February 12, Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)

February 12, 2019

Company Name: JTRUST ASIA PTE.LTD.
Representative: Nobuyoshi Fujisawa, Managing Director, CEO
Contact: Nobiru Adachi, 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 12, 2019
J Trust Co., Ltd.
Securities code: 8508

Acknowledgement for the Current Situation on Group Lease PCL
(Continuous Disclosure)

J Trust Co., Ltd. (hereinafter, “the Company”) has continuously disclosed information regarding Group Lease PCL (hereinafter, “GL”) and would like to make a further announcement on subsequent events as follows:

- Latest development in Singapore:
As we previously announced, JTRUST ASIA PTE. LTD. (hereinafter, “JTA”) filed a tort claim against Group Lease Holdings Pte. Ltd. (hereinafter, “GLH”), Mr. Mitsuji Konoshita, Cougar Pacific Pte Ltd. (Singapore incorporated), Aref Holdings Limited, Adalene Limited, Bellaven Limited, and Baguera Limited (Cyprus incorporated) with the High Court of Singapore (hereinafter “Court”). In October 2019, the Court heard the case in full and has rendered its judgment today.

In the judgment, the Court found that the loans extended by GLH to Cougar Pacific Pte Ltd and the Cyprus incorporated companies mentioned above (“the Cyprus borrowers’) were “undoubtedly unusual” and “suspicious”. The Court also found that the money transferred to the Borrowers “passed through other companies before it was used to purchase shares in GL, artificially increasing GL’s share value, and the shares were then put up as collateral for the loans.” However, the Court still dismissed JTA’s claim in deceit against GLH and Konoshita on the ground that while “the conduct of GLH and Konoshita may fall far short of the standards of good corporate governance”, JTA has not shown that it had crossed the threshold into dishonest intent. The Court dismissed the claim in conspiracy against Cougar Pacific Pte Ltd and the Cyprus borrowers because it took the view that JTA had not shown that those defendants intended to cause injury to JTA.

The Court also rejected the arguments by the defendants that JTA has abused the process of the Court. Among other things, it was alleged by the defendants that the entire suit is an abuse of process that arises out of J Trust’s demonstrated desire to acquire GL. The Court, however, rejected this argument. The Court further noted that JTA’s claim was “not wholly unmeritorious in light of the unusual nature of the GLH loans”.

In light of this judgment, we are in middle of discussing our possible next steps with our legal representatives. We will make further disclosure as soon as any further development occurs.

-End-

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