12 Sep 2023: Winding up application for GLH is paused, PL put on GLH to monitor assets

Mr. Tatsuya Konoshita, Deputy Chief Executive Officer of Group Lease Public Company Limited, said “JTA had previously submitted a winding-up application against GLH in Singapore, however instead of proceeding with winding-up GLH, a Provisional Liquidator (“PL”) was placed on GLH on 6 September 2023. The PL’s role is to preserve, review, and monitor the assets of GLH. The reason for the PL is due to JTA’s claims in relation to the 2nd Investment Agreement between Group Lease PCL (Thailand) and JTA. We have litigation in Thailand about this same investment agreement and we will continue to fight in Thailand as we believe we have a strong argument to win besides we will appeal the case above. Also in Thailand, the Supreme Court accepted to hear our case where we claimed and had at one time won THB 685 million in damages from JTA and we have another case against JTA for more than THB 9 billion in damages which will have a hearing later this year. And also we will try to seek more compensation from JTA including this PL case. Any of past, present and further unlawful groundless actions by JTA which are the abuse of legal system will give us the ground for our current and future compensation demand.”

Mr. Riki Ishigami, Chief Executive Officer of Group Lease Public Company Limited, stated, “We are happy that the winding-up process against GLH is paused at this time. I think it was clear that the winding-up process would likely get rejected and that is why it is now paused and instead a PL is put on GLH to watch over its assets. While we reject the idea that GLH needs a PL to monitor GLH’s assets as GLH Management has been abiding by the Singapore Injunction against GLH while the Singapore litigation is ongoing, we are grateful that the winding-up process has been paused so we can focus our energy on winning the main case there.”