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11 December 2019 : JTrust Claim against Group Lease again dismissed in Thailand Appeal Court

Post author By admin
Post date December 11, 2019
3 Comments on 11 December 2019 : JTrust Claim against Group Lease again dismissed in Thailand Appeal Court

JTrust Claim against Group Lease again dismissed in Thailand Appeal Court

11 Dec 2019

On 3 May 2018, JTrust filed a criminal charge against Group Lease PCL, alleging Group Lease committed the offense of defamation regarding its announcement dated 27 February 2018 on Group Lease’s website.

On 31 January 2019, the Court of First Instance rendered its judgement, dismissing JTrust’s charges citing lack of sufficient grounds for a formal trial. Subsequently, JTrust submitted an appeal on 25 April 2019.

On 11 December 2019, the Appeal Court rendered its judgement and again dismissed JTrust charge against Group Lease.

This is the second instance this month where an appeal court dismissed JTrust’s claim against a Group Lease company. Earlier this month, the High Court of Jakarta dismissed JTrust’s claim against our Indonesian subsidiary. While litigation can be time consuming, we are thankful courts are acknowledging that much of JTrust’s claims are invalid.

Press Releases

04 December 2019 : Claim against Group Lease Indonesia from Bank JTrust Indonesia again dismissed in Indonesian courts

Post author By admin
Post date December 4, 2019
No Comments on 04 December 2019 : Claim against Group Lease Indonesia from Bank JTrust Indonesia again dismissed in Indonesian courts

Claim against Group Lease Indonesia from Bank JTrust Indonesia again dismissed in Indonesian courts

04 Dec 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. JTrust Indonesia later appealed this decision to the High Court of Jakarta.

On 3 December 2019, the High Court of Jakarta rendered its decision and again dismissed JTrust Indonesia’s claim.

Press Releases

15 November 2019 : Group Lease announces net profit of 9.51 million in 3Q2019, decline in non-performing loans, and fully repaid Thai bond

Group Lease announces net profit of 9.51 million in 3Q2019, decline in non-performing loans, and fully repaid Thai bond

15 Nov 2019

Group Lease Public Company Limited reported 3Q2019 net profit of 9.51 million baht as the Company incurred high legal related costs and reduced revenue as the Company focused on higher quality borrowers

Mr. Alain Jean Pascal Dufes, Chief Financial Officer of Group Lease Public Company Limited, revealed that “the Company had profit of 9.51 million in 3Q2019, a decline compared to 3Q2018, due to our smaller business size as we focus on good borrowers and deal with high legal costs in Thailand and Singapore. Revenue declined by 117 million or 16% compared to 3Q2018 as we reduced our business in every country except Myanmar, which continues to have almost no NPL. We did have a large increase in professional fees, 29 million more than a year ago for a total of more than 55 million, and had a 15 million negative adjustment related loss on exchange rate. Those two items total 70 million and are the primary reason for our poor performance this quarter. The legal fees will continue in the near future as we fight legal battles in multiple countries.”

Mr. Tatsuya Konoshita, Chief Executive Officer of Group Lease Public Company Limited, stated that “we have continued to maintain profitability even in the face of lawsuits and reorganizing our business to be higher quality. For the lawsuits, we have nearly finished the case in Singapore and the trial in Thailand is currently ongoing. Legal cases in both are moving forward and we are starting to see an end in sight where we can start to fight back for damages. For our business, we have seen the improvements in NPL that we expected, confirming that our strategy to improve quality is working. We will start to grow more using this strategy, which should provide us with both improved growth and quality. Additionally, our most recent product, Bajaj, is continuing to grow well in both Cambodia and Myanmar.

Another important item to highlight this quarter is that we repaid our Thai bond for 1,500 million baht without incurring any new debt. As we have stated repeatedly, we have the ability to pay our creditors and we did. We have always repaid our debts on time.

Overall, business is going as expected with the lawsuits progressing and us starting to grow the business with higher quality by the end of the year. We are optimistic about the challenges we face and we look forward to achieving successes for our shareholders and employees.”