Demand from JTRUST ASIA for Immediate Repayment of Convertible Bonds and Other Obligations
First written in FY2017. 8 of 33 entries say "Worsened", first in FY2018-Q1. Latest entry: 2026-08-14.
Wedge Holdings moved to the "Worse" side of this theme in 2025.
0 other companies' latest entry also says "Materialised".
- FY2026-H1Dismissal of the Appeal Regarding the Petition for Corporate ReorganisationAnnual report
「JTA subsequently appealed, but we were informed that the appeal was dismissed on 23 December 2025.」
The procedural development reported was that JTA's appeal concerning GL's bankruptcy and the appointment of a provisional administrator was dismissed on 23 December 2025. Other disputes, including JTA's damages action, remain ongoing. - FY2025WorsenedAnnual report
「On 27 June 2025, JTA filed a claim against GL with the Civil Court of Thailand, seeking US$130 million in principal for the second investment, plus interest, damages and legal fees of THB7,169,005,187.50 (approximately ¥2.88 billion), and the matter is in dispute.」
In addition to the existing JTA-related litigation, a new damages action against GL was filed on 27 June 2025, with a claim of approximately ¥2.88 billion. - FY2025-H1Dismissal of petitions for rehabilitation proceedings and appointment of a provisional administrator in ThailandAnnual report
「We were informed that a judgment was handed down by the Special Case Appeal Court (CASC) on 10 February 2025 regarding JTA's appeal, upholding the judgment of the Central Bankruptcy Court at first instance and dismissing the appeal. We also learned from GL that JTA had petitioned the Central Bankruptcy Court of Thailand for GL's bankruptcy and the appointment of a provisional administrator, seeking measures to suspend the management rights of GL's directors, and that a hearing attended only by JTA was held on 22 April 2025. We were further informed that, although a hearing to rule on JTA's petition for the appointment of a provisional administrator was scheduled for 30 April, the court dismissed JTA's petition.」
The procedural developments reported were that JTA's appeal against GL's petition for rehabilitation proceedings was dismissed on 10 February 2025, and that GL's petition for bankruptcy and appointment of a provisional administrator was also dismissed on 30 April. - FY2024-Q2GLH liquidation order; GL rehabilitation petition dismissedAnnual report
「On 4 March 2024, following the court's order for GLH's liquidation, GLH was placed under the control of a liquidator, and liquidation proceedings are under way. On 27 March 2024, the Central Bankruptcy Court of Thailand dismissed JTA's petition for rehabilitation proceedings.」
Regarding the JTA-related legal proceedings, GLH entered liquidation following a liquidation order from the Singapore High Court, while the petition for rehabilitation proceedings against GL was dismissed by the Central Bankruptcy Court of Thailand. Other litigation remains ongoing, and the company states that it will continue taking steps to recover and obtain compensation for its losses. - FY2024-Q1Petition for permission to appeal dismissed; first-instance judgment upheldAnnual report
「Subsequently, a petition seeking permission to appeal to the Court of Appeal, the final court of appeal, was filed on 6 December 2023, but the petition was dismissed as of 11 January 2024.」
The petition seeking permission to appeal regarding the payment order against GLH and others for US$124 million and other amounts was dismissed as of 11 January 2024. This was reported as a procedural development following the upholding of the first-instance judgment. - FY2023WorsenedAnnual report
「GLH is considering an appeal against the appointment of a provisional administrator for GLH. In addition, JTA petitioned the Central Bankruptcy Court of Thailand for rehabilitation proceedings for GL on 30 June 2023, and the matter is currently in dispute.」
In connection with JTA, the appointment of a provisional asset custodian for GLH and the petition for rehabilitation proceedings against GL were newly reported. In addition, GLH's appeal was dismissed on 22 November 2023, and the first-instance judgment was upheld. - FY2023-Q3MaterialisedAnnual report
「Dissatisfied with the judgment, GLH appealed on 19 April 2023, and the matter remains in dispute.」
The appeal remains ongoing regarding the payment order against GLH and others for US$124 million and other amounts. In addition, as a material subsequent event, it is stated that JTA again petitioned for rehabilitation proceedings against GL in July 2023. - FY2023-Q2MaterialisedAnnual report
「On 12 April 2023, Group Lease Holdings PTE. LTD. was served with a petition for liquidation in the Republic of Singapore by J Trust Asia Pte. LTD., a subsidiary of J Trust Co.,Ltd.」
In connection with the JTA-related dispute, a new petition was filed to liquidate GLH. In addition, regarding the payment order against GLH for US$124 million and other amounts, GLH appealed on 19 April 2023, and the dispute remains ongoing. - FY2023-Q1RestatedAnnual report
「JTRUST ASIA PTE. LTD. (JTA), a holder of US$180 million in convertible bonds issued by GL, an equity-method affiliate of the company, has filed various actions against our group in Thailand, Singapore and elsewhere, arising from GL's receipt of findings from the Thai SEC on 16 and 19 October 2017 concerning misconduct by former GL officers, overstatement of interest income and related corrections to its financial results. Some matters have been concluded, but litigation remains pending.」
It continues to explain that multiple actions involving JTA remain pending even after some matters were concluded. - FY2022-Q3RestatedAnnual report
「JTRUST ASIA PTE. LTD. (JTA), a holder of US$180 million in convertible bonds issued by GL, an equity-method affiliate of the company, has filed various actions against our group in Thailand, Singapore and elsewhere, arising from GL's receipt of findings from the Thai SEC on 16 and 19 October 2017 concerning misconduct by former GL officers, overstatement of interest income and related corrections to its financial results. Some matters have been concluded, but litigation remains pending.」
It continues to explain that multiple actions involving JTA remain pending even after some matters were concluded. - FY2022-Q2RestatedAnnual report
「JTRUST ASIA PTE. LTD. (JTA), a holder of US$180 million in convertible bonds issued by GL, an equity-method affiliate of the company, has filed various actions against our group in Thailand, Singapore and elsewhere, arising from GL's receipt of findings from the Thai SEC on 16 and 19 October 2017 concerning misconduct by former GL officers, overstatement of interest income and related corrections to its financial results. Some matters have been concluded, but litigation remains pending.」
It continues to explain that multiple actions involving JTA remain pending even after some matters were concluded. - FY2022-Q1RestatedAnnual report
「JTRUST ASIA PTE. LTD. (JTA), a holder of US$180 million in convertible bonds issued by GL, an equity-method affiliate of the company, has filed various actions against our group in Thailand, Singapore and elsewhere, arising from GL's receipt of findings from the Thai SEC on 16 and 19 October 2017 concerning misconduct by former GL officers, overstatement of interest income and related corrections to its financial results. Some matters have been concluded, but litigation remains pending.」
It continues to explain that multiple actions and asset-freezing orders involving JTA remain pending even after some matters were concluded. - FY2021WorsenedAnnual report
「J Trust disclosed on 5 August 2021 that JTA had filed an action with the High Court of the Republic of Singapore against GLH, Koshita Masuji (此下益司) and 4 other companies, seeking recovery of damages relating to an investment of US$124 million that was not included in the October 2020 judgment. On 4 August 2021, the High Court issued an asset-freezing order covering US$130 million (approximately ¥14.2 billion) at JTA's request.」
In addition to the existing disputes, an additional action against GLH and others and a US$130 million asset-freezing order arose, increasing the legal exposure. - FY2021-Q3WorsenedAnnual report
「J Trust Co.,Ltd. disclosed on 22 June 2021 that JTA had filed a damages action with the Tokyo District Court on 21 June 2021, during the first 3 quarters of the current consolidated fiscal year, against the company, its parent Showa Holdings Co.,Ltd. and A.P.F.Group Co.,Ltd., the largest shareholder of its parent, seeking payment of US$24.3 million as part of the damages based on joint tortious conduct with Koshita Masuji (此下益司) and GL. The disclosure was made on a timely basis.」
In addition to the existing disputes involving GL, GLH and EHA, a new damages action for US$24.3 million was brought before the Tokyo District Court against the company, its parent and its parent's largest shareholder. Meanwhile, payment under the previous Singapore judgment was completed on 12 July 2021, and the previous interim asset-freezing order was lifted. - FY2021-Q2RestatedAnnual report
「On 16 November 2020, JTA commenced proceedings in a Singapore court against Engine Holdings Asia PTE. LTD., a consolidated subsidiary of the company, and one other company as defendants.」
The dispute involving JTA's new action against EHA and others and the interim asset-freezing order continues. - FY2021-Q1WorsenedAnnual report
「On 16 November 2020, JTA commenced proceedings in a Singapore court against Engine Holdings Asia PTE. LTD., a consolidated subsidiary of the company, and one other company as defendants.」
In addition to the existing disputes involving GL, GLH and others, a new damages action naming EHA and others as defendants was commenced, and an interim asset-freezing order covering up to US$195 million was issued against EHA. - FY2020MaterialisedAnnual report
「On 12 February 2020, the High Court of Singapore dismissed all of JTA's claims and ordered JTA to pay the costs incurred by the defendants. JTA filed an appeal on 13 February 2020. On 6 October 2020, some of JTA's claims were upheld, and GLH, Koshita Masuji (此下益司) and 5 other companies that are not members of our group were ordered to pay approximately US$70 million and approximately S$130,000 (approximately ¥7.4 billion). The judgment became final and the matter was concluded.」
Regarding the dispute with JTA, some of its claims were upheld by the Singapore appellate court, and GLH and others were ordered to pay approximately ¥7.4 billion, bringing the matter to final conclusion. Separately, a new action naming EHA as a defendant and an interim asset-freezing order have arisen. - FY2020-Q3RestatedAnnual report
「Of these actions, the action brought by JTA against GLH in the Republic of Singapore was dismissed by a Singapore court, and GLH prevailed. In addition, in the related action brought by GL against JTA in the Kingdom of Thailand, the Thai court upheld GL's claim and ordered JTA to pay THB685 million (approximately ¥2.3 billion), accrued interest at an annual rate of 7.5% through the payment date, and court costs. Both actions remain pending on appeal.」
It disclosed that all of JTA's claims in Singapore were dismissed and GL's damages claim in Thailand was upheld, while the proceedings in both cases continue on appeal. - FY2020-Q2Appeal continues after all Singapore damages claims dismissed; victory in Thai counterclaim disclosedAnnual report
「On 12 February 2020, the High Court of the Republic of Singapore dismissed all of JTA's claims and ordered JTA to pay the costs incurred by the defendants. JTA filed an appeal on 13 February 2020, and the matter remains pending.」
All of JTA's damages claims in Singapore were dismissed, but an appeal was filed the following day and the proceedings continue. In Thailand, GL's damages claim against JTA was upheld, and JTA was ordered to pay THB685 million, accrued interest at an annual rate of 7.5% and other amounts, but the matter remains pending on appeal. - FY2020-Q1Appeal continues after all Singapore damages claims dismissedAnnual report
「On 12 February 2020, the High Court of the Republic of Singapore dismissed all of JTA's claims and ordered JTA to pay the costs incurred by the defendants. JTA filed an appeal on 13 February 2020, and the matter remains pending.」
While all of JTA's damages claims against GLH and others in Singapore were dismissed, an appeal was filed the following day and the proceedings continue. In addition, PT Bank JTrust Indonesia's damages claim was dismissed on 3 December 2019, and the defamation action was withdrawn on 16 January 2020. - FY2019Appeal continues after dismissal of some litigationAnnual report
「The petition for corporate rehabilitation was dismissed on 15 August 2019. The deadline for filing an appeal was 15 November 2019, and the company had been monitoring JTA's response, but JTA subsequently filed an appeal and the matter remains pending.」
JTA's petition for corporate rehabilitation was initially dismissed, but the proceedings continue following JTA's appeal. The action brought by PT Bank JTrust Indonesia was also appealed again after dismissal and remains pending. - FY2019-Q3RestatedAnnual report
「GL and our company intend to steadily pursue legal measures to assert the legitimacy of our group and will take the necessary and appropriate legal action against JTA.」
Regarding JTA's demand for early redemption of the convertible bonds and related litigation, it continues to maintain that the demand and litigation are unjustified and continues its legal response. - FY2019-Q2RestatedAnnual report
「As a group, we intend to steadily pursue legal measures to assert the legitimacy of our group and will take the necessary and appropriate legal action against JTA.」
While disclosing the dismissal of the defamation damages action, it stated that the convertible bond-related action and other litigation remain pending and that it will continue its legal response. - FY2019-Q1Dismissal of some litigationAnnual report
「The company had been sued for damages for defamation, but the action was dismissed on 31 January 2019.」
The damages actions for defamation brought by JTA and J Trust were dismissed on 31 January 2019. Meanwhile, the convertible bond-related action brought by JTA and the action brought by PT Bank J Trust Indonesia remain pending. - FY2018WorsenedAnnual report
「GLFI has been sued for repayment of the loan of IDR3,636,408,863 (approximately ¥27 million at an exchange rate of IDR130.21 to ¥1) and damages of IDR100,000,000,000 (approximately ¥767 million at the same exchange rate), on the grounds that it breached its loan agreement with BJTI.」
In addition to the existing litigation involving JTA, PT Bank J Trust Indonesia, a J Trust-affiliated company, filed an action dated 1 October 2018 against GLFI for loan repayment and damages. The company considers this part of the same series of disputes as the existing litigation and stated that it would pursue a legal response. - FY2018-Q3WorsenedAnnual report
「On 23 February 2018, the High Court of the Republic of Singapore ordered the suspension and lifting of the interim asset-freezing order. JTA subsequently filed two applications for a stay of proceedings concerning the order, but both were dismissed. JTA had also appealed the suspension and lifting of the order, seeking dismissal of that decision and reinstatement of the order; the appeal concluded on 1 June 2018, and the interim asset-freezing order was issued.」
The interim asset-freezing order in Singapore, which had once been lifted, was reissued following the appeal. In addition, JTA and J Trust filed damages actions for defamation, expanding the litigation. - FY2018-Q2Progress of legal proceedings (appeals continuing after dismissal and lifting of orders)Annual report
「The petition for corporate rehabilitation was dismissed on 19 March 2018, but JTA had filed an appeal against the dismissal and the matter remains pending. On 23 February 2018, the High Court of the Republic of Singapore ordered the suspension and lifting of the interim asset-freezing order. JTA subsequently filed two applications for a stay of proceedings concerning the interim asset-freezing order, but both were dismissed. JTA also appealed the suspension and lifting of the interim asset-freezing order, seeking dismissal of that decision and reinstatement of the order, and that appeal remains pending.」
The petition for corporate rehabilitation in Thailand was dismissed and the interim asset-freezing order in Singapore was lifted, while appeals and the related proceedings continue in both cases. - FY2018-Q1WorsenedAnnual report
「On 9 January 2018, J Trust Asia filed a civil action with a civil court against Koshita Masuji (此下益司), GL and 3 GL directors as defendants (Civil Case Black Case No. Por. 83/2561).」
In addition to the demand for immediate repayment of the convertible bonds and other amounts, a civil action and a petition for corporate rehabilitation were filed against GL in Thailand, while a damages claim and an interim asset-freezing order were brought against GLH and others in Singapore. - FY2017First statedAnnual report
「On 30 November 2017, GL received a claim from JTRUST ASIA PTE. LTD., a shareholder and major creditor of GL, based on mistake, seeking termination of the contracts and immediate lump-sum repayment of US$180 million in convertible bonds and investments, among other relief.」
The company disclosed that JTRUST ASIA had demanded contract termination and immediate lump-sum repayment of US$180 million in convertible bonds and other investments in connection with the GLH financing transactions. The company considered the claim legally invalid and stated that it would pursue discussions toward an amicable resolution.