KUALA LUMPUR: Genting Malaysia Bhd has downplayed any significant impact from the lawsuit filed by RAV Bahamas Ltd, saying it will not affect the group's financial performance or operations.
Genting Malaysia, In a filing with Bursa Malaysia, said the suit is nothing more than a shareholder dispute.
RAV Bahamas, it added, had sought unsubstantiated damages in excess of US$600 million (RM2.6 billion) from Genting Americas Inc (GAI), and requested pre- and post-judgment interest at unspecified rates.
"These malicious and baseless claims are an attempt by RAV and its principals to extract an exorbitant payment from GAI and inflict severe reputational damage upon GAI," it added.
Genting Malaysia said it does not expect any losses, apart from legal defence costs, as its subsidiary GAI believed that the claims are baseless and lack merit.
"GAI is preparing a comprehensive response to the complaint, which will be filed with the court in the coming weeks," the group said.
In response to Bursa Malaysia's queries, the casino operator clarified that GAI is not a key subsidiary of the group.
The group also noted that the total investment in GAI is consolidated in its financial statements, which is why specific information about GAI is not publicly disclosed on an individual basis.
"For further information, the financial results, assets and liabilities of Genting Malaysia's US and Bahamas operations are disclosed as part of its segmental analysis on its Integrated Annual Report for the financial year ended Dec 31, 2023," it added.
On Oct 13, GAI was sued by RAV Bahamas in connection with the operations of Resorts World Bimini (RW Bimini) in the Bahamas, with RAV Bahamas seeking US$600 million in damages.