May 1, 2018 Notice Concerning the Filing of a Lawsuit against a Subsidiary

May 1, 2018

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

Notice Concerning the Filing of a Lawsuit against a Subsidiary

J Trust Co., Ltd., the parent of JTRUST ASIA PTE. LTD., published a press release “Notice Concerning the Filing of a Lawsuit against a Subsidiary”. Please refer to the attachment.

May 1, 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

Notice Concerning the Filing of a Lawsuit against a Subsidiary

A lawsuit (hereinafter, “the Lawsuit”) was filed against the Company’s subsidiary, J TRUST ASIA PTE. LTD. (hereinafter, “J TRUST ASIA”). The details are as follows.

The Company also has confirmed that, in addition to J TRUST ASIA, several executive officers of the Company’s group companies and one related entity of one of those officers, are named as defendants (hereinafter, “Individual Defendants”) in the Lawsuit.

1. Courthouse and Filing Date of the Lawsuit

(1) Courthouse The Supreme Court of Mauritius (Commercial Division)
(2) Filing Date

March 28, 2018 (Date of the plaint)

J TRUST ASIA became aware of the plaint on April 3, 2018, and on April 20, 2018, the Company has confirmed, through local legal counsel, that the Lawsuit was filed according to the Mauritian court records.

2. Overview of the plaintiffs who filed the Lawsuit

(1) Name (i) First Global Funds Limited PCC
(ii) Weston International Asset Recovery Company Limited
(iii) Weston Capital Advisors, Inc
(iv) Weston International Asset Recovery Corporation, Inc.
(v) Weston International Capital Limited
(2) Address For plaintiffs (i); (ii); (iv) and (v): Ebene, Republic of Mauritius
For plaintiff (iii): New York 10017, USA.
(3) Title and name of representative Unknown

3. Overview of the Lawsuit and amount of claims

  • (1) Cause and details of the Lawsuit
    • Although the allegations in the plaint are vague and not substantiated, the local legal counsel explained that the outline of the plaintiffs’ claims is as follows: there is a claim for damages against J TRUST ASIA and the Individual Defendants on the grounds that, while J TRUST ASIA and the Individual Defendants were fully aware of the 2015 Mauritius Judgment※1,the subsequent Mareva injunction and the contempt order subsequently issued by the Mauritian court, they conspired with the Company and PT Bank J Trust Indonesia, Tbk. and breached these decisions. In addition, the local legal counsel explained that a claim has also been made for global Mareva injunction against J TRUST ASIA and the Individual Defendants.
      In relation to the above claims, our local legal counsel explained that the claims by the plaintiffs are vague, that the plaintiffs did not provide any particulars for the quantification of damage, and that the cause and the details of the claims, and the relief sought, among others, seem to overlap with those of the plaintiffs’ 2017 Mauritius Lawsuit . For these reasons, our local legal counsel is of the opinion that the claims are unreasonable.
  • (2)Amount of subject matter of suit
    • 280,000,000 USD (approx. 29.7 billion JPY) as the amount claimed as damages, and up to the amount of 300,000,000 USD (approx. 31.8 billion JPY) as the scope of the Mareva injunction.
    • Converted at the rate as of March 31, 2018 (1 USD = 106.24 JPY).
    • The plaint includes statements to the effect that the plaintiffs are claiming interests and costs, in addition to the amount above.
  • 1. Please see our press release, “Notice of Filing of Complaint for Declaratory Judgment regarding Absence of Obligations” issued on August 10, 2015.
  • 2. Please see our press release, “Notice Concerning the Filing of a Lawsuit against a Subsidiary” issued on February 2, 2018.

4. Overview of the Company’s subsidiary

(1) Trade Name J TRUST ASIA PTE. LTD.
(2) Address of the Head Office Republic of Singapore
(3) Title and Name of Representative Nobuyoshi Fujisawa, Managing Director and CEO
(4) Business Operation Investment Business and Management Support Services
(5) Capital SGD 375 million (approx. JPY 29.8 billion)
(as of March 31, 2018)
(6) Date of Establishment October 7, 2013
(7) Major Shareholder and Shareholding Ratio J Trust Co., Ltd. 100.00%

5. Future Prospects

The plaintiffs in the Lawsuit and other Weston-related companies have made claims against the Company and its group companies in the past. However, J TRUST ASIA recognizes that the allegations by the plaintiffs in the Lawsuit are unreasonable and groundless, and have no basis, as in the other lawsuits filed by the plaintiffs. Also, J TRUST ASIA is of the view that the Mauritian court has no jurisdiction to hear the Lawsuit.

J TRUST ASIA will formally contest the plaintiffs’ claims, including the jurisdiction of the Mauritian court.
At present, the Company considers that this matter has no impact on the financial results of the Company. The Company will disclose information regarding the Lawsuit’s status and its impact on the financial results promptly, following occurrences that warrant disclosure.

-End-

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