Berjaya Retail S. Berhad, Owned by Malaysian Tycoon Vincent Tan, Failed to Comply with International Arbitration Award
KV Kortrijk Assets Frozen
NEW YORK, Aug. 28, 2019 /PRNewswire/ -- Today, General Wireless Operations Inc. ("the Company"), instituted a conservatory seizure on K.V. Kortrijk, the Belgian football club, ultimately owned by Vincent Tan. Mr. Tan is a Malaysian businessman who owns a number of Football clubs throughout the world, including Cardiff City, the Los Angeles Football Club and FK Sarajevo. Mr. Tan also owns Berjaya Retail S. Berhad, which failed to comply with an International Arbitration Award in favor of General Wireless Operations Inc. The seizure of K.V. Kortrijk resulted from this failure to comply with the International Arbitration order, as detailed in separate filings between the parties in the U.S. District Court for the South District Court of New York, case no. 1:10-cv-01016.
Through his public company Berjaya Corporation (KLSE: BJCORP) and other private vehicles, including Berjaya Retail, Mr. Tan maintains ownership stakes in various business, including Starbucks, Wendy's, Krispy Kreme, 7-11, Singer, and Kenny Rogers. Mr. Tan's Berjaya Retail also owns the 7-11 and Singer Malaysian franchises.
About General Wireless Operations Inc.
General Wireless Operations Inc. dba RadioShack is an iconic consumer electronics company and a leading national retailer of innovative technology and power products. In 2015, General Wireless Operations Inc. acquired the storied brand RadioShack which was originally founded in 1921.
SOURCE General Wireless Operations Inc.