October 22, Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)

October 22, 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.

October 22, 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:

- Development of Litigation in Singapore

JTRUST ASIA PTE. LTD. (hereinafter, “JTA”) had previously filed a claim in the Singapore Court for deceit against Mr Mitsuji Konoshita (hereinafter, “Mr. Konoshita”) and Group Lease Holdings Pte. Ltd. (hereinafter “GLH”) and for unlawful conspiracy against Mr. Konoshita, GLH and companies to whom GLH extended alleged loans (hereinafter, “GLH Loans”), namely, 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). These companies are collectively referred to as the “Borrowers”. On October 6, 2020, the Singapore Court of Appeal found that the GLH Loans were a sham and were falsely accounted for in the financial and accounting information provided by GLH and GL’s financial statements to exaggerate GL’s operating results. The Court of Appeal held that Mr. Konoshita and GLH had committed deceit and that Mr. Konoshita, GLH and the Borrowers had all unlawfully conspired to damage or injure JTA. The Court of Appeal also found that Mr. Konoshita was the beneficial owner of all the Borrowers.

On October 16, 2020, JTA has since filed a claim in the Singapore High Court for conspiracy against (i) Engine Holdings Asia Pte Ltd (incorporated in Singapore) (hereinafter, “Engine”) and (ii) APF Holdings Co Ltd (incorporated in Thailand) (hereinafter collectively, the “Defendants”), on the basis that the Defendants were involved in the sham GLH Loans and unlawfully conspired to cause loss to JTA by unlawful means.

On October 21, 2020, JTA obtained a worldwide freezing injunction against Engine from the Singapore High Court. As a result of this injunction, Engine is prohibited from removing from Singapore any of its assets which are in Singapore up to the value of USD 195,000,000, and it may also not dispose of or deal with or diminish the value of any of its assets (regardless whether they are in or outside Singapore) up to the same value of USD 195,000,000. Engine is also required to inform JTA in writing of all of its assets whether in or outside Singapore, giving the value, location and details of all such assets, including but not limited to details of all encumbrances, if any, on the assets.

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




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