Jtrust Asia Pte Ltd v. Group Lease Holdings Pte Ltd: Fraudulent “Round-Tripping” Claim

8 October, 2020

The Singapore Court of Appeal has ruled in favour of JTrust Asia Pte Ltd, upholding its claim in the torts of deceit and unlawful means conspiracy arising out of a “round-tripping” accounting fraud perpetrated by the defendants.

This is a rare case in which a first-instance acquittal of fraud has been overturned on appeal, resulting in a decisive verdict in favour of the plaintiff, which, the Court of Appeal has now ruled, was induced into investing in a company as a result of financial results which were artificially inflated through the use of sham loans.

A copy of the judgment can be found here.

Chan Leng Sun SC and Colin Liew, instructed by Wong & Leow LLC, acted for JTrust.

You can find our previous coverage of the case here.