KUALA LUMPUR (Jan 24): Genting Malaysia Bhd (GenM) shares fell as much as 10 sen or 3.1% to RM3.16 this morning after the group said yesterday Fox Entertainment Group LLC, Twentieth Century Fox Film Corp and FoxNext LLC filed a US$46.4 million (RM191.7 million counterclaim against GenM for alleged breach of contract.

At 10:32am today, GenM was traded at RM3.19, with 9.51 million shares transacted. The stock was among the biggest decliners on Bursa Malaysia.

Yesterday, GenM said in an exchange filing that Fox, together with Twenty First Century Fox Inc and The Walt Disney Co, filed answers to GenM's lawsuit.

GenM said: "At the same time, Fox filed a counterclaim against GenM alleging (i) breach of contract and (ii) breach of the implied covenant of good faith and fair dealing. Fox is claiming a monetary sum of approximately US$46.4 million (equivalent to approximately RM191.7 million) in respect of annual licence fees, guarantee amounts/royalties and travel reimbursements pursuant to the memorandum of agreement dated June 1, 2013, as amended, as well as consequential damages, reasonable costs and other relief under applicable law."

"The above filings were made in the United States District Court, Central District of California, the same court in which GenM's lawsuit against the defendants is pending," the group said.