Genting Malaysia has commenced legal proceedings against Twenty First Century Fox and the Walt Disney Company, relating to the collapse of the first ‘Fox World’ branded theme park, which was to be located at its Resort World Genting Complex, near Kuala Lumpur.
The organisation said that, “claimed approximately $46.2m in accelerated payments” when terminating its prior memorandum of agreement, within its filing to the Malaysian Stock Exchange.
“The Board of GENM refer to the memorandum of agreement dated 1 June, 2013 that was entered into between GENM and Twentieth Century Fox, licensing & Merchandising, a division of Fox Entertainment group Inc, where GENM was granted a license to utilise certain intellectual property rights associated with Fox theatrical motion pictures, in connection with 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.”
Before detailing that, “GENM denies that Fox had grounds to terminate the MOA, denies any liability resulting thereform, and has pursued cause of action against Fox for breach of contract and breached of the implied covenant of good faith and fair dealing, among others.
Genting also accuses Fox of stalling on the deal for a numbers as it was seeking a renegotiations of terms, before claiming Disney is now claiming the shots, as it stands poised to complete its $71 billion purchase of Fox, with the gaming company said to not fit the appropriate family friendly brand image and strategy.