Court Rejects JTA Argument in Singapore, Allows GLH to Currently Continue Normal Operations
During this month, J Trust Asia ("JTA") has launched several lawsuits against Group Lease ("GL") and our subsidiaries including in Thailand and Singapore. For each of these lawsuits, so far, the court has only heard JTA's arguments and has only made decisions based only on the information JTA has provided since JTA started the lawsuits and due to court procedures, GL has not yet had a chance to respond. On January 25, 2018, in Singapore, the court for the first time heard both JTA and GL's arguments together. JTA asked the court to immediately prevent Group Lease Holdings ("GLH"), our Singapore holding company whose purpose is to manage GL's investments, from selling assets and transferring capital between our subsidiaries. Buying and selling assets and transferring capital between our subsidiaries is the ordinary business of GLH. After hearing both JTA and GL, the court denied JTA's request to immediately prevent GLH from performing its ordinary business. While this is a small victory, it is the first time a court has heard both JTA and GL at the same timeand GL won. We look forward to continuing the fight against JTA and hope this is the start of many victories for GL.