GL stocks rise sharply after Singapore court dismisses claim

GL chief executive officer Tatsuya Konoshita has informed the Stock Exchange of Thailand that the Singapore court had dismissed JTA’s claim and ordered them to pay the costs of the defendants. However, in case the party in dispute does not agree with the judgement, they have the right to file an appeal.
JTA filed a lawsuit with Singapore Court on December 26, 2017, against Group Lease Holdings (GLH), a subsidiary of GL, claiming that GLH and other defendants had engaged in a conspiracy to entice JTA to invest in the company by misrepresenting the financial position.
JTA claimed damages for the alleged conspiracy, interest and further or other relief as the court deems fit, while GLH has engaged a law firm in Singapore to defend against all allegations since then.
Meanwhile, KTB Securities (Thailand) assistant managing director Mongkol Puangpetra said that the reason behind the demand for GL stock is investors' reaction to the news report. However, he believes that this is not the end because JTA still has the right to file an appeal.
"Recently, investors did not pay much attention to this stock. Although the company had engaged a law firm, it cannot improve the stock price as in the past," he said. 
"We believe that because of the business reorganisation, profits are not out as before.”