February 21, 2018 Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)

February 21, 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
(Continuous Disclosure)

J Trust Co., Ltd., the parent of JTRUST ASIA PTE. LTD., published a press release “Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)”. Please refer to the attachment.

February 21, 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
(Continuous Disclosure)

J Trust Co., Ltd. (hereinafter, “the Company”) announced its acknowledgement for the current situation regarding Group Lease PCL (hereinafter, “GL”) and our view on the future direction in the previous releases. The Company would like to make further announcement on the subsequent events as follows.

Situations in Thailand:
JTRUST ASIA PTE. LTD. (hereinafter, “JTA”) filed a civil complaint to claim compensation for the damages against GL, relevant directors of GL and Mr. Mitsuji Konoshita. All the claims have been successfully served.
JTA filed a petition for the reorganization of GL. Pursuant to the provision of the Bankruptcy Act in Thailand, GL shall not make any disposal, distribution or transfer, grant a lease, make repayment of debt, create debts or perform any action having the effect of creating any encumbrance over GL’s property except that it is an action necessary for the continuance of normal operation of their business. In this relation, Showa Holdings Co.,Ltd. and Wedge Holdings Co., Ltd. respectively stated in their Quarterly Report filed with the Kanto Financial Bureau and the Consolidated Financial Results for the nine months ended December 31, 2017 disclosed through the Tokyo Stock Exchange that “Throughout the period since GL entered into the investment agreements for the issuance of the convertible debentures with JTA, GL has been in full and strict compliance with the terms and conditions of the said investment agreement,” as well as that “GL has never been in default on payment with any of its creditors.” However, GL has not made any payment to JTA in line with the investment agreement on the convertible debentures or by any means. To avoid misunderstandings, it should be added that JTA has cancelled the investment agreements and demanded the repayment by the cancelation of the agreements.
JTA filed a criminal complaint with the Department of Special Investigation (DSI) and the Economic Crime Suppression Division (ECD) against GL, Mr. Mitsuji Konoshita and relevant persons.

Situations 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)1, which is pending litigation.
JTA also obtained an injunction against Group Lease Holdings Pte. Ltd., Mr. Mitsuji Konoshita and Cougar Pacific Pte Ltd., which currently remains in full force and effect.

Situations in British Virgin Islands:
JTA obtained an injunction freezing the assets of A.P.F. Group Co. Ltd and Mr. Mitsuji Konoshita, which remains in force.

Situations in Cyprus:
JTA obtained an injunction against Aref Holdings Limited, Adalene Limited, Bellaven Limited, and Baguera Limited (all 4 of which are incorporated in Cyprus), as well as Mr. Mitsuji Konoshita, which currently remains in full force and effect.

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-


1Mr. 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.

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