March 19, 2018 Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)

March 19, 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.

March 19, 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 the Civil Court of Thailand to claim compensation for the damages against GL, relevant directors of GL and Mr. Mitsuji Konoshita. On 13 March 2018, GL submitted Statement of Defense and Counterclaim. The Civil Court accepted only the Statement of Defense but denied the Counterclaim of GL because the Counterclaim is irrelevant to the original claims submitted by JTA.
JTA filed a petition for the reorganization of GL. However, on the court hearing today, the Bankruptcy Court dismisses the business reorganization petition viewing that the claim against GL should be first determined by the civil court in the pending civil case and there is no ground for business reorganization at this stage. JTA will further submit the appeal against the court’s order.
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:
On 23 February 2018, the Court has set aside the injunctive order that JTA had previously obtained against Group Lease Holdings Pte Ltd, Mr. Mitsuji Konoshita and Cougar Pacific Pte Ltd. Amongst other things, the Court appears to have considered that GL should have been brought in as a defendant to the Singapore action.
On 5 March 2018, JTA obtained leave to appeal against the decision setting aside the injunctive order. After obtaining leave to appeal, JTA has proceeded to file its appeal. JTA also applied for the appeal to be heard expeditiously. On 12 March 2018, the Court granted this application and directed that the appeal be heard anytime after 2 April 2018. JTA is presently waiting for the Court to confirm the hearing date for the appeal.
JTA’s claim for damages against Group Lease Holdings Pte Ltd (the subsidiary of GL incorporated in Singapore), Mr. Mitsuji Konoshita, 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.

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-

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