12 May 2023: JTA Submits Petition for Winding Up GLH and Putting GL into Rehab

Mr. Tatsuya Konoshita, Deputy Chief Executive Officer of Group Lease Public Company Limited, said “last month in April, JTA submitted a petition for winding up Group Lease Holdings (GLH) in Singapore and also submitted a petition to put the Group Lease PCL (GL) into rehabilitation in Thailand. Thankfully, the Thai courts reviewed JTA’s petition against GL and did not accept the petition and ordered JTA to pay the expenses incurred.  We are hopeful that the judges in Singapore will find the same conclusion as in Thailand. I believe that JTA is trying to use the bankruptcy cases to damage GL and our companies and to satisfy their malicious and greedy desires and this is a typical abuse of legal system.”

Mr. Riki Ishigami, Chief Executive Officer of Group Lease Public Company Limited, stated, “This is not the first time JTA has used these kind of tactics to harm our Company. In 2019, the Central Bankruptcy Court in Thailand dismissed JTA’s rehabilitation petition against GL and JTA kept appealing all the way to the Supreme Court which finally dismissed JTA’s claim. Now, JTA is trying again. We will continue to fight in both Thailand and Singapore against these false claims and again we are grateful to the Thai courts for dismissing JTA’s recent petition.”