The Appellate Division of the High Court of Singapore dismissed the appeal of Group Lease Holdings Pte. Ltd. to revoke order for USD 124,474,854 compensation in damages due to non-payment in convertible debt.
Group Lease Public Company Limited (GL) published a statement on Friday stating that in reference to the judgement in favor of J Trust Asia Pte. Ltd. (JTA) by the Singapore High Court against Group Lease Holdings Pte. Ltd. (GLH), a wholly-owned subsidiary of Group Lease Public Company Limited (the Company), for USD 124,474,854 in damages due to non-payment by the Company for the 2nd Investment Agreement which was a USD 130,000,000 convertible debt due on 1 August 2021. The Company terminated the 2nd Investment Agreement on 30 July 2021. Later on, GLH appealed a decision of the Singapore High Court with the Court of Appeal of Singapore on 19 April 2023. However, the Appellate Division of the High Court of Singapore (the AD) dismissed the appeal of GLH on 22 November 2023.
GL added that GLH had appealed the AD’s decision made on 22 November 2023. However, the AD dismissed the appeal of GLH again with the costs fixed at USD 15,000 (inclusive of disbursements) to JTA, to be borne jointly and severally by GLH including the other defendants, and affirmed the Singapore High Court’s decision.
The company noted that it will seek further legal actions with all possible means.