Genting Malaysia’s US subsidiary files motion to dismiss US$600 M claim by disgruntled partner in Bahamas resort
Tuesday 26 de November 2024 / 12:00
2 minutos de lectura
(Malaysia).- Genting Malaysia’s US subsidiary has filed a motion with the US District Court, Southern District of Florida to dismiss a suit against it by a key partner in Resorts World Bimini (RWB) in the Bahamas due to it being a shareholder dispute.
In a filing with the Malaysian bourse, Genting Malaysia said that Genting Americas Inc wants the complaint dismissed on multiple grounds, including that “this is a shareholder dispute and therefore should be dealt with pursuant to the Shareholders’ Agreement between the shareholders of [RWB operator] BB Entertainment Ltd in a forum other than the US Court.”
Genting Malaysia also says the claims are “time-barred” and that the complaint fails to adequately allege facts showing that the required elements for each claim have been met.
“Genting Americas Inc continues to firmly believe that the Complaint is baseless and without merit, and will continue to defend against these claims,” it said.
The motion to dismiss comes after RAV Bahamas, which owns 22% of BB Entertainment, filed a lawsuit with the court in early October alleging Genting – owner of a majority 78% – has turned the IR into a “financial wasteland” by dumping onto it almost a billion dollars in debt.
The lawsuit describes Genting’s alleged actions as “a massive and co-ordinated fraud” that has left assets contributed to RWB by RAV Bahamas as “essentially worthless”. It also accuses Genting of “depriving” the joint venture of profits and says the Malaysian firm “has deliberately kneecapped” its efforts to dig deeper by denying full access to the books.
Genting Malaysia has since described the claim as “malicious and baseless” and accused RAV of seeking to extract an “exorbitant payment”.
BB Entertainment was formed as a 50/50 joint venture in 2012 to further develop RAV’s existing Bimini Bay, with RAV contributing the 20 acres of land upon which RWB now sits before Genting assumed majority control in 2015. RWB comprises a 10,000 square-foot casino, 305 hotel rooms, restaurants, lounges and a jetty to dock cruise ships.
Categoría:Casino
Tags: Sin tags
País: Malaysia
Región: Asia
Event
GAT EXPO CARTAGENA 2025
28 de April 2025
26th edition of GAT Expo Cartagena closed with great success
(Cartagena de Indias).- The most important fair for the gaming, entertainment, technology and Esports industry in Latin America ended with an excellent commercial balance and testimonials of satisfaction from suppliers and operators, local and international authorities, associations and the main trade unions in the region.
Friday 02 May 2025 / 12:00
Colombian Olympic Committee, GAT Expo, and Colombian Official Esports Announce Historic Partnership to Promote Esports as an Olympic Discipline in Colombia
(Cartagena) - The Colombian Olympic Committee (COC) and GAT Esports have sealed a strategic partnership to promote esports as part of the country's professional sports ecosystem. The announcement was made at a formal ceremony held at the gaming industry products and services exhibition hall, attended by Marco Emilio Hincapié, President of Coljuegos, COC executives, José Aníbal Aguirre, CEO of GAT Esports, media, and special guests.
Wednesday 30 Apr 2025 / 12:00
GAT Expo 2025: Novelties, technology, innovation, and high-level networking in the magical city of Cartagena
(Cartagena, SoloAzar Exclusive).- Today concludes GAT Expo Cartagena 2025, which has taken place this week with the presence of 23 countries and more than 70 international brands in the historic city of Cartagena de Indias, with its cobblestone streets, flower-filled balconies, and centuries-old walls.
Wednesday 30 Apr 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.