KUALA LUMPUR, Oct 14 — Genting Malaysia Bhd’s US subsidiary, Genting Americas Inc (GAI), is facing a lawsuit from RAV Bahamas Ltd concerning the operations of Resorts World Bimini (RW Bimini) in the Bahamas.
In a recent filing with Bursa Malaysia, the company disclosed that the lawsuit, submitted on October 7 to the US District Court for the Southern District of Florida, demands damages exceeding US$600 million (RM2.6 billion).
RW Bimini is owned and operated by BB Entertainment Ltd (BBE), in which Genting holds a 78 per cent indirect interest, while RAV retains the remaining 22 per cent.
GAI, an affiliate of BBE, received the lawsuit on October 11.
GAI maintains that the claims are unfounded and lacking in merit, stating that it will vigorously defend itself against the allegations.
Genting also indicated that it would provide updates as significant developments arise.
As of the latest update, Genting’s share price declined by seven sen, or 2.98 per cent, to RM2.28, bringing the group’s market valuation to RM13.60 billion.
