w w w . L a w y e r S e r v i c e s . i n



JTrust Asia Pte Ltd v/s Group Lease Holdings Pte Ltd & Others


Company & Directors' Information:- A V S R HOLDINGS PRIVATE LIMITED [Active] CIN = U67120TG2005PTC045117

Company & Directors' Information:- S R HOLDINGS LIMITED [Active] CIN = U65993TN1988PLC083659

Company & Directors' Information:- S R HOLDINGS PRIVATE LIMITED [Active] CIN = U65993TN1988PTC083659

Company & Directors' Information:- A B HOLDINGS PRIVATE LIMITED [Active] CIN = U70102KA2006PTC040894

Company & Directors' Information:- S K A HOLDINGS LIMITED [Active] CIN = U65993DL1981PLC012592

Company & Directors' Information:- S K A HOLDINGS LIMITED [Active] CIN = L65993DL1981PLC012592

Company & Directors' Information:- G J HOLDINGS PRIVATE LIMITED [Active] CIN = U51100DL2004PTC126687

Company & Directors' Information:- G J HOLDINGS PRIVATE LIMITED [Active] CIN = U65993DL2004PTC126687

Company & Directors' Information:- P P HOLDINGS LTD [Active] CIN = U65993PN1981PLC025916

Company & Directors' Information:- G S D HOLDINGS PVT LTD [Strike Off] CIN = U70109WB1990PTC048518

Company & Directors' Information:- S T HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1979PTC021588

Company & Directors' Information:- M C HOLDINGS PRIVATE LIMITED [Active] CIN = U67190DL2009PTC190957

Company & Directors' Information:- J S K HOLDINGS PVT LTD [Active] CIN = U67120WB1994PTC065660

Company & Directors' Information:- P R HOLDINGS LIMITED [Active] CIN = L27310AS1983PLC007154

Company & Directors' Information:- P R HOLDINGS LIMITED [Active] CIN = L27310DL1983PLC314402

Company & Directors' Information:- G R A HOLDINGS PVT LTD [Active] CIN = U70101WB1992PTC055865

Company & Directors' Information:- B S S HOLDINGS PVT LTD [Active] CIN = U67120WB1992PTC056874

Company & Directors' Information:- H M HOLDINGS PRIVATE LIMITED [Active] CIN = U65993ML2005PTC007956

Company & Directors' Information:- S M H HOLDINGS PRIVATE LIMITED [Active] CIN = U65993TG2006PTC049309

Company & Directors' Information:- M M HOLDINGS PVT LTD [Active] CIN = U70109WB1993PTC058147

Company & Directors' Information:- D J HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1992PTC067448

Company & Directors' Information:- R S M P HOLDINGS PRIVATE LIMITED [Active] CIN = U67190MH1995PTC088443

Company & Directors' Information:- V A G HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC057817

Company & Directors' Information:- K E HOLDINGS PRIVATE LIMITED [Active] CIN = U70101TN2013PTC089953

Company & Directors' Information:- K C HOLDINGS PRIVATE LIMITED [Active] CIN = U65990MH1981PTC024688

Company & Directors' Information:- A TO Z HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1987PTC028294

Company & Directors' Information:- V R HOLDINGS PRIVATE LIMITED [Active] CIN = U70102KA2009PTC051724

Company & Directors' Information:- J B HOLDINGS LIMITED [Strike Off] CIN = U91110ML1995PLC004396

Company & Directors' Information:- P G T HOLDINGS LIMITED [Strike Off] CIN = U74899DL1994PLC057886

Company & Directors' Information:- S M HOLDINGS PRIVATE LIMITED [Active] CIN = U65990MH2011PTC225004

Company & Directors' Information:- M S R HOLDINGS LIMITED [Active] CIN = U85110KA1995PLC018599

Company & Directors' Information:- V N C A HOLDINGS PRIVATE LIMITED [Active] CIN = U74999TN2011PTC081684

Company & Directors' Information:- S C HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U74899DL1986PTC025017

Company & Directors' Information:- S G HOLDINGS PVT LTD [Active] CIN = U70109WB1986PTC040839

Company & Directors' Information:- K C A HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1995PTC066204

Company & Directors' Information:- S N J HOLDINGS PRIVATE LIMITED [Active] CIN = U67120DL1997PTC084488

Company & Directors' Information:- H P HOLDINGS LIMITED [Strike Off] CIN = U67120HP1997PLC019474

Company & Directors' Information:- K L N HOLDINGS PRIVATE LIMITED [Active] CIN = U65990TG1986PTC006344

Company & Directors' Information:- M R HOLDINGS LIMITED [Active] CIN = U67120MH1978PLC020559

Company & Directors' Information:- J T HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1979PTC021585

Company & Directors' Information:- B M D HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U51909TN1995PTC031179

Company & Directors' Information:- H K R HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1982PTC013032

Company & Directors' Information:- R J HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1982PTC013033

Company & Directors' Information:- K D R HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1982PTC013034

Company & Directors' Information:- P D R HOLDINGS PVT LTD [Amalgamated] CIN = U67120WB1996PTC077248

Company & Directors' Information:- W A HOLDINGS PRIVATE LIMITED [Active] CIN = U65993DL1997PTC084687

Company & Directors' Information:- W D HOLDINGS PRIVATE LIMITED [Active] CIN = U65993DL1997PTC084667

Company & Directors' Information:- A K HOLDINGS PRIVATE LIMITED [Active] CIN = U74899UP1986PTC037306

Company & Directors' Information:- J R D HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059769

Company & Directors' Information:- C S HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U85110KA1995PTC018441

Company & Directors' Information:- R A HOLDINGS LIMITED [Strike Off] CIN = U17119GJ1986PLC037333

Company & Directors' Information:- W. M. F. HOLDINGS PRIVATE LIMITED [Active] CIN = U70101CT2011PTC022482

Company & Directors' Information:- A V HOLDINGS PVT LTD [Active] CIN = U51109WB1992PTC054035

Company & Directors' Information:- K B R HOLDINGS PRIVATE LIMITED [Active] CIN = U67120TG1998PTC030518

Company & Directors' Information:- E K HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1990PTC040323

Company & Directors' Information:- N R HOLDINGS PVT LTD [Strike Off] CIN = U67120WB1993PTC060077

Company & Directors' Information:- B P A HOLDINGS PVT LTD [Strike Off] CIN = U74990DL1982PTC013326

Company & Directors' Information:- V V HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC060480

Company & Directors' Information:- D D B HOLDINGS PVT LTD [Strike Off] CIN = U67120WB1992PTC055592

Company & Directors' Information:- M D HOLDINGS PRIVATE LIMITED [Active] CIN = U67120DL2001PTC111221

Company & Directors' Information:- V H A HOLDINGS PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U65993DL2003PTC120147

Company & Directors' Information:- K E F HOLDINGS LTD [Amalgamated] CIN = U67120WB1988PLC045280

Company & Directors' Information:- A P HOLDINGS PVT LTD [Active] CIN = U65993PN1981PTC025915

Company & Directors' Information:- N. R. HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1993PTC140612

Company & Directors' Information:- M B HOLDINGS LTD. [Not available for efiling] CIN = U70109WB1986PLC041226

Company & Directors' Information:- J S R HOLDINGS PRIVATE LIMITED [Active] CIN = U45200KA2006PTC040195

Company & Directors' Information:- K M HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1995PTC064343

Company & Directors' Information:- A S H HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL2004PTC125403

Company & Directors' Information:- C M HOLDINGS PVT LTD [Strike Off] CIN = U45203WB1986PTC041627

Company & Directors' Information:- M H HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1995PTC067392

Company & Directors' Information:- I K HOLDINGS LTD [Strike Off] CIN = U70101WB1951PLC019703

Company & Directors' Information:- C & R HOLDINGS PVT. LTD. [Active] CIN = U65929WB1991PTC051376

Company & Directors' Information:- J J HOLDINGS LTD [Amalgamated] CIN = U65993WB1980PLC032736

Company & Directors' Information:- K G HOLDINGS PVT LTD [Active] CIN = U65929WB1987PTC042868

Company & Directors' Information:- B & T HOLDINGS PRIVATE LIMITED [Active] CIN = U74920DL2007PTC171796

Company & Directors' Information:- M M GROUP HOLDINGS PRIVATE LIMITED [Active] CIN = U74999WB2020PTC239840

Company & Directors' Information:- H D HOLDINGS PVT LTD [Amalgamated] CIN = U51109WB1991PTC051415

Company & Directors' Information:- N AND N HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1990PTC040846

Company & Directors' Information:- M P HOLDINGS PRIVATE LIMITED [Under Process of Striking Off] CIN = U67120DL1997PTC088350

Company & Directors' Information:- B P HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1989PTC038274

Company & Directors' Information:- K P R HOLDINGS PRIVATE LIMITED [Active] CIN = U74900TZ2011PTC017467

Company & Directors' Information:- U AND V HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U65999TN2005PTC057659

Company & Directors' Information:- B AND B HOLDINGS PRIVATE LIMITED [Active] CIN = U70101AS1999PTC005674

Company & Directors' Information:- M. G. HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120DL2010PTC198226

Company & Directors' Information:- D G HOLDINGS PRIVATE LIMITED [Active] CIN = U65110DL1998PTC094466

Company & Directors' Information:- I R HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U74120DL2008PTC185743

Company & Directors' Information:- S I HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U74120DL2008PTC186043

Company & Directors' Information:- C J G HOLDINGS INDIA PRIVATE LIMITED [Active] CIN = U70101KL2010PTC038559

Company & Directors' Information:- U P L HOLDINGS PVT LTD [Strike Off] CIN = U67120OR1990PTC002414

Company & Directors' Information:- N N HOLDINGS PVT LTD [Strike Off] CIN = U65999WB1990PTC048493

Company & Directors' Information:- O M K HOLDINGS PVT LTD [Strike Off] CIN = U67120WB1995PTC072914

Company & Directors' Information:- M K HOLDINGS (INDIA) PRIVATE LIMITED [Strike Off] CIN = U65993TN1996PTC036985

Company & Directors' Information:- K I HOLDINGS PVT LTD [Strike Off] CIN = U67120MH1981PTC024069

Company & Directors' Information:- D R HOLDINGS PRIVATE LIMITED [Active] CIN = U65993DL1982PTC013031

Company & Directors' Information:- R R HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1983PTC017127

Company & Directors' Information:- G J HOLDINGS PVT LTD [Not available for efiling] CIN = U65993PB1985PTC006327

Company & Directors' Information:- M G L HOLDINGS PRIVATE LIMITED [Active] CIN = U65993TN1994PTC029354

Company & Directors' Information:- K V R HOLDINGS PRIVATE LIMITED [Active] CIN = U65191KA2012PTC063353

Company & Directors' Information:- R N M HOLDINGS P LTD. [Active] CIN = U65921WB1990PTC050174

Company & Directors' Information:- M D HOLDINGS PVT LTD [Strike Off] CIN = U67120CH1983PTC005399

Company & Directors' Information:- R V HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U74899DL1989PTC036577

Company & Directors' Information:- B J HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1982PTC028820

Company & Directors' Information:- R S HOLDINGS PVT LTD [Active] CIN = U70109WB1986PTC040255

Company & Directors' Information:- A D HOLDINGS PVT LTD [Strike Off] CIN = U65993WB1976PTC030525

Company & Directors' Information:- S P HOLDINGS PVT LTD [Strike Off] CIN = U65993WB1988PTC044540

Company & Directors' Information:- R A HOLDINGS PVT LTD [Strike Off] CIN = U70200WB1986PTC040138

Company & Directors' Information:- A HOLDINGS PVT LTD [Strike Off] CIN = U70101WB1962PTC025617

Company & Directors' Information:- K T R HOLDINGS PVT LTD [Strike Off] CIN = U67120WB1993PTC059078

Company & Directors' Information:- B I HOLDINGS PVT LTD [Strike Off] CIN = U65922WB1988PTC043690

Company & Directors' Information:- E TO E HOLDINGS INDIA PRIVATE LIMITED [Active] CIN = U65999KA2008PTC047780

Company & Directors' Information:- PTE INDIA PRIVATE LIMITED [Strike Off] CIN = U25209MH2001PTC132898

Company & Directors' Information:- M A HOLDINGS PRIVATE LIMITED [Active] CIN = U26106UP2003PTC027990

Company & Directors' Information:- A.S.I.A PRIVATE LIMITED [Active] CIN = U74999KA1983PTC005591

Company & Directors' Information:- G L HOLDINGS PRIVATE LIMITED [Dormant under section 455] CIN = U74996KA2008PTC044867

Company & Directors' Information:- A AND M HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67190TG1995PTC021464

Company & Directors' Information:- K V S HOLDINGS PVT LTD [Strike Off] CIN = U65993WB1993PTC060850

Company & Directors' Information:- V K HOLDINGS PRIVATE LTD [Strike Off] CIN = U27924DL1987PTC027924

Company & Directors' Information:- Q AND A HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120MH2000PTC127319

Company & Directors' Information:- S K HOLDINGS PVT. LTD [Strike Off] CIN = U99999UP1988PTC010231

Company & Directors' Information:- V A HOLDINGS PVT LTD [Strike Off] CIN = U67120KL1986PTC004442

Company & Directors' Information:- S R HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U65993TN1980PTC008388

Company & Directors' Information:- M T R HOLDINGS PRIVATE LIMITED [Active] CIN = U67110KA2007PTC042600

Company & Directors' Information:- ASIA CORPN. PRIVATE LIMITED [Active] CIN = U51102TN1946PTC000135

Company & Directors' Information:- C S A HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U65990MH1995PTC092555

Company & Directors' Information:- K N Z HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120MH1998PTC117331

Company & Directors' Information:- S H HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH2001PTC131041

Company & Directors' Information:- D L HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67100TN2012PTC083929

Company & Directors' Information:- P C T HOLDINGS PRIVATE LIMITED [Active] CIN = U70101TZ2004PTC010971

Company & Directors' Information:- M J P HOLDINGS PRIVATE LIMITED [Active] CIN = U74900TG2015PTC098835

Company & Directors' Information:- P H HOLDINGS PVT LTD [Active] CIN = U67120WB1985PTC039369

Company & Directors' Information:- J D S HOLDINGS PRIVATE LIMITED [Active] CIN = U65993DL1993PTC053637

Company & Directors' Information:- M R S HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120DL2001PTC113197

Company & Directors' Information:- J S M S HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U45201DL2002PTC117110

Company & Directors' Information:- R M G HOLDINGS PVT LTD [Active] CIN = U67120MP1987PTC004209

Company & Directors' Information:- B R HOLDINGS PRIVATE LIMITED [Amalgamated] CIN = U74899HR1994PTC064054

Company & Directors' Information:- P R S HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120KA2010PTC052295

Company & Directors' Information:- M AND D HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120MH1981PTC025882

Company & Directors' Information:- LEASE CO (INDIA) LIMITED. [Strike Off] CIN = U65910WB1984PLC037498

Company & Directors' Information:- A T HOLDINGS PRIVATE LIMITED [Under Process of Striking Off] CIN = U74899DL1994PTC057216

Company & Directors' Information:- J AND S HOLDINGS PVT LTD [Strike Off] CIN = U67120RJ1996PTC012114

Company & Directors' Information:- S K V HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U65993DL1981PTC012910

Company & Directors' Information:- S M K S HOLDINGS PVT LTD [Strike Off] CIN = U45400WB1990PTC048498

Company & Directors' Information:- S J P HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U99999GJ1981PTC004682

    HC/Suit No. 1212 of 2017 (HC/Summonses No. 148, 377, 435 & 436 of 2018)

    Decided On, 23 February 2018

    At, Supreme Court of Singapore

    By, THE HONOURABLE MR. JUSTICE CHOO HAN TECK

    For the Plaintiff: Chan Leng Sun SC, Sheik Umar Bin Mohamed Bagushair, Michelle Lee Ying-Ying, Nicolette Oon Xin Yi (Wong & Leow LLC). For the Defendants: D1, D2, Edric Pan Xingzheng, Chia Huai Yuan, Thng Huilin Melissa, Zheng Huaice (Dentons Rodyk & Davidson LLP), D3, Pillai Pradeep G, Simren Kaur Sandhu (PRP Law LLC), Eugene Thuraisingam, Suang Wijaya (Eugene Thuraisingam LLP) for Non-Parties ? First Global Funds Limited PCC, Weston International Asset Recovery Company Limited, Weston Capital Advisors Inc. & Weston International Asset Recovery Corporation, Inc.



Judgment Text

1. The plaintiff ('JTrust Asia') is a wholly owned subsidiary of JTrust Co Ltd ('JTrust Japan'), a company in Japan. The first defendant ('Group Lease Singapore') is a wholly owned subsidiary of Group Lease Public Company Ltd ('Group Lease Thailand'), a company in Thailand. The second defendant ('Konoshita') is a director of Group Lease Singapore and was previously a director of Group Lease Thailand. These are the important parties in the four applications before me. The applications are: first, the plaintiff’s application to expand a Mareva injunction granted ex parte by Senior Judge Kan Ting Chiu ('Kan SJ') (as he then was) on 26 December 2017, against the first, second, and third defendants in this action (Suit 1212 of 2017). The plaintiff wants the injunction to be expanded into a worldwide Mareva injunction. This application is under Summons 148 of 2018. The second application is the plaintiff’s application for an order that specific conduct by the first, second, and third defendants be prohibited under the injunction order of Kan SJ. Counsel for the plaintiff, Mr Chan Leng Sun SC, submitted that his clients were compelled to make the application because the defendants had asserted that the conduct complained of were not subject to the injunction granted by Kan SJ. An example of the dispute on this point involves the lending of money by the first defendant to its subsidiaries in Indonesia. This application is under Summons 377 of 2018. The third and fourth applications are the applications of the first and second defendants, represented by Mr Edric Pan Xingzheng, and the third defendant, represented by Mr Pillai Pradeep G, respectively, to set aside the Mareva injunction granted by Kan SJ. The fourth to seventh defendants are not involved in any of the four applications before me.

2. We begin with the suit under which the injunction order was obtained. The plaintiff is suing the defendants for, as Mr Chan says, ‘conspiracy’. The particulars are found in paragraph 31 of the statement of claim. It is there alleged that Group Lease Thailand and the defendants conspired to defraud JTrust Asia into believing that Group Lease Thailand’s 'performance was better than it truly was'; and secondly, to misappropriate JTrust Asia’s investments in Group Lease Thailand for Konoshita’s benefit by lending money to the third to seventh defendants; and thirdly, concealing the fraud and misappropriation from JTrust Asia. The third assertion is unnecessary. If the first and second are proved, it is implied that there had been concealment.

3. The background to the plaintiff’s suit is as follows. By a series of written contracts, the plaintiff loaned US$210,000,000 (and a further $527,000,000 Thai Baht) to Group Lease Thailand. The contracts conferred onto the plaintiff the right to convert the debentures into shares in Group Lease Thailand. The first agreement was made on 20 March 2016 and the third on 1 December 2017.

4. The Securities and Exchange Commission of Thailand laid a criminal complaint against Group Lease Thailand concerning the accounts filed by it, but no charges have been brought so far. In the meantime, Group Lease Thailand transferred money to Group Lease Singapore. The Group Lease companies are all in the business of providing funds for businesses (such as those in the hirepurchase industry) in Singapore and elsewhere. Some of the money received by Group Lease Singapore was then loaned to the third to seventh defendants.

5. The plaintiff’s grievance arose from a fear that Group Lease Thailand may be dishonest and, should they fail to pay interest on the debentures, the plaintiff would lose their capital (the US$210,000,000 loan) because Group Lease Thailand may become a valueless company, with only debts from the third to seventh defendants to satisfy the plaintiff.

6. Although evidence has yet to be adduced and tested at trial the plaintiff’s fears may not be unfounded; but, the problem is that the plaintiff’s cause of action against the defendants here is based on a conspiracy, and it is not just a conspiracy among the defendants; it is a conspiracy by Group Lease Thailand and the defendants. Yet, strangely, Group Lease Thailand is not a party to this suit, and the money it may have lent, distributed, or disbursed, however one sees it, is its money, obtained under written agreements.

7. The complaint of the Securities and Exchange Commission of Thailand, the connections between the defendants and Group Lease Thailand, as well as Group Lease Thailand’s connections with Konoshita and the company known as APF Group Co Ltd may become relevant only when tested at trial. Right now, neither Group Lease Thailand nor APF Group Co Ltd are parties to this suit. There is nothing more than the speculation that Group Lease Thailand has misappropriated the plaintiff’s US$210,000,000 – which was backed by properly executed commercial debenture agreements. Once the money has passed to Group Lease Thailand under those agreements, there must be stronger evidence than what the plaintiff has produced, to show that there may have been misappropriation of the money. What the plaintiff presently has, is a plausible case that it may be left holding on to useless convertible debentures; but that alone is not sufficient evidence to warrant a Mareva injunction, let alone a worldwide Mareva injunction.

8. The question that I have first to decide is whether the injunction ought to have been granted in the first place. Mr Pan submitted that when the plaintiff obtained the order from Kan SJ, it did not disclose that it had already sought and obtained worldwide Mareva injunctions against the second defendant in not only the British Virgin Islands court, but also the court in Cyprus. The Cyprus injunction was obtained after Kan SJ’s injunction, but that is not crucial. The point is that if there are already not one, but two worldwide Mareva injunctions, why is there a need to collect another similar order?

9. To add to the complexity of the case, Mr Eugene Thuraisingam appeared and I granted him leave to explain his presence. He said that he is acting for a company that has obtained a judgment against the plaintiff’s parent company, JTrust Japan, in Mauritius. Mr Thuraisingam said that his client has also obtained a Mareva injunction from the Mauritius court against JTrust Japan. Mr Pan said that he was not aware of this fact and that it had not been previously disclosed. He denies that Mr Thuraisingam’s client and his are collaborating; on the contrary, he said that Mr Thuraisingam’s client had assumed that Mr Konoshita was collaborating with Mr Chan’s clients against him. Mr Thuraisingam further stated that the US$100,000 claimed by his client involved the same fund in Suit 1212 in Singapore. Mr Chan submitted that the money in this action is unrelated to the suit in Mauritius.

10. The plaintiff’s case for a Mareva injunction is based on its allegations that Group Lease Thailand and Konoshita had been dishonest in their disclosures of fact connected to JTrust Asia’s agreements with Group Lease Thailand. Consequently, by distributing its funds through and to the defendants in Suit 1212, Group Lease Thailand will have dissipated all its assets and JTrust Asia will have lost its investments. That is the nub of the plaintiff’s case.

11. A Mareva injunction freezes the liquidity of the enjoined entity, rendering it incapable of carrying on its business. The entity may even perish from the paralysis. It is not always easy to tell which is the innocent party in a commercial dispute until the court has heard all the evidence. That is why a Mareva injunction can have dire consequences, and must therefore not be granted unless the court is satisfied that there are sound reasons for it. Not only must the applicant show that he has a strong case, he must show that there are identifiable assets that belong to, or are due to, the applicant and that the respondent to the application has or is taking steps to place that asset out of the applicant’s reach should the applicant succeed at trial.

12. From the outset, the applicant plaintiff in this suit, JTrust Asia, has not shown that it has a good arguable case against the respondents. It is not enough to make an allegation of conspiracy to defraud and misappropriate the applicant’s money. The plaintiff’s action is peculiar in that the defendant conspirators in this suit are not involved as parties in the commercial agreements under which the plaintiff transferred the US$210m, part of which (US$180m) the plaintiff is now claiming, to Group Lease Thailand.

13. Group Lease Thailand is not named as a defendant in this suit. And the defendants in this suit are not named in the plaintiff’s suit against Group Lease Thailand in the legal proceedings in Thailand. It will be seen that the three debenture agreements lie at the core of the dispute. But the validity of those agreements cannot be adjudicated in this action without Group Lease Thailand being a party.

14. Furthermore, even if it can be shown that Group Lease Thailand had transferred US$180m to Group Lease Singapore, and then to their subsidiaries in Indonesia and elsewhere in the world, that is not in itself evidence of dissipation. First, the assets claimed are from those three debenture agreements, and as I pointed out, the other party to the agreement is not named as a defendant here. Secondly, all the parties involved are companies carrying on the business of investments, a refined way of saying they lend money to companies in need, in return for periodic payment in interests and sometimes, as in this case, with an option to purchase the borrower’s (Group Lease Thailand) equity. That is likely to be the real dispute between JTrust Asia and Group Lease Thailand. That is, were their debenture agreements valid or voidable for misrepresentation or breach? That is an issue that this court has no business to determine because Group Lease Thailand is not a party to this suit. Further, the defendants as alleged conspirators are not being sued as such in Thailand.

15. By letter dated 21 February 2018, counsel for the first and second defendants sought leave to file an affidavit of Apichart Phankeasorn. They have appended a copy of the affidavit to the letter, with the request that it to be placed before me. I had given directions on submissions when the hearing adjourned and do not require further submissions or su

Please Login To View The Full Judgment!

bmissions disguised as affidavits. I do not require any further affidavit from any party and the affidavit of Apichart Phankeasorn is therefore totally ignored, with the fullest respect. 16. In deciding whether or not an ex parte Mareva injunction ought to be set aside on the ground of material non-disclosure, the court will naturally ask itself whether it would have granted the order had those facts been before it at the ex parte hearing. In this case, I did not hear the ex parte application so I have to consider whether I would have granted the application had I been aware of the circumstances that I am aware of in the hearing before me. The submissions have gone beyond the issue of material non-disclosure and I thus considered the question of setting aside and the opposing question of expansion together. For the reasons above, I am of the opinion that there is no merit in granting a Mareva injunction to JTrust Asia, let alone expanding the ex parte order it obtained from Kan SJ into a worldwide Mareva injunction. Consequently, Summonses 148 and 377 are dismissed and Summonses 435 and 436 are allowed. Costs for all four summonses are reserved to the trial judge.
O R