January 12, 2018 Acknowledgement for the Current Situation on Group Lease PCL and Our View on the Future Direction (continuous disclosure)

January 12, 2018

Company Name: JTRUST ASIA PTE.LTD.
Representative: Nobuyoshi Fujisawa, Managing Director,CEO
Contact: Shigeyoshi Asano, Director
Telephone: +65-6535-5152

Acknowledgement for the Current Situation on Group Lease PCL and
Our View on the Future Direction (continuous disclosure)

J Trust Co., Ltd., the parent of JTRUST ASIA PTE. LTD., published a press release “Purchase of Group Lease PCL Shares by J Trust Subsidiary”. Please refer to the attachment.

January 12, 2018

Company Name: J Trust Co., Ltd.
(Listed on Second Section of the Tokyo Stock Exchange, code 8508)
Representative: Nobuyoshi Fujisawa, President & CEO
Contact: Taiji Hitachi, Director and Executive Officer
Telephone: +81(3) 4330-9100

Acknowledgement for the Current Situation on Group Lease PCL and
Our View on the Future Direction (continuous disclosure)

J Trust Co., Ltd. (hereinafter, “the Company”) announced its acknowledgement and view regarding Group Lease PCL (hereinafter, “GL”) on November 30, 2017 by stating that “the Company has proposed GL to amicably curtail the relationship” and “JTRUST ASIA PTE. LTD. (hereinafter, “JTA”) has sent a letter to notify to cancel the agreements on the convertible debentures amounting to USD 180 million and to demand the immediate repayment.” The Company would like to make further announcement on the subsequent events and future directions as follows;

In response to the letter sent to GL by JTA, GL returned by stating that GL is of the view that JTA could not cancel the Investment Agreements or demand GL to repay its investment. Against the backdrop, JTA has taken following actions as of today;

- In Thailand, after JTA sent GL further notification to demand the repayment by the cancellation of the investment agreements and the subscriptions of on the convertible debentures, JTA filed a civil complaint to claim compensation for the damages against GL, relevant directors of GL and Mr.Mitsuji Konoshita, and then filed the petition for the reorganization of GL. JTA also filed a criminal complaint with the Department of Special Investigation (DSI) and with the Economic Crime Suppression Division (ECD) against GL and Mr. Mitsuji Konoshita.

- In Singapore, JTA commenced an action against Group Lease Holdings Pte. Ltd., the subsidiary of GL incorporated in Singapore, Mr. Mitsuji Konoshita, as well as Cougar Pacific Pte Ltd (incorporated in Singapore) and Aref Holdings Limited, Adalene Limited, Bellaven Limited, and Baguera Limited (all of which are incorporated in Cyprus). Mr. Mitsuji Konoshita, Cougar Pacific Pte Ltd and the 4 Cyprus companies have all been accused by Thai Securities and Exchange Commission for the involvement in the fraudulent transactions. JTA also obtained an injunction against Group Lease Holdings Pte. Ltd., Mr. Mitsuji Konoshita and Cougar Pacific Pte Ltd., all 3 of whom have entered an appearance in the Singapore proceedings.

- In British Virgin Islands, JTA obtained an injunction over A.P.F. Group Co. Ltd1 and Mr. Mitsuji Konoshita.

The Company is fully committed to maximizing the value of the Company and the interests of stakeholders with taking advantages of its expertise and experiences.

We will make further disclosure as soon as any further development occurs.

-End-


1According to “Matters Concerning Controlling Shareholders” dated June 29, 2017 and “Quarterly Report” dated December 14, 2017 filed by Showa Holdings Co. Ltd., A.P.F. Group Co. Ltd., holds all the voting shares of Asukano Holdings Co. Ltd., and holds 63.38% (directly 58.33% and indirectly 5.05% via Asukano Holdings Co., Ltd) of the shares of Showa Holdings Co., Ltd., as of September 30, 2017.

 PDF(196KB)

TOP MESSAGE

We have been going...

ABOUT J TRUST ASIA

J TRUST ASIA's info..