J Trust Co. Ltd. units JTrust Asia Pte. Ltd., PT Bank J Trust Indonesia Tbk, PT JTrust Investments Indonesia and other parties face claims of up to US$550 million for alleged fraudulent activity.
The company said Feb. 2 that a lawsuit was filed Sep. 22, 2017, against the defendants in the Supreme Court of Mauritius by plaintiffs comprising First Global Funds Ltd. PCC, Weston Capital Advisors Inc., Weston International Asset Recovery Co. Ltd., Weston International Asset Recovery Corp. Inc. and Weston International Capital Ltd.
The other defendants comprise some executive officers of J Trust and its three units, the Indonesia Deposit Insurance Corp. and several of its former and current executives, "FBME Parties" including FBME Ltd., and "Saab Parties" including Saab Financial (Bermuda) Ltd.
Among other claims, the plaintiffs alleged the defendants conspired to commit money laundering with the intention to defraud them. It was also alleged Indonesia Deposit Insurance defrauded the plaintiffs to obstruct their acquisition of Bank J Trust Indonesia.
The plaintiffs are claiming damages of up to US$400 million against J Trust, its three units, Indonesia Deposit Insurance and the individual executives, and up to US$150 million against the two remaining parties. These exclude interests, costs or "an unspecified amount of compensation."
J Trust said Singapore-based JTrust Asia will contest the claims, which are for now not expected to be material to the parent company's financial performance.
