Singapore Judgment Against GLH Already Partially Paid, Payment in Full Already Offered to JTA and Waiting Approval
08 Jan 2021
Mr. Tatsuya Konoshita, Deputy Chief Executive Officer of Group Lease Public Company Limited, revealed “on 7 January 2021, GL paid $37,000,000 (more than THB 1,100,000,000) to JTA in Singapore for payment of the Singapore Judgement against GLH. In the 6 October 2020 decision, the High Court of Singapore ruled that GLH and other defendants are jointly and severally liable for damages amounting to around $70 million or roughly THB 2,187 million, approximately only 30% of what JTA had claimed. Most of the damages awarded, $49 million (approximately THB 1,527 million), related to the $50 million convertible debentures that was due to JTA in March 2020 but that GL withheld due to JTA’s actions.
Besides GL Thailand sending $37,000,000 for the judgement, previously we have already paid roughly $24 million (THB 685,000,000 plus interest) in the form of an offset from a Thai judgment. On 5 March, 2020, the Civil Court in Thailand ruled that that JTA acted in bad faith by filing the false rehabilitation petition against GL in Thailand. The Court also ruled that JTA’s actions caused damages and ordered JTA to pay THB 685.5 million, including lawyer fees, to GL. GL transferred the right of this judgement to GLH which already used it to offset and reduce the amount GLH owned to JTA in Singapore.
GLH was not the only defendant in the Singapore judgement as some of the “Cyprus Borrowers” who owed GL money were also defendants and therefore liable. Some of these borrowers will help pay the Singapore judgement by paying the remaining portion, roughly $9 million, directly to JTA instead of to GLH. Currently the Cyprus Borrowers have the cash in their bank accounts, but those accounts are under injunction due to JTA.”
Mr. Riki Ishigami, Chief Executive Officer of Group Lease Public Company Limited, stated, “we are pleased to offer a full payment plan to JTA to satisfy the Singapore judgement against GLH. Together with the $37 million from Thailand, the THB 685 million plus interest judgement from the Thai court, and roughly $9 million from the Cyprus borrowers, we have offered and are in the process of making payment in full for the Singapore judgement against GLH. It is important to note that not only will this end the Singapore judgement against GLH, but also that some of the disputed GLH borrowers paid roughly $9 million on behalf of GLH—showing that we are still able to collect from them when JTA is not interfering legally. GL Group is now ready to re-expand its business internationally with a strong balance sheet and large cash position.”
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