Thai SEC and Thai DSI Findings and Investigations Regarding GLH Financing Transactions and Their Impact on the Financial Statements
First written in FY2017. 16 of 30 entries say "Restated". Latest entry: 2026-08-14.
Wedge Holdings moved to the "Worse" side of this theme in 2026.
0 other companies' latest entry also says "Materialised".
- FY2026-H1Update to the Carrying Amount of the Equity-Method InvestmentAnnual report
「Depending on the outcome of the investigation and litigation by Thailand’s DSI, the valuation of the Group’s equity-method investment in GL, whose carrying amount as shares of an equity-method affiliate was ¥400 million at the end of the interim consolidated accounting period, may be affected. However, because it is currently difficult to reasonably estimate the amount of the impact, it has not been reflected in the interim consolidated financial statements.」
It continues to explain that the Thai DSI investigation and litigation could affect the valuation of the GL equity-method investment and that the amount of the impact cannot be reasonably estimated. The carrying amount of the relevant shares was stated as ¥400 million at the end of the current interim consolidated accounting period. - FY2025Update to the Carrying Amount of the Equity-Method InvestmentAnnual report
「Depending on developments in the Thai DSI investigation and litigation, the valuation and other aspects of the group's equity-method investment in GL, whose carrying amount as shares of an equity-method affiliate was ¥700 million at the end of the current consolidated fiscal year, may be affected. However, because it is currently difficult to reasonably estimate the amount of the impact, no such impact has been reflected in the consolidated financial statements.」
It continues to explain that the Thai DSI investigation and litigation could affect the valuation of the GL equity-method investment and that the amount of the impact cannot be reasonably estimated. The carrying amount of the relevant shares was stated as ¥700 million at the end of the current consolidated fiscal year. - FY2025-H1Update to the Carrying Amount of the Equity-Method InvestmentAnnual report
「Depending on developments in the Thai DSI investigation and litigation, the valuation and other aspects of the group's equity-method investment in GL, whose carrying amount as shares of an equity-method affiliate was ¥1 billion at the end of the current interim consolidated accounting period, may be affected. However, because it is currently difficult to reasonably estimate the amount of the impact, no such impact has been reflected in the interim consolidated financial statements.」
It continues to explain that the Thai DSI investigation and litigation could affect the GL equity-method investment and that the amount of the impact cannot be reasonably estimated. The carrying amount of the relevant shares was stated as ¥1 billion. - FY2024Investigation continues after GLH liquidation and removal from the equity-method scopeAnnual report
「Depending on developments in the Thai DSI investigation and litigation, the valuation and other aspects of the group's equity-method investment in GL, whose carrying amount as shares of an equity-method affiliate was ¥1.1 billion at the end of the current consolidated fiscal year, may be affected. However, because it is currently difficult to reasonably estimate the amount of the impact, no such impact has been reflected in the consolidated financial statements.」
Although GLH's liquidation proceedings progressed and GLH was excluded from the scope of equity-method accounting from the current consolidated fiscal year, the Thai DSI investigation and litigation remain unresolved, and the amount of the impact on the GL equity-method investment, whose carrying amount was ¥1.1 billion, cannot be reasonably estimated. - FY2024-Q1Update to the Carrying Amount of the Equity-Method InvestmentAnnual report
「Depending on developments in the Thai DSI investigation and litigation, the valuation and other aspects of the group's equity-method investment in GL, whose carrying amount as shares of an equity-method affiliate was ¥1.1 billion at the end of the first quarter of the current consolidated fiscal year, may be affected. However, because it is currently difficult to reasonably estimate the amount of the impact, no such impact has been reflected in the quarterly consolidated financial statements.」
It continues to explain that the Thai DSI investigation and litigation could affect the valuation of the GL equity-method investment, and states that the carrying amount of the relevant shares of the equity-method affiliate is ¥1.1 billion. It continues to state that the amount of the impact cannot be reasonably estimated. - FY2023-Q3RestatedAnnual report
「Depending on developments in the Thai DSI investigation and litigation, the valuation and other aspects of the group's equity-method investment in GL, whose carrying amount as shares of an equity-method affiliate was ¥2.3 billion at the end of the current consolidated fiscal year, may be affected. However, because it is currently difficult to reasonably estimate the amount of the impact, no such impact has been reflected in the quarterly consolidated financial statements.」
It continues to explain that the Thai DSI investigation and litigation are ongoing, the basis for the Thai SEC's findings has not been identified, and the impact on the valuation of the GL equity-method investment cannot be reasonably estimated. - FY2023-Q1WorsenedAnnual report
「Depending on developments in the Thai DSI investigation and litigation, the valuation and other aspects of the group's equity-method investment in GL, whose carrying amount as shares of an equity-method affiliate was ¥2 billion at the end of the current consolidated fiscal year, may be affected. However, because it is currently difficult to reasonably estimate the amount of the impact, no such impact has been reflected in the quarterly consolidated financial statements.」
It newly specified that the Thai DSI investigation and litigation could affect the valuation and other aspects of the GL equity-method investment, which had a carrying amount of ¥2 billion, and stated that the amount of the impact could not be reasonably estimated. - FY2022-Q3RestatedAnnual report
「This remains an unresolved matter, and the group has been unable to identify the basis for the Thai SEC's findings.」
It continues to maintain that this is an unresolved matter because the basis for the Thai SEC's findings cannot be identified and the Thai DSI investigation is continuing. - FY2022-Q2RestatedAnnual report
「This remains an unresolved matter, and the group has been unable to identify the basis for the Thai SEC's findings.」
It continues to explain that this is an unresolved matter because the basis for the Thai SEC's findings cannot be identified and the investigation by the Thai DSI is continuing. - FY2022-Q1RestatedAnnual report
「This remains an unresolved matter, and the group has been unable to identify the basis for the Thai SEC's findings.」
It continues to maintain that this is an unresolved matter because the basis for the Thai SEC's findings cannot be identified and the Thai DSI investigation is continuing. - FY2021RestatedAnnual report
「This remains an unresolved matter, and the group has been unable to identify the basis for the Thai SEC's findings.」
It continues to maintain that this is an unresolved matter because the basis for the Thai SEC's findings cannot be identified and the Thai DSI investigation is continuing. - FY2021-Q3RestatedAnnual report
「GL conducted a special audit by an independent audit firm of the GLH lending transactions, but has been unable to identify the basis for the Thai SEC's findings.」
It explained that the basis for the Thai SEC's findings could not be identified even after the independent audit and the third-party committee's investigation, and continues its policy of cooperating with the Thai DSI investigation. - FY2021-Q2RestatedAnnual report
「GL conducted a special audit by an independent audit firm of the GLH lending transactions, but has been unable to identify the basis for the Thai SEC's findings.」
It explained that the basis for the Thai SEC's findings could not be identified even after conducting the independent audit, and continues its policy of cooperating with the Thai DSI investigation. - FY2021-Q1RestatedAnnual report
「GL also conducted a special audit by an independent audit firm of GLH's lending transactions with borrowers in Cyprus and Singapore, but has been unable to identify the basis for the Thai SEC's findings.」
It stated that the basis for the Thai SEC's findings could not be identified even after the independent audit and the third-party committee's investigation, and that cooperation with the Thai DSI investigation continues. - FY2020RestatedAnnual report
「GL conducted a special audit by an independent audit firm of the GLH lending transactions, but has been unable to identify the basis for the Thai SEC's findings.」
It explained that the basis for the Thai SEC's findings could not be identified even after conducting an independent audit and other procedures, and continues its policy of cooperating with the Thai DSI investigation. - FY2020-Q3RestatedAnnual report
「As a group, we will continue to assert our legitimacy to the Thai SEC and Thai DSI while fully cooperating with the Thai DSI investigation.」
While the basis for the Thai SEC's findings remains unidentified, it continues to assert its legitimacy and cooperate with the Thai DSI investigation. - FY2020-Q2RestatedAnnual report
「As a group, we will continue to assert our legitimacy to the Thai SEC and Thai DSI while fully cooperating with the Thai DSI investigation.」
Even after the independent audit and the third-party committee's investigation, the basis for the Thai SEC's findings remains unidentified, while it continues to assert its legitimacy and cooperate with the Thai DSI investigation. - FY2019RestatedAnnual report
「As a group, we will continue to assert our legitimacy to the Thai SEC and Thai DSI while fully cooperating with the Thai DSI investigation.」
While the basis for the Thai SEC's findings remains unidentified, it continues to assert its legitimacy and cooperate with the Thai DSI investigation. - FY2019-Q3RestatedAnnual report
「As a group, we will continue to assert our legitimacy to the Thai SEC and Thai DSI while fully cooperating with the Thai DSI investigation.」
Even after Mazars' special audit and the third-party committee's investigation, it continues to assert its position to the Thai SEC and Thai DSI and cooperate with the Thai DSI investigation. - FY2019-Q2RestatedAnnual report
「As a group, we will continue to assert our legitimacy to the Thai SEC and Thai DSI while fully cooperating with the Thai DSI investigation.」
It stated that the basis for the Thai SEC's findings could not be identified even after the independent audit and the third-party committee's investigation, and that cooperation with the Thai DSI investigation continues. - FY2019-Q1RestatedAnnual report
「GL also conducted a special audit by an independent audit firm of GLH's lending transactions with borrowers in Cyprus and Singapore, but has been unable to identify the basis for the Thai SEC's findings.」
It stated that the basis for the Thai SEC's findings could not be identified even after the independent audit and the third-party committee's investigation, and that cooperation with the Thai DSI investigation continues. - FY2018RestatedAnnual report
「GL also conducted a special audit by an independent audit firm of GLH's lending transactions with borrowers in Cyprus and Singapore, but has been unable to identify the basis for the Thai SEC's findings.」
It stated that the basis for the Thai SEC's findings could not be identified even after the independent audit and the third-party committee's investigation, and that cooperation with the Thai DSI investigation continues. - FY2018-Q3AdvancedAnnual report
「According to Mazars LLP's report, the above audit procedures were performed for fiscal 2015, fiscal 2016 and fiscal 2017, and no evidence was found that any of the debtors was owned or controlled by GL.」
The special audit by Mazars LLP has been completed, and a report was received stating that no evidence was found that the debtors were owned or controlled by GL in the transactions covered for fiscal 2015 to fiscal 2017. Meanwhile, cooperation with the Thai DSI investigation continues. - FY2018-Q2AdvancedAnnual report
「GL appointed an independent third-party audit firm to conduct a special audit and seek an opinion on the GLH lending transactions, and appointed Mazars LLP as the special auditor.」
It was disclosed that Mazars LLP had been appointed as the special auditor, which had not been selected in the previous quarter. The interim report of the third-party committee states that the basis for the Thai SEC's findings has still not been identified. - FY2018-Q1AdvancedAnnual report
「On 12 December 2017, the company received the interim report of the third-party committee, but the basis for the Thai SEC's findings was not identified.」
The investigation into the GLH lending transactions had progressed to the receipt of an interim report, but the basis for the Thai SEC's findings had not been identified. The company explained that an independent third-party audit firm to conduct a special audit had not yet been selected and was expected to be selected by year-end. - FY2017First statedAnnual report
「The transactions under investigation involved US$54 million in financing by Group Lease Holdings PTE. LTD., a consolidated subsidiary of GL, to borrowers in Cyprus and Singapore. Funds were transferred among lender group companies at the direction of Kashi Shiji, and ultimately applied to instalment repayments to GLH. The issue was that interest income at annual rates of 14% to 25% from the GLH financing transactions was overstated, meaning that GL's consolidated financial statements did not provide appropriate disclosure.」
The company disclosed that the Thai SEC had raised concerns about possible deception and misconduct by the former CEO and overstatement of interest income, leading to an investigation by the Thai DSI, changes to the audit report and an investigation by a third-party committee.