April 16, Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)

April 16, 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.

April 16, 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 including the underwriting of convertible debentures between 2015 and 2017. In October, 2017, Securities and Exchange Commission of Thailand (hereinafter, “SECT”), filed a criminal complaint against Mr. Mitsuji Konoshita (hereinafter, “Mr. Konoshita”), the then CEO of GL, for committing fraud, misappropriating assets and falsifying accounting records by executing concealed transactions through several associated companies abroad to exaggerate operating results. This was followed by the SECT to make further demands that GL to rectify their past financial results. As a consequence, Mr. Konoshita is under the investigation under relevant Thai authorities (including Department of Special Investigation). JTA filed suits against GL and its related entities for fabrication of financial statements by GL in order to strive to collect invested funds, which was made based on these fabricated financial statements and GL’s persuasion that misled JTA to make such investments in GL.

2. Development of Litigation in Thailand

In furtherance to our announcement made on March 5, 2020, see “Acknowledgment for the Current Situation on Group Lease PCL (Continuous Disclosure)”, we hereby confirm that we have filed an appeal against the judgment rendered on March 5, 2020 with Court today.

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

END

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