Genting says US$600mln lawsuit on RW Bimini ‘baseless’
A lawsuit in the United States from a minority investor in the Resorts World Bimini casino resort in the Bahamas, that seeks more than US$600 million in damages and names Genting Americas Inc as defendant, is “baseless”. That is according to a Monday filing to Bursa Malaysia by the Genting Americas parent, Genting Malaysia Bhd.
Genting Americas “is of the view that the complaint is baseless and totally without merit and will vigorously defend against the complaint,” stated the Monday announcement.
It confirmed that the complaint had been filed on October 7 in a U.S. District Court in Florida by RAV Bahamas Ltd, a 22-percent investor in BB Entertainment Ltd, the operating entity of Resorts World Bimini. Genting Malaysia indirectly holds a 78-percent interest in BB Entertainment.
The filing confirmed RAV Bahamas was seeking damages “in excess of US$600 million,” but did not mention the reasons.
The Tribune, a Bahamas news outlet, had reported that RAV Bahamas was claiming Genting Americas had used its majority position to the detriment of the minority stakeholder.
Elements in that were the alleged transfer of hundreds of millions of U.S. dollars in liabilities incurred in Genting operations elsewhere, onto Resorts World Bimini’s account books. That is according to the local media outlet, citing the lawsuit.
