Court of Appeal of Singapore rules against GLH, liable for damages of roughly US$70 million (approximately THB 2,187 million)
Mr. Tatsuya Konoshita, Chief Executive Officer of Group Lease Public Company Limited, stated "In December 2017, JTrust Asia "JTA" filed a civil lawsuit against Group Lease Holdings "GLH" (our Singapore entity) alleging GLH committed torts of deceit and conspiracy to misrepresent the financial position of Group Lease "GL" to entice JTA to invest into GL and seeking around US$230 million or roughly THB 7,183 million in damages. On 12 February 2020, the High Court of Singapore dismissed JTA's claims against all defendants and ordered JTA to pay the costs of the defendants including GLH.
Yesterday the Court of Appeal of Singapore revised the judgment of the High Court and rendered the decision granting JTA's claims partially and ruling that GLH and other defendants are jointly and severally liable for damages amounting to around US$70 million or roughly THB 2,187 million, approximately only 30% of what JTA had claimed. The remaining 70% of JTA's claim (or about US$160 million or roughly THB 5,656 million including damages allegedly concerning second convertible debentures in the amount of US$130 million (approximately THB 4,060 million)) was rejected by the Court of Appeal.
Most of the damages awarded, US$49 million (approximately THB 1,527 million), relate to the US$50 million convertible debentures that was due to JTA in March 2020 but that we, GL, withheld as discussed in a previous press release. Please refer to the link below:
For this judgement, although we have the ability to repay, we still have ongoing litigation in Thailand including JTA's appeal of the 5 March 2020 judgement where the Civil Court in Thailand ruled that that JTA's filing of the rehabilitation petition against GL constituted the tort of abuse of process. That Court ruled that JTA's actions caused damages and ordered JTA to pay THB 685.5 million to GL. Additionally, on 11 September 2020, GL filed a civil claim against JTA claiming THB 9,130 million in damages for JTA's continued abuse of legal process in Thailand and other jurisdictions. Please refer to the link below:
We will continue to fight for our shareholders and protect our business."