Genting seeks dismissal of $600million false accountancy lawsuit

A $600 million lawsuit accusing the Malaysian operator of fraud and false accounting has been dismissed by gaming behemoth Genting in a federal court in Florida.

According to Genting, the case ought to be dropped since it concerns a shareholder's disagreement that ought to be resolved in the Bahamas in line with the shareholders' agreement rather than in a US court. Additionally, it contends that since the complaint alleges fraud starting in 2014, its claims are time-barred.

 

[CR7]

Genting's decision to seek dismissal of the $600 million lawsuit alleging fraud and false accounting highlights the complex legal issues surrounding the case. The argument that the dispute between shareholders should be resolved according to the shareholders' agreement in the Bahamas rather than in a US court raises questions about jurisdictional issues and the applicability of international agreements.

Furthermore, Genting's defense that the claims of fraud dating back to 2014 are time-barred adds another layer of legal complexity to the case. Statutes of limitations are crucial legal principles that determine the timeframe within which legal actions can be brought, and Genting's argument in this regard will likely require a detailed examination of relevant laws and precedents.

The dismissal of the lawsuit in the federal court in Florida marks an important development in the legal proceedings, and it will be interesting to see how the court ultimately decides on Genting's arguments. The outcome of this case could have significant implications not only for the parties involved but also for the broader legal landscape governing shareholder disputes and allegations of fraud in the gaming industry.