Unless otherwise stated, the exchange rate of USD1.00:RM4.1910, being Bank Negara Malaysia’s middle rate as at 5.00 p.m on 26 November 2018, is used throughout this announcement for purposes of translation of USD into RM.
The Board of GENM refers to the Memorandum of Agreement (“MOA”) dated 1 June 2013 that was entered into between GENM and Twentieth Century Fox Licensing & Merchandising, a division of Fox Entertainment Group, Inc., whereby GENM was granted a licence to utilise certain intellectual property rights associated with Fox theatrical motion pictures in connection with the design, development, construction and operation of what was to be called the Twentieth Century Fox World theme park under the Genting Integrated Tourism Plan. The MOA was subsequently amended on 10 June 2014 and 9 June 2017.
The Board wishes to announce that GENM had, on 26 November 2018 (United States Pacific Standard Time), filed legal proceedings in the state of California, United States, against Fox Entertainment Group, LLC, Twentieth Century Fox Film Corporation, FoxNext, LLC (collectively referred to as “FOX”), Twenty First Century Fox, Inc. (“21CF”) and The Walt Disney Company (“Disney” and together with FOX and 21CF “Defendants”) in response to a notice issued by FOX in which it terminated the MOA and claimed approximately USD46.2 million (or the equivalent of approximately RM193.6 million) in accelerated payments.
GENM denies that FOX had grounds to terminate the MOA, denies any liability resulting therefrom, and has pursued cause of action against FOX for breach of contract, and breach of the implied covenant of good faith and fair dealing, among others. GENM has also pursued cause of action against Disney and 21CF for inducing breach of contract and for interference with contract. GENM intends to fully enforce its rights under the MOA, claim for the cost of its investments and consequential and punitive damages that in total will exceed USD1 billion (or the equivalent of approximately RM4.2 billion) and such other reliefs to be determined by the court.
The litigation is not expected to impact GENM’s current business operations. As with any litigation, the validity of the causes of action and the availability and extent of GENM’s damages and other requested relief cannot be ascertained at this juncture and will depend on the outcome of the legal proceedings against the Defendants. As such, GENM will make the necessary announcements once there is a material development in relation to the above matter.
None of the directors or substantial shareholders of GENM or persons connected to them has any interest, direct or indirect, in the aforesaid litigation proceedings.
This announcement is dated 27 November 2018.
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