Group Lease wins alleged conspiracy and fraud case in Singapore against JTrust
12 Feb 2020
In December 2017, JTrust Asia “JTA” filed a civil lawsuit against Group Lease Holdings “GLH” (our Singapore entity) alleging Group Lease Holdings committed torts of deceit and conspiracy to misrepresent the financial position of Group Lease to entice JTA to invest into Group Lease.
Today, the High Court of Singapore dismissed JTA’s claim in the torts of deceit and conspiracy against all defendants and ordered JTA’s to pay the costs of the defendants including Group Lease.
Additionally, the High Court of Singapore concluded that:
- JTA failed to show that Group Lease financial statements were prepared dishonestly
- JTA’s financial expert’s analysis is questionable and was even partially contradicted by JTA themselves
- JTA continued to make investments into Group Lease after being aware of the Singapore and Cyprus Borrowers
- The loans to the Singapore and Cyprus borrowers did not form a basis to allege fraud
We are grateful to the High Court of Singapore for handling this case since late 2017 and for evaluating the evidence fairly and thoroughly. Group Lease has always been confident that once we argue in court, that we will be successful.
JTA now has had claims against Group Lease and our companies dismissed in Thailand, Singapore, and Indonesia. While there are still claims ongoing from JTA against Group Lease, we will continue to fight and continue to win across multiple countries as long as needed.