Motorcycle hire purchase company Group Lease listed on the Stock Exchange of Thailand in 2004. In February 2017, the company released its FY16 financial statements which contained an emphasis of matters expressing concern about alleged related party loans. Group Lease appeared to be lending to related parties and, as a guarantee for those loans, was receiving its own stock. A subsequent news article highlighting the emphasis of matters prompted a more than halving of Group Lease's share price. In October 2017, the company was attacked by unknown short-seller Anonymous Equity alleging fraud. Later that month, possibly as a result of the report, Thailand's Securities and Exchange Commission requested a criminal probe. Subsequently, Group Lease became embroiled in a number of court cases against one of its largest shareholders and creditors, J Trust. Many of the cases appear ongoing but, in October 2020, Group Lease lost a case in Singapore (upon appeal) for alleged fraudulent misrepresentations and conspiracy in relation to certain investments made by J Trust. In November 2020, Group Lease was unable to publish its 3Q20 results as the external auditor needed more time to assess the impact and consequence from the Singapore Court’s judgement. The company was delisted in March 2021.

Last updated March 2022.

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