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.
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. 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.However, JIC launched a series of appeals and applications for injunction to stop the release of the money.