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 2^nd 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.”

Mr. Tatsuya Konoshita, Deputy Chief Executive Officer of Group Lease Public Company Limited, said “Today we had our Annual General Meeting of Shareholders (“AGM”) and I am pleased that our shareholders accepted to have HLB Thailand (“HLB”) be our auditor for 2021, 2022, and 2023. This is a great step for us and shows the work and progress we have done to get to this point. Our team had been ready long time always to show our Financials to the Auditor as well as all investors and welcome HLB one of top 10 Audit firm in the world to cooperate. ”

Mr. Riki Ishigami, Chief Executive Officer of Group Lease Public Company Limited, stated, “we would like to thank many of our shareholders for the patience and for approving HLB to be our auditor. We will work with them to resolve our auditor issues and publish our financial statements as soon as the proper audit work is completed. We are on the path to getting back to normal. While we cannot predict when our financial statements will be published, we do plan to work with HLB to make sure they do get published as soon as possible and on time when possible and to make sure our Company can trade again on the stock market. Also, we are pleased to update that both Executive Directors Kaname Hashimoto and Tatsuya Konoshita were both re-elected by our shareholders as was Independent Director and Audit Committee member Kanokrat Deemangmee. We will continue to work for the benefit of our shareholders.”

Mr. Tatsuya Konoshita, Deputy Chief Executive Officer of Group Lease Public Company Limited, said “let’s review J Trust Asia Pte. Ltd. (“JTA”) actions over the past few years. In 2019, the Central Bankruptcy Court in Thailand dismissed JTA’s rehabilitation petition against GL. JTA kept appealing all the way to the Supreme Court, which finally dismissed JTA’s first petition. Then in April of this year, JTA submitted the second rehabilitation petition against GL. GL submitted the objection. JTA subsequently withdrew the petition, and the Court did not accept the petition on the ground of JTA’s withdrawal. Now JTA is attempting for the third time and the Court will hear their case. As our assets obviously exceed liabilities and it is clear that we are not insolvent, we will continue to fight against these false claims and use this malicious legal attack to get even more compensation in damages from JTA. I had stated at the beginning of the lawsuits in 2018 that we will fight and win, and at last make JTA pay. Our managements and I will state the same here today.”

Mr. Riki Ishigami, Chief Executive Officer of Group Lease Public Company Limited, stated, “it is quite clear that JTA is using the Thai courts and courts across the world as a tool to try to harm GL into submission. The Thai court already clearly rejected the idea that GL is insolvent, all the way to the Supreme Court. JTA’s attempts to put GL into business rehabilitation had already failed 2 times in Thailand, but they again attempted this 3rd rehabilitation case. The intentions of JTA, its group and the management’s for keeping on taking such legal attacks against GL are ones that are malicious. They are using lawsuits for improper purpose other than the proper right to a trial. It is now more than clear that JTA had initiated the lawsuits by ‘Unclean Hands’. We are going to submit this fact to all the courts in all countries. We are now more confident than ever that the courts would understand JTA’s greedy intention, abuse of rights and malicious actions. We will win and we will continue to use our legal victories to make JTA pay us for damages.”