JTrust Asia Pte Ltd v Group Lease Holdings Pte Ltd: Mareva Injunction Dispute

In JTrust Asia Pte Ltd v Group Lease Holdings Pte Ltd, the High Court of Singapore addressed applications related to a Mareva injunction. JTrust Asia sued Group Lease Holdings and others for conspiracy, alleging they defrauded JTrust Asia and misappropriated investments. The court, presided over by Choo Han Teck J, dismissed JTrust Asia's applications to expand the injunction and allowed the defendants' applications to set aside the Mareva injunction, finding insufficient evidence of conspiracy. Costs were reserved to the trial judge.

1. Case Overview

1.1 Court

High Court

1.2 Outcome

Summonses 148 and 377 are dismissed and Summonses 435 and 436 are allowed.

1.3 Case Type

Civil

1.4 Judgment Type

Judgment

1.5 Jurisdiction

Singapore

1.6 Description

Singapore court case involving JTrust Asia and Group Lease Holdings concerning a Mareva injunction. The court dismissed the injunction due to insufficient evidence of conspiracy.

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
JTrust Asia Pte LtdPlaintiffCorporationApplications dismissedLost
Group Lease Holdings Pte LtdDefendantCorporationApplication allowedWon
Mitsuji KonoshitaDefendantIndividualApplication allowedWon
Adalene LimitedDefendantCorporationNeutralNeutral
Bellaven LimitedDefendantCorporationNeutralNeutral
Aref Holdings LimitedDefendantCorporationNeutralNeutral
Baguera LimitedDefendantCorporationNeutralNeutral
Cougar Pacific Pte LtdDefendantCorporationApplication allowedWon

3. Judges

Judge NameTitleDelivered Judgment
Choo Han TeckJudgeYes

4. Counsels

Counsel NameOrganization
Chan Leng SunWong & Leow LLC
Edric Pan XingzhengDentons Rodyk & Davidson LLP
Pillai Pradeep GPRP Law LLC

4. Facts

  1. JTrust Asia loaned US$210,000,000 to Group Lease Thailand.
  2. JTrust Asia had the right to convert debentures into shares in Group Lease Thailand.
  3. Group Lease Thailand transferred money to Group Lease Singapore.
  4. Group Lease Singapore loaned money to the third to seventh defendants.
  5. The Securities and Exchange Commission of Thailand laid a criminal complaint against Group Lease Thailand.
  6. JTrust Asia feared Group Lease Thailand may be dishonest and unable to pay interest on the debentures.

5. Formal Citations

  1. JTrust Asia Pte Ltd v Group Lease Holdings Pte Ltd and others, HC/Suit No 1212 of 2017, [2018] SGHC 38

6. Timeline

DateEvent
Mareva injunction granted ex parte by Senior Judge Kan Ting Chiu
Hearing
Counsel for the first and second defendants sought leave to file an affidavit
Judgment reserved

7. Legal Issues

  1. Conspiracy to defraud and misappropriate funds
    • Outcome: The court found insufficient evidence to support the allegation of conspiracy.
    • Category: Substantive
    • Sub-Issues:
      • Concealing fraud and misappropriation
  2. Setting aside of Mareva injunction
    • Outcome: The court allowed the application to set aside the Mareva injunction.
    • Category: Procedural
    • Sub-Issues:
      • Material non-disclosure
      • Absence of good arguable case

8. Remedies Sought

  1. Mareva injunction
  2. Worldwide Mareva injunction

9. Cause of Actions

  • Conspiracy

10. Practice Areas

  • Commercial Litigation

11. Industries

  • Finance

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
No cited cases

13. Applicable Rules

Rule Name
No applicable rules

14. Applicable Statutes

Statute NameJurisdiction
No applicable statutes

15. Key Terms and Keywords

15.1 Key Terms

  • Mareva injunction
  • Debentures
  • Conspiracy
  • Dissipation of assets
  • Material non-disclosure

15.2 Keywords

  • Mareva injunction
  • conspiracy
  • JTrust Asia
  • Group Lease Holdings
  • Singapore High Court

17. Areas of Law

Area NameRelevance Score
Injunctions95
Mareva Injunctions95
Fraud and Deceit70
Conspiracy by Unlawful Means70
Contract Law50
Civil Procedure40
Business Litigation30

16. Subjects

  • Injunctions
  • Commercial Law
  • Civil Procedure