February 23, 2018 Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)

February 23, 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 23, 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.

Developments 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.
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. The authorities have been processing the complaint filed by SEC and JTA.

Developments in Singapore:
The court has set aside the injunctive order against Group Lease Holdings Pte. Ltd., Mr. Mitsuji Konoshita and Cougar Pacific Pte Ltd., that JTA had previously obtained. Amongst other things, the court appears to have considered that GL should have been brought in as a defendant to the Singapore action. JTA is taking steps to appeal.
JTA's claim for damages 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), is pending and will be pursued.

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-

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