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SINGAPORE: CapitaLand said its partner in the Macao Studio City project, eSun, is suing another partner in the project, New Cotai.
eSun started legal proceedings in Hong Kong against New Cotai, alleging breaches of fiduciary duties as well as in its sale and purchase agreement. eSun is seeking damages in excess of US$2.385 billion.
CapitaLand has a joint venture company with eSun called East Asia Satellite Television or EAST.
Through EAST, CapitaLand has invested an effective 20 per cent interest in the proposed Macao Studio City or MSC project. EAST has a 60 per cent stake in MSC, while New Cotai has a 40 per cent interest.
CapitaLand said the lawsuit is undertaken solely by eSun and that it is protected from any potential losses due to the litigation. That is because CapitaLand has obtained from eSun an indemnity before the start of legal proceedings.
CapitaLand said the lawsuit is not expected to have any material impact on its earnings for the current financial year ending in December.
The MSC project is billed as Asia's first leisure resort to integrate TV and film production facilities, retail, gaming and hotels. It is being built on Macau's Cotai Strip. - 938LIVE/vm
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