Sakishima Cosmo Tower Hotel Litigation and Damages Risk
First written in FY2024-Q1. 2 of 5 entries say "Restated". Latest entry: FY2025-H1.
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- FY2025-H1MaterialisedAnnual report
「Following this judgment, TCM recorded ¥1,322 million in damages equivalent to rent and other amounts as litigation-related losses for the six months ended 30 September.」
Following the appellate judgment, the litigation loss previously expected was actually recognized as ¥1,322 million for the six months ended 30 September. - FY2024MaterialisedAnnual report
「On 5 June 2024, the Osaka High Court handed down a judgment ordering TCM and the hotel developers, among others, to jointly and severally pay ¥801 million in connection with vacating the leased property and damages equivalent to rent, as well as ¥25 million per month until the property was vacated. Following this judgment, TCM plans to record ¥1,322 million in damages equivalent to rent and other amounts as a provision for litigation losses in the first quarter of the fiscal year ending March 2025.」
For the litigation previously described as a future risk while under appeal, an appellate judgment had been handed down by the filing date, and the planned recognition of a provision for litigation losses was also disclosed. - FY2024-Q3RestatedAnnual report
「In the first-instance judgment dated 14 March 2023, the defendants were ordered to jointly and severally pay damages equivalent to rent and other amounts totaling ¥2,095 million in connection with vacating the leased property, as well as unpaid rent and other amounts of ¥70 million per month until the property was vacated. Following the first-instance judgment, an appeal was filed to properly present TCM's arguments, and the case is currently pending. If a judgment is handed down that does not uphold TCM's arguments, damages may arise and could have a material impact on the business and performance of the Group.」
The amount in the first-instance judgment, the fact that the case is under appeal, and the risk of damages if the appeal is unsuccessful are repeated. - FY2024-Q2RestatedAnnual report
「In the first-instance judgment dated 14 March 2023, the defendants were ordered to jointly and severally pay damages equivalent to rent and other amounts totaling ¥2,095 million in connection with vacating the leased property, as well as unpaid rent and other amounts of ¥70 million per month until the property was vacated. Following the first-instance judgment, an appeal was filed to properly present TCM's arguments, and the case is currently pending. If a judgment is handed down that does not uphold TCM's arguments, damages may arise and could have a material impact on the business and performance of the Group.」
The amount in the first-instance judgment, the fact that the case is under appeal, and the risk of damages if the appeal is unsuccessful are repeated. - FY2024-Q1First statedAnnual report
「In the first-instance judgment dated 14 March 2023, the defendants were ordered to jointly and severally pay damages equivalent to rent and other amounts totaling ¥2,095 million in connection with vacating the leased property, as well as unpaid rent and other amounts of ¥70 million per month until the property was vacated. Following the first-instance judgment, TCM is currently pursuing an appeal in order to properly present its arguments. If a judgment is handed down that does not uphold TCM's arguments, damages may arise and could have a material impact on the business and performance of the Group.」
The filing of the lawsuit and the first-instance judgment have already occurred, and the case is under appeal. The judgment amounts and other figures are provided, and the possibility of future damages is indicated.