamas Tribune, RAV Bahamas is claiming that Genting used its majority ownership to conceal liabilities incurred at other properties and placed on the books of RW Bimini.

RAV Bahamas reportedly claims that GAI conducted ‘a massive and co-ordinated fraud’ and that it has been ‘depriving’ RAV Bahamas of profits and limiting access to the property’s financial records.

In the Thursday filing with Bursa Malaysia, the group indicates that ‘as the Complaint is entirely baseless and without merit, we do not expect there to be any material impact on the financial results or operations of the GENM Group from such claims.’

The group furthers that ‘there are no expected losses, other than the cost of defense’.

The group indicated that GAI ‘is preparing a comprehensive response to the Complaint, which will be filed with the Court in the coming weeks.’

Kelsey Wilhelm
Kelsey Wilhelmhttps://agbrief.com
Kelsey Wilhelm is a broadcast, print journalist and editor based in Asia for over 15 years. Focused on content creation, management, cross-cultural exchange and interviews for multi-lingual productions. Writing focus on gaming, business, politics, culture and heritage, events and celebrities, subcultures, music, film, art and fashion. Some of Kelsey's specialties are: editing, writing, copy creation, multi-lingual content production, cross-cultural exchange, content creation and management for Asian markets.

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