The Thailand Securities and Exchange Commission has filed a criminal complaint with the Economic Crime Suppression Division of the Royal Thai Police against Mr. Mitsuji Konoshita, a former director and executive of Group Lease Public Company Limited, for alleged fraudulent acts to obtain unlawful gains that caused damage to Group Lease and or its subsidiary. The case was also reported to the Anti-Money Laundering Office. The SEC’s investigation, initiated after receiving information from a complainant and the auditor between 4 November 2020 and 26 March 2021 and supported by coordination with foreign regulators, found that in 2013–2017 Mr. Konoshita, then Chairman and Chief Executive Officer of Group Lease and of its Singapore subsidiary Group Lease Holdings Pte. Ltd., used GLH bank deposits to guarantee loans for his private company registered in the British Virgin Islands. The guarantee obligation remained in place from 2013 until 2023, with no evidence that Group Lease or GLH benefited from the loans or that the guarantees were undertaken for the benefit of their businesses; the SEC cited offenses under specified provisions of the Securities and Exchange Act B.E.2535 (1992), and noted the conduct also constitutes a predicate offense under the Anti-Money Laundering Act. Filing the complaint renders Mr. Konoshita subject to an “untrustworthy” status, preventing him from serving as a director or executive of securities issuing companies and listed companies for the duration of the legal proceedings, starting from the SEC’s filing date. The criminal enforcement process will proceed through investigation by the inquiry official, prosecution by the public prosecutor, and adjudication by the court of justice, with the SEC monitoring progress and supporting enforcement under the Securities and Exchange Act after filing.

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