23 December 2021 : Group Lease gets Favorable Result from Thai Supreme Court

December 23, 2021

Mr. Tatsuya Konoshita, Deputy Chief Executive Officer of Group Lease Public Company Limited, revealed “on 22 December 2021, the Supreme Court of Thailand gave a favorable result to GL when it denied JTA’s application to hear the rehabilitation case brought forward by JTA. The Central Bankruptcy Court first rejected JTA’s claim that GL was bankrupt and this was confirmed by the Court of Appeal for Specialized Cases. Even after two legal defeats, JTA tried to appeal to the Supreme Court but today the Court ruled that Supreme Court’s decision will not significantly differ from the Appeal Court judgment and so the Supreme Court rejected JTA’s appeal, thus ending the case. There is no more appeal for JTA about this and it’s final. We are happy that we can move on and show that JTA’s claim that GL is bankrupt was a sham.”

Mr. Riki Ishigami, Chief Executive Officer of Group Lease Public Company Limited, stated, “while we are happy the Supreme Court ended this saga about GL being bankrupt, fighting and winning three legal battles about it was very expensive and damaged our reputation a lot in Thailand and internationally. We must make sure JTA is held accountable for their actions and for the damage they caused GL’s shareholders. Now that the Thai legal system has confirmed and finalized that GL is not bankrupt and that JTA’s claim was a lie, this will strengthen our demand for compensation and we will use these court judgements as evidence in our favor including in the civil claim GL filed against JTA seeking 9,130 million baht in damages and legal expenses for JTA’s bad faith legal actions for the period of 20 March 2018 to 11 September 2020. Also, we will use this Supreme Court result in our current appeal to the Supreme Court about the case where we originally won 685 million baht in damages from JTA’s bankruptcy claim against GL. The 685 million baht was overturned at the Appeal Court level, however, based on the Supreme Court’s view today, we expect the Supreme Court to take a more favorable view on our claim and we are hopeful the Supreme Court agrees with the original court.”