© Nikkei Markets
KUALA LUMPUR (Feb 14) — The Kuala Lumpur High Court on Thursday set May 30 as the trial date for Genting Malaysia Bhd versus the federal finance ministry case.
Judge Hajah Azizah Nawawi had granted Genting Malaysia leave on Jan. 24 to review the finance ministry’s decision to amend a provision under which Genting enjoyed a 10-year tax holiday for capital expenditure on Genting Integrated Tourism Plan.
The court had also granted a stay on the ministry’s decision until the case is resolved.
In 2014, the finance ministry had granted a 10-year tax exemption to Genting Malaysia on its capital spending on a $2.5 billion revamp plan for its hilltop casino, recreational amenities and a 20th Century Fox-branded theme park.
In December 2017, the finance ministry amended the tax incentive pact, which Genting Malaysia challenged. The ministry rejected Genting Malaysia’s appeal against the revision in September 2018.
– By Gan Pei Ling
– Edited by Abhrajit Gangopadhyay