Month: September 2020
The Court of Appeal for Specialized Cases (Bankruptcy Division) upheld the decision to dismiss the rehabilitation petition submitted by JTA against GL. The decision is final
29 Sep 2020
Mr. Alain Dufes, Chief Financial Officer of Group Lease Public Company Limited, revealed that “on 29 September 2020, the Central Bankruptcy Court read the Court of Appeal for Specialized Cases (Bankruptcy Division) (“CASC”)’s Judgment. The CASC, in favor of GL, upheld the Central Bankruptcy Court’s decision to dismiss the rehabilitation petition submitted by JTA against GL.”
Mr. Tatsuya Konoshita, Chief Executive Officer of Group Lease Public Company Limited, stated, “we are pleased the Court has given final clarity on this case and found that GL’s robust business does not need rehabilitation. The consecutive three dismissals of JTA’s claims is a strong indication that the Court, at multiple levels, rejected JTA’s arguments.
Our strong belief that JTA’s argument were invalid led us to previously sue JTA for their bad faith legal actions, which on 5 March 2020, the Thai Civil Court agreed with our claim and ordered JTA to pay THB 685.5 million to GL. However, that claim was only for the period of 10 January 2018 to 19 March 2018 during the first automatic stay brought about by JTA’s conduct. Since then, as shown by today’s ruling, JTA continued its abusive court actions against GL.
As a response, earlier this month, GL filed a civil claim seeking 9,130 million baht in damages and legal expenses for JTA’s bad faith legal actions for the period of 20 March 2018 to 11 September 2020. GL is thankful for the Court’s conclusion and we hope this judgement persuades JTA to abandon their bad faith legal strategy.”
Group Lease Public Company Limited seeks 9,130 million baht in damages from JTA and Directors in Thailand
18 Sep 2020
Mr. Alain Dufes, Chief Financial Officer of Group Lease Public Company Limited, revealed “on 11 September 2020, GL filed a civil claim against JTrust Asia Pte Ltd. (“JTA”) in Thailand seeking 9,130 million baht (roughly $292 million) in damages. This claim is similar to the previous civil claim we won on 5 March 2020 where the Court ruled that JTA was guilty of abuse of process in regards to the rehabilitation petition against GL in Thailand. In that case, the Court ruled that JTA’s actions caused damages and ordered JTA to pay 685.5 million baht, including lawyer fees, to GL as of 5 March 2020.
The damages awarded to GL on 5 March 2020 related to the automatic stay period from 10 January 2018 to 19 March 2018—a total of 68 days plus litigation costs. However, JTA continued to commit wrongful acts against GL even after 19 March 2018. JTA did not accept the Bankruptcy Court’s 19 March 2018 ruling and appealed shortly after. As a result, the Central Bankruptcy Court again reviewed the case which resulted in another and even longer automatic stay for GL, which eventually the Court again dismissed JTA’s claims in favor of GL. Still, JTA refused to accept the Court’s conclusion and appealed. These JTA actions and other legal actions by JTA against GL in Thailand and against GL’s subsidiary in Singapore have caused damages in GL continuously. Further, it turned out that these JTA actions have been decided and instructed by JTrust Co., Ltd. (“JTrust”), JTA’s parent company, and two directors, thus GL has now claimed in this civil case against JTrust and the directors as well.”
Mr. Tatsuya Konoshita, Chief Executive Officer of Group Lease Public Company Limited, stated, “as long as JTrust and their companies continue its bad faith legal strategy and using the courts as its instrument to harm GL, then GL will continue to seek compensation for that damage. The claim filed 11 September 2020 and court fees paid on 17 September 2020, covers the period from 20 March 2018 to 11 September 2020. Since the court in Thailand previously awarded GL 10 million baht per day in damages for JTA’s actions, GL is seeking 9,070 million baht in damage plus 60 million baht for legal fees for a total of 9,130 million baht.”