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The Office of the Prosecutor in Cambodia Officially Filed a Criminal Case against Executives of J Trust Who Colluded to Defraud in Obtaining Shares of a Pacific Opportunities, a Parent of Client Company of Group Lease, a Subsidiary of Wedge Holdings

April 26, 2019

TOKYO--(BUSINESS WIRE)--Apr 25, 2019--The Office of the Prosecutor of Phnom Penh in Cambodia against Mr. Nobuyoshi Fujisawa, a director of J Trust Asia Pte. Ltd (JTA) which is a Singapore subsidiary of J Trust Co.,Ltd., Mr. Nobiru Adachi, an employee that handles legal matters for JTA, and Mr. Gwynn David Nevill Hopkins, President of Saronic Holding Ltd, alleging that all have colluded with bad intentions to defraud along with Mr. Tep Rithvit, a Cambodian national. The Office of the Prosecutor of Phnom Penh investigated and officially filed a criminal case against the three suspects. As to this fact, on 12 th April there was a media report from ‘Asia Sentinel’ and Wedge Holdings Co., Ltd. had received questions on this report so that Wedge Holdings Co., Ltd. would like to clarify the matter. *1

It is alleged that Mr. Nobuyoshi Fujisawa, Mr. Nobiru Adachi, and Mr. Gwynn David Nevill Hopkins colluded with bad intentions to defraud in obtaining 100% of a company under the name of Pacific Opportunities Holdings S a r l (POH) and took control and ceased the operations of subsidiaries of POH under the umbrella of POH. The acts committed above during the year of 2018 is sanction in Article 377 and 378 of the Criminal Code of the Kingdom of Cambodia.

The action committed above is a crime of fraud having acted in Phnom Penh and the crime is sanction in Article 377 (Definition of the Fraud) and 378 (Penalties to be Imposed (2-5 years in Prison and fine)) of the Criminal Code of the Kingdom of Cambodia. The further judicial procedure is processing. The investigation is still going forward. Now the Cambodian Public Prosecutors office is asking the court to take these suspects under supervision of the court.

Their fraud actions are extended over client companies of Group Lease Holdings PTE. LTD. (GLH) and interrupted its collection of the debt from the client companies. And GLH also considers that those suspects and J Trust are interrupting the lawsuits against JTA and debt collection with bad faith. So we believe that the fact that the 3 suspects are indicted by public Prosecutor is a further step forward in both of the lawsuit and the debt collection process. Group Lease PCL will carefully watch this criminal cases against 3 suspects and will seek compensation for the damages by their fraud actions cooperate with aggrieved parties against J Trust group in Singapore, Japan, Thailand, Cambodia, Hong Kong and the other countries. We will make our best effort to maximize shareholder value.

We will inform you as soon as there will be any progress.

*1 Asia Sentinel 12/April/2019 “Japanese Conglomerate’s Officials Threatened with Cambodia Arrests”
https://www.asiasentinel.com/econ-business/jtrust-officials-threatened-cambodia-arrests/

View source version on businesswire.com:https://www.businesswire.com/news/home/20190425006069/en/

CONTACT: Wedge Holdings Co., Ltd.

(Code 2388 JASDAQ Securities Exchange)

Contact PIC: Yasuhiro Kotake

Tel: +81-3-6225-2207

E-mail:wedge-ir@wedge-hd.com

KEYWORD: ASIA PACIFIC CAMBODIA JAPAN

INDUSTRY KEYWORD: AUTOMOTIVE AFTERMARKET PROFESSIONAL SERVICES MOTORCYCLES OTHER PROFESSIONAL SERVICES

SOURCE: Wedge Holdings Co., Ltd.

Copyright Business Wire 2019.

PUB: 04/25/2019 10:45 PM/DISC: 04/25/2019 10:45 PM

http://www.businesswire.com/news/home/20190425006069/en

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