23 Feb 2023: Court denies JTA appeal request, JTA’s fraud allegations against GL and former Directors remain dismissed

Mr. Tatsuya Konoshita, Deputy Chief Executive Officer of Group Lease Public Company Limited, said “earlier this month, the North Bangkok Municipal Court dismissed the criminal fraud case brought by J Trust Asia PTE (“JTA”) against the Company and former Directors, Mitsuji Konoshita and Mueno Tashiro. The case was dismissed because JTA’s complaint lacks prima-facie merits, meaning that the case is not well-grounded. We are pleased to report that we just found out that the courts even refused to allow JTA’s appeal against factual issues in regards to this case. ”

Mr. Riki Ishigami, Chief Executive Officer of Group Lease Public Company Limited, stated, “this means the Company and former Directors are not guilty of the criminal charge of fraud. Therefore, it is factually final that the Company did not deceive JTA and the Thai courts are so convinced of this fact that they did not even allow JTA the opportunity to appeal. We continue to 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 it is now confirmed by Thai courts that there was no fraud committed by GL or its former Directors.  Also we believe these series of decisions would effect positively for us in many other cases world-wide against JTA including our respective claims for compensation and damages caused by JTA’s unreasonable legal actions with the amounts of 685,000,000 THB, 9,130,000,000 THB and 644,581,997.24 THB which are now on process in Thai courts. (Total 10,459,580,000 THB equivalent to roughly around 302.5 million USD)  

We appreciate our shareholders during these times. We continue to work for your benefit and we continue to achieve the best results we can in the legal system. We will continue to demand compensation for the damages they have caused the Company over these years.”


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