February 20, Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)

February 20, 2020

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 20, 2020
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:

1. History

JTRUST ASIA PTE. LTD. (hereinafter, “JTA”) made investments in GL through underwriting convertible bonds and partially converting the convertible bonds into common shares between 2015 and 2017.
In October, 2017, Securities and Exchange Commission of Thailand however filed a criminal complaint against Mr. Mitsuji Konoshita (hereinafter, “Mr. Konoshita”), the then CEO of GL because he used illegal transactions to embellish GL’s financial statements, and the Commission also demanded GL adjust their past financial results.
JTA filed suits against GL and its related entities to strive to collect the investment funds as a reason for window-dressing financial statements by GL and the like, based on which JTA made investments in GL.

2. Development of Litigation in Singapore

In December, 2017, JTA filed a tort claim against Mr. Konoshita, Group Lease Holdings Pte. Ltd., Cougar Pacific Pte. Ltd. (incorporated in Singapore) as well as Aref Holdings Limited, Adalene Limited, Bellaven Limited, and Baguera Limited (all of which are incorporated in Cyprus), which are alleged to be involved in the illegal transactions in Singapore to the High Court. In December 2017 and June 2018, the Singapore courts issued Mareva injunctive orders against Group Lease Holdings Pte. Ltd. and Cougar Pacific Pte. Ltd as well as the injunctive order against Mr. Konoshita. On February 12th, 2020, the High Court rendered its judgment and refused the claim by JTA. On the next day, JTA filed an appeal against the judgment (Please refer to our New Release, “the Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)” released as of February 12, 2020 and February 13, 2020 for details).
On 17 February 2020, the High Court ordered that the discharge or setting aside of the above mentioned injunctive orders issued in December 2017 and June 2018 be stayed pending the final determination by the Court of Appeal of the Plaintiff's application to the Court of Appeal for an order that the Injunctions continue to be in force and effect or renewed pending the Plaintiff's appeal against the judgment to the Court of Appeal.

We will make further disclosure as soon as any further development occurs.




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