News Release

Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)

Feb 13, 2020
J Trust Co., Ltd.

						

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J Trust Co., Ltd. (hereinafter, “the Company”) has continuously disclosed information regarding Group Lease PCL (hereinafter, “GL”) and would like to make a further announcement on subsequent events as follows:

1.History

JTRUST ASIA PTE. LTD. (hereinafter, “JTA”) made investments in GL through underwriting convertible bonds and partially converting the convertible bonds into common shares between 2015 and 2017. In October, 2017, Securities and Exchange Commission of Thailand however filed a criminal complaint against Mr. Mitsuji Konoshita (hereinafter, “Mr. Konoshita”), the then CEO of GL because he used illegal transactions to embellish GL’s financial statements, and the Commission also demanded GL adjust their past financial results. JTA filed suits against GL and its related entities to strive to collect the investment funds as a reason for window-dressing financial statements by GL and the like, based on which JTA made investments in GL.

2.Development of Litigation in Singapore

In December, 2017, JTA filed a tort claim against Mr. Konoshita, Group Lease Holdings Pte. Ltd., Cougar Pacific Pte. Ltd. (incorporated in Singapore) as well as Aref Holdings Limited, Adalene Limited, Bellaven Limited, and Baguera Limited (all of which are incorporated in Cyprus), which are alleged to be involved in the illegal transactions in Singapore to the High Court of the Republic of Singapore. The High Court of the Republic of Singapore however has rendered its judgement and refused the claim by JTA as of February 12, 2020. (Please refer to our New Release, “the Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)” released as of February 12, 2020 for details).

JTA has today appealed against the court's judgment. We will make further disclosure as soon as any further development occurs.

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Contact for inquiries

J Trust Co., Ltd. Finance Department
+81(3) 4330-9100 (Weekdays 9:00-18:00 JST)