Author: admin
Civil Court of Thailand rejects JTA's request for an injunction against GL
31 Jul 2020
J Trust Asia (“JTA”) applied for an injunction against Group Lease in Thailand in March 2020 and today the Thai court denied JTA’s request and dismissed their injunction application.
Previously in March 2020, GL terminated the $50 million CD with JTA due to JTA’s intentional and bad faith actions against GL. JTA has had its rehabilitation claims in Thailand dismissed multiple times and JTA was ordered to pay damages of THB 685.5 million (more than USD $20 million) to GL that arose from the automatic stay put on GL as the court found that JTA acted in bad faith by filing a false rehabilitation claim.
The Thai court decision of JTA to pay THB 685.5 million to GL related only to JTA’s first automatic stay against GL. JTA, unsuccessfully, continued their rehabilitation claim against GL which resulted in GL being under a second automatic stay for nearly half of 2019, which caused an estimated THB 2,380 million (more than USD $72 million) in damage to GL. These two damage claims against JTA by GL total more than THB 3 billion (more than USD $93 million). GL has set-off the amount due from the terminated CD with these damages.
Due to GL’s decision to terminate the CD and offset it with damages caused by JTA, JTA asked the Thai courts for an injunction against GL in the amount of $ 50 million. Today, the courts denied JTA’s request.
GL Shareholder, APFH, filed lawsuit against JTA for Wrongful Acts
31 Jul 2020
On July 24, 2020, A. P. F. Holdings Company Limited (APFH), as a shareholder of GL, filed with the Thai Civil Court a civil claim against J Trust Company Limited, JTrust Asia Pte. Ltd. plus three other people, and filed a Motion requesting the Court to adopt class action procedure in order to allow GL shareholders who held shares during the period set out by the Court (from March 13, 2017 to present) to receive compensation for the loss of earning on the same basis as claimed by APFH, ie the loss of earning at the rate of THB 16.94 per share multiplied by the number of shares held by each class member during March 13, 2017 to present, regardless of whether such shares have now been sold or not. The result will be equal to the loss of earning sustained by each class member. In addition, the claim includes an interest at the rate of 7.5 percent per annum from the date of the claim (July 24, 2020). The Court has scheduled a hearing for examination of the Class Action Motion to be held on September 14, 2020, at 9.00 am.
APFH has requested GL to publish this news release update for initial acknowledgement by shareholders so that if the Court orders to adopt the class action procedure, the shareholders who exist as the class members pursuant to such Court order will be entitled to indemnity in the statement of claim. APFH’s legal team is now gathering information of shareholders and will provide them with details of their entitlements and procedure to be followed.
Should you require any additional information,
DLA Piper (Thailand) Ltd.
(Class Action) 47th Floor, Unit 4707, Empire Tower 1
South Sathon Road, Yannawa Subdistrict
Sathon District, Bangkok 10120