Singapore Judgment Against GLH Fully Paid, Injunction Against GLH Removed and KPMG Concern Solved
Mr. Tatsuya Konoshita, Acting Chief Financial Officer of Group Lease Public Company Limited, revealed “on 12 July 2021, GLH paid the remaining portion of the Singapore Judgement against GLH and now the GLH judgement has been paid in full. In the 6 October 2020 decision, the High Court of Singapore ruled that GLH and other defendants are jointly and severally liable for damages amounting to around $70 million or roughly THB 2,187 million, approximately only 30% of what JTA had claimed. Most of the damages awarded, $49 million (approximately THB 1,527 million), related to the $50 million convertible debentures that was due to JTA in March 2020 but that GL withheld due to JTA’s actions.
By completing payment of the Singapore Judgement, this resolves one of the major concerns of KPMG in regards to the Company’s financial statements of 2020 and legal uncertainty. With the Singapore Judgement satisfied and the injunction against GLH removed, this is no longer a concern for our business and neither for KPMG and is a step forward to help us be able to disclose our 2020 financial statement.”
Mr. Riki Ishigami, Chief Executive Officer of Group Lease Public Company Limited, stated, “we are pleased to satisfy the Singapore Judgement against GLH. By completing payment for this judgement, we not only removed the injunction against GLH which will allow us to utilize all the assets of the Group for our shareholder’s benefit, but it also shows that the Company has the ability and financial strength to pay such a judgement. Now we can better focus on our business and move on to the next step for GL after the Covid situation improves.”
For more information, please contact
Sutisa Trikisyasopon / Phoomrapee Siriban
Siam PR Consultant Co., Ltd.
Tel. 0-2693-7835 Ext. 25 / 21
Mobile. 098-996-2454 / 081-587-5199