9 Feb 2023: Bangkok North Municipal Court dismisses JTA’s fraud allegations against GL, Former Directors

Mr. Tatsuya Konoshita, Deputy Chief Executive Officer of Group Lease Public Company Limited, revealed “on 8 February 2023, the Bangkok North Municipal Court had a hearing for pronouncement of the order of the criminal fraud case brought by J Trust Asia Pte. Ltd. (“JTA”) against the Company and former Directors, Mitsuji Konoshita and Muneo Tashiro. We are pleased to report that the court dismissed the case based on the reasoning that JTA’s complaint is not well-grounded which legally is called having no prima-facie merits. The court looked at and decided that because JTA’s investments in GL were made voluntarily and that JTA is a large and experienced investment company, then JTA should have known what was investing into when entering the investment agreements with GL. I believe the court considered that the investment by JTA should be considered under ‘the Principle of Self-Responsibility.’ As such, GL and our former Directors are not guilty of the criminal charge of fraud.”

Mr. Riki Ishigami, Chief Executive Officer of Group Lease Public Company Limited, stated, “this is the same allegation as the case that JTA had brought to the Department of Special Investigation (“DSI”) and the DSI had subsequently issued a final non-prosecute order against GL and our former Directors. We are glad that both the DSI and the court came to the same conclusion that GL did not defraud JTA when JTA decided to invest into GL. We believe that this decision will foreshadow the court’s decision next year in our main legal case with JTA that its investments into GL could not be voidable, since there was no fraud committed by GL and its former Directors. 

We appreciate our shareholders during these times, we will come out stronger from this. We will continue to fight JTA and demand compensation for the damages they have caused our shareholders over these years.”


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