November 23, 2023

Group Lease Holdings Pte Ltd & anor v JTrust Asia Pte Ltd: Appellate Division dismisses appeal

On 12 November 2023, the Appellate Division of the High Court dismissed an appeal by the appellants against a decision of the General Division, entering judgment in favour of the respondent (JTA) for approximately USD 124 million on its claims against the appellants for the torts of deceit and conspiracy in relation to an investment agreement. This litigation is part of a long-running dispute that had earlier resulted in a judgment of the Court of Appeal in JTA’s favour, reported at [2020] 2 SLR 1256.

The Appellate Division disagreed with the first instance court’s view that an issue estoppel arose from the Court of Appeal judgment on the loss suffered by JTA under the relevant investment agreement. However, the Appellate Division followed the approach set out by the Court of Appeal in determining proof of loss and agreed with the courtbelow that, on the facts, JTA had suffered actual loss quantified at approximately USD 124 million. The Appellate Division also upheld the decision of the court below to refuse a case management stay of the proceedings pending the determination of related Thai proceedings.

A copy of the Appellate Division’s judgment in [2023] SGHC(A) 37 can be found here.

Chan Leng Sun SC and Colin Liew acted for JTA, the successful respondent, instructed by Wong & Leow LLC.