March 18, Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)

March 18, 2020

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.

March 18, 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 from 2015 to 2017.
In October, 2017, Securities and Exchange Commission of Thailand filed a criminal complaint against Mr. Mitsuji Konoshita (hereinafter, “Mr. Konoshita”), then the CEO of GL, because he used illegal transactions to embellish GL’s financial statements. The Commission also demanded GL to rectify their past financial results. JTA filed suits against GL and its related entities to strive to collect the investment funds as a reason for fabricated financial statements by GL and the like, based on which JTA made investments in GL.

2. Development of Criminal Complaint in Cambodia

As has previously been disclosed by the Company, Mr. Konoshita filed a criminal complaint against our directors with Prosecution Office attached to Phnom Penh Court of First Instance in Cambodia. Today, the law firm acting for the Company has confirmed to us that the investigating judge in relation to the criminal complaint has dropped the criminal charge against the directors as of March 13, 2020.

3. Prospect

We will make further disclosure concerning litigation between JTA and GL as soon as any further development occurs.

END

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