15 May 2019
On 1 October 2018, PT Bank JTrust Indonesia filed a claim against Group Lease Finance Indonesia, Group Lease’s Indonesian subsidy, in the amount of approximately THB 230 million alleging breach of the joint financing agreement.
On 14 May 2019, the Court dismissed Bank JTrust Indonesia’s claim.
25 Apr 2019
On 12 April 2019 and 23 April 2019 the following articles from ‘Asia Sentinel’ were released, following by Thai media releases and official disclosures in Japan:
(https://www.asiasentinel.com/econ-business/jtrust-officials-threatened-cambodia-arrests/)
http://www.wedge-hd.com/en/IR/file/p20190422e.html
https://www.jt-corp.co.jp/eng/2019/04/23/21750/?t=en
https://www.mitihoon.com/2019/04/22/107301
Group Lease PCL. (GL PCL) would like to clarify the situation as follows:
Group Lease Holdings PTE.LTD. (GLH), a 100% owned subsidiary of Group Lease PCL has filed a complaint to the Office of the Prosecutor of Phnom Penh in Cambodia against Mr. Nobuyoshi Fujisawa, a director of JTrust Asia Pte. Ltd (JTA) which is a Singapore subsidiary of J Trust Co., Mr. Nobiru Adachi, an employee that handles legal matters for JTA, and Mr. Gwynn David Nevill Hopkins, President of Saronic Holding Ltd,.
It is alleged that Mr. Nobuyoshi Fujisawa, Mr. Nobiru Adachi, and Mr. Gwynn David Nevill Hopkins with the help of Mr. Tep Rithivit, a Cambodian national, conspired to defraud Pacific Opportunities Holdings S a r l (POH) by obtaining 100% of POH and after taking control, ceased the operations of the two other companies under the umbrella of POH.
These two companies are borrowers of GLH and as a consequence, they and GLH have been impacted by these alleged acts.
The Public Prosecutor Office of Cambodia reviewed the relevant information and filed criminal charges against these four individuals, as these alleged actions constitute the crime of fraud in Phnom Penh. The judicial proceeding is ongoing and currently the Cambodian Public Prosecutors Office is asking the court to take these four individuals under supervision of the court.
GL PCL will carefully follow the case and will cooperate with the court and the Office of the Public Prosecutor of Phnom Penh. If there is any progress, we will update shortly.
26 Feb 2019
Mr. Tatsuya Konoshita, Chief Executive Officer of Group Lease Public Company Limited, disclosed today that according to the Central Bankruptcy Court had read the judgement of the Court of Appeal for Specialized Cases dated February 26, 2019, we would like to inform the key points from the Court of Appeal as follows;
Therefore, the Court of Appeal ordered the Central Bankruptcy Court to continue re-consider the case and allow for J Trust to have another chance to argue its position that GL is bankrupt. The management of GL strongly believe the Company is not bankrupt as the Company has more assets than liabilities (THB 14.6 billion in assets and THB 8.7 billion in liabilities as of 30 Sept 2018) and that this will be proven in court. Further, the Company believes it is under no current obligation to pay J Trust at this time and that since no payment is currently due to J Trust, J Trust has no right to bring the Company to the Central Bankruptcy Court.
One effect from today’s decision is that GL is again under the “automatic stay” under the Bankruptcy Act. However, the management of GL would like to confirm that today’s decision does not affect the normal business operation of GL and its subsidiaries. The Company was previously under an automatic stay the first time the Central Bankruptcy Court heard the case and the Company was at that time still able to continue operating including entering into new contracts with customers and business partners, paying employees, etc. Nevertheless, GL will not be able to declare a dividend payment until the hearing is final.
The Court has set the first hearing date on April 26 and the Company will use its best effort to finalize the litigation as soon as possible so that the Company can focus all of its energy and effort to enhance shareholders’ equity.
The management of GL would like to especially thank KAsset, KBank, and other creditors who objected to the rehabilitation action by JTA and have shown their sincere and utmost support to the business operation of GL.
04 Feb 2019
Group Lease Public Company Limited (the “Company”) hereby clarifies that J Trust Co., Ltd., as the First Plaintiff and J Trust Asia Pte. Ltd., as the Second Plaintiff filed a complaint with the Criminal Court against the Company on 3 May 2018, being Black Case No. Aor. 1346/2561. The complaint alleges wrongful act by the Company due to defamation by posting inaccurate statements on the Company’s website. The Court scheduled the order date of the preliminary examination stage on 31 January 2019, which the Criminal Court dismissed the complaint of J Trust Co, Ltd. and J Trust Asia Pte. as the statements posted on the Company’s websites do not impair the reputation of others or to expose such other person to be hated or scorned.
07 Jan 2019
January 7, 2019 – GL’s Cambodia subsidiary (GLF) partners with Bajaj dealers in Cambodia to expand the three-wheeler market. GLF, which already is the exclusive third-party financer for Honda motorcycles in Cambodia, continues to expand in this rapidly growing market.
Mr. Tatsuya Konoshita, Chief Executive Officer of Group Lease Public Company Limited, announced today that GL Finance (GLF), GL’s subsidiary in Cambodia, reached an agreement with Bajaj dealers in Cambodia. The agreement allows GLF to finance three-wheeler vehicles and covers both new and pre-owned vehicles. Previously in October 2018, GL in Myanmar announced a partnership with Bajaj’s Myanmar distributor to work together on three-wheeler vehicles, which has already resulted in 130 contracts from only 2 dealers. GL in Myanmar plans to expand to additional dealers this year.
“This partnership builds upon to success we have had with Bajaj in Myanmar and shows our ability to try a new product in one market and use that experience to launch that product in our other markets as we continue to expand our network throughout ASEAN. We will continue to grow and meet our mission of providing innovative finance products to emerging entrepreneurs to improve their economic development” Konoshita said.
Mr. Riki Ishigami, Director and CEO of GLF, explained that “three-wheel demand in Cambodia is very high. Tuk-tuks are an increasingly common sight in Phnom Penh and throughout Cambodia as they allow groups and individuals to move around affordably and quickly. These GLF financed tuk-tuks will allow emerging entrepreneurs to earn approximately THB 800 per day while their daily finance expense to GLF would only be about THB 150. The best way for us to tap into this growing market and serve our customers better is to partner with dealers of an established three-wheeler producer like Bajaj. Bajaj in Cambodia already has 22 dealers which sell roughly 2,000 tuk-tuks a month at an average price of THB 110,000 to 120,000 and with GL and Bajaj working together, we expect even further growth.”
Bajaj, originally from India, is the world’s largest producer of three-wheelers at roughly 1 million per year. They have a presence in 36 countries and a market share of 97% of three-wheelers in ASEAN. Bajaj in Cambodia has sales exceeding 2,000 per month and continues to grow.
Group Lease Public Company Limited (the “Company”) would like to clarify the information which is posted on Kaohoon website regarding the black case No. 83/2561 that on 2 October 2018, the Company submitted to the Civil Court the application requesting a temporality injunction which requested JTA to deposit money as security for the Company’s damage. The Court scheduled the hearing date to be 7 December 2018. The application for the injunction was initiated by the Company against J Trust Asia Pte. Ltd.
The clarification is to prevent the misunderstanding of shareholders, investors and public on the Court’s order which shall be made on 7 December 2018.
The headline of the news posted on Kaohoon website on 15 November 2018 is “GL See Profit in 3Q after Lowers Expense Allowance, J Trust Case to be Settled on 7 Dec. 7” and “On November 8, 2018, the Court already completed the inquiry on the application requesting a temporary injunction. The Court scheduled the date of hearing the order of the application requesting a temporary injunction and the settlement of issues to be 7 December 2018. If there is any progress, the Company will update as appropriate.”
For main proceeding, the Court has not yet scheduled the day of taking evidence. The Company expects that the process of taking evidence will commence within 2019 and the process of taking evidence may take approximately 1-3 years. If there is any progress, the Company will update as appropriate.
15 Nov 2018
Group Lease Public Company Limited reported 2018 third quarter revenue of 729.56 million baht and net profit of 104.64 million baht —4 consecutive profitable quarters after the one-time provision in 3Q of 2017.
Mr. Alain Dufes, Chief Financial Officer of Group Lease Public Company Limited, revealed that the Company continues to be profitable with 104.64 million baht in net profit for the third quarter of 2018—marking the fourth consecutive quarter of profitability. Revenue grew 0.5 million baht or 0.1% compared to the second quarter while service and administration expenses were reduced by 0.4 million baht or 0.1%. However, due to a decline in portfolio quality in Thailand which we have already started to address and a one-time write off in Indonesia totaling 12.51 million baht, credit costs increased 36.28 million baht or 20% compared to last quarter. Overall, net profit declined 17% (104.64 million baht from 125.98 million baht) and operational profit declined 23% (103.24 million baht from 134.69 million baht) in one quarter. Still, we had a much better financial result this quarter compared to the third quarter last year as profit increased from -2,267.43 million baht to 104.64 million baht.
Mr. Tatsuya Konoshita, Chief Executive Officer of Group Lease Public Company Limited, reiterated “the GL story of 2018 has been to have remain profitable every quarter, work with regulators to resolve any issues, and set up the company to be in the very best position for growth and increased profitability in 2019. We are meeting these goals as we have recorded our forth conservative quarter of profitability and have been profitable every quarter this year. Last quarter we revised our 2017 financial statement at the SEC’s request and we currently have no requests from them, but if they ask us anything then we will happily oblige.”
For future growth, we are taking steps in each country to improves our portfolio quality and processes to become more efficient in all countries, even if that means accepting a decline in portfolio as we have done in Cambodia. To increase our credit quality in Thailand, we changed our criteria starting in July to be stricter. This has caused our contract approval rate to decline resulting in slower portfolio growth, however we expect to see improvements in our credit costs starting in the end of 2018 and early 2019 due to the changes we have already made. We have already proactively increased our credit provisions and this quarter performed a one-time write-off in Indonesia to conservatively show our financial position. Our associate company in Sri Lanka has also proactively and conservatively provisioned for credit losses as they have increased their credit expense by 40% compared to 3Q2017. “For growth, Myanmar continues to be our main growth engine as expected. We received 368% more Honda contracts in 3Q2018 (almost 50,000 contracts) and have 272% more active microfinance customers now than we did a year ago, more than 145,000 now. Credit quality there still is remarkable and we still have 0% NPL in our microfinance lending.
Overall, we continue to expect Thailand to remain stable in size but with improved quality. Laos will continue to grow modestly while we will reduce our Cambodia exposure. Myanmar will continue provide exceptional growth while we expect our microfinance business to steadily grow and provide a future foundation of growth.” Mr. Konoshita concluded
30 Oct 2018
Reference is made to the SEC news No. 132/2561 dated 30 October 2018 regarding the accusations of the Securities and Exchange Commission (the “SEC”) against a former executive of Group Lease Public Company Limited (the “Company”) for publishing or making statements that may cause a misunderstanding (the “News”) as detailed in the News. Therefore, the Company would like to clarify as follows:
Please be informed accordingly.
16 Oct 2018
October 16, 2018 – GL-AMMK becomes the exclusive third-party financing agent for Bajaj’s three-wheeler vehicles in Myanmar. GL-AMMK, which already is the exclusive third-party financing servicer for Honda motorcycles in Myanmar, continues to expand in this rapidly growing market by creating exclusive relationships with global brands.
Mr. Tatsuya Konoshita, Chief Executive Officer of Group Lease Public Company Limited, disclosed today that GL-AMMK, GL’s subsidiary in Myanmar focused on servicing motorcycle financing, signed a Memorandum of Understanding (MOU) on October 8, 2018 with Bajaj’s exclusive Myanmar distributor. The MOU stipulates that GL-AMMK in Myanmar will be the exclusive third-party finance servicer for all authorized Bajaj dealers in Myanmar for three-wheeler vehicles. The agreement covers both new and pre-owned three-wheel vehicles.
“This partnership is a part of our 5-year strategic plan to development new business relationships and a continuation of the GL’s vision to build low-cost Points of Sale (POS) throughout Southeast Asia to meet our mission of providing innovative finance products to emerging entrepreneurs and consumers. Bajaj’s three-wheeler products offer an affordable means of transportation of people and goods which will improve the quality of life and economic development of our customers” Konoshita said.
Mr. Kaname Hashimoto, Managing Director of GL-AMMK, explained “there are currently 31 Bajaj three-wheeler dealers in Myanmar and the three-wheeler taxi market is continuing to grow fast with some mobile taxi application services. Coupled with GL-AMMK’s current 114 POS locations through our partnership with Honda motorcycle distributor and dealers, we will be able to serve an even greater number of customers quickly and contribute to expand the Myanmar financial sector.”
GL has two subsidiaries in Myanmar: GL-AMMK, which focuses on servicing asset-backed products such as motorcycles, three-wheelers, and entrepreneur loans, and BGMM which focuses on traditional micro-group lending to female entrepreneurs. BGMM currently has 41 branches in Myanmar. With this new partnership, GL shows that it is in line with the 5-year plan and Myanmar will be one of the major growths of GL.
Bajaj, originally from India, is the world’s largest producer of three-wheelers at roughly 1 million per year. They have a presence in 36 countries and a market share of 97% of three-wheelers in ASEAN. Bajaj entered the Myanmar market just last year and already have sales exceeding 1,000 per month and continues to grow exponentially. Their three-wheeler product, RE Compact, sells for about THB 90,000 – 95,000, making it an affordable choice for emerging entrepreneurs.
02 Oct 2018
Group Lease PCL（GL）would like to inform that Thanaban Co.,Ltd. (TNB), a wholly owned subsidiary who operates finance business in Thailand has acquired a qualified license for auction and antique dealing business on 28 September 2018.
The license is for auction business in Nakhon Ratchasima Province located at North east of Thailand. However TNB has already applied for the license for auction and antique dealing business in Bangkok, too.
GL announced new 5-year strategic business plan on 18 September 2018. GL is moving forward with upgraded business model “Life Cycle Finance” from “Digital Finance” in Thailand. GL is integrating other related services including assets purchasing such as cars and motorcycles into current business. GL considers that the auction business is strategic key function in “Life Cycle Finance” and the acquisition of a qualified license for auction business by TNB is important step to execute the business plan in Thailand.
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