JAKS Resources appeals bank guarantee release order

KUALA LUMPUR (July 13): JAKS Resources Bhd is appealing the High Court’s decision ordering the release of a RM50 million bank guarantee to Star Media Group Bhd.

In a filing to the stock exchange, JAKS said it filed the appeal at the Court of Appeal today.

The group also filed applications for a stay of execution on the High Court order and an injunction to restrain the two issuing financial institutions of the bank guarantee from releasing the proceeds to Star Media.