SINGAPORE - Dasin Retail Trust Management (DRTM) has taken legal action against its former chief executive officer Wang Qiu, as well as its creditor Zhang Guiming, following letters of demand from the two.

DRTM announced the action in separate bourse filings on the night of March 15.

Through an originating claim filed on March 5, DRTM is contesting Ms Wang’s claim for $449,600. In a joint letter of demand dated Jan 24, Ms Wang sought payment in relation to alleged outstanding payments in respect of monthly salary, payments made on behalf of the trustee-manager, and/or a loan extended to it.

DRTM is also pursuing its own claims against Ms Wang. A case conference is scheduled for April 24.

This follows the trustee-manager’s announcement on Feb 17 that it gave notice of termination to Ms Wang, with effect from Feb 14. It did not provide reasons for the decision.

On Feb 26, it said Ms Wang had instructed her lawyers to file a winding-up application against DRTM, with a hearing fixed on March 15.

DRTM is also engaged in a legal dispute with Mr Zhang, a creditor who had, in a demand letter, alleged that an outstanding amount totalling $272,000 was due and owing by the trustee-manager under two short-term advance agreements dated May 12, 2022, and Jan 18, 2023.

On Feb 20, it filed an originating claim to dispute Mr Zhang’s claim, and a case conference is set for April 9.

Mr Zhang – who is the nephew of Mr Zhang Zhencheng, a non-executive director on the trust’s board – had also filed a winding-up application against DRTM, the week before Ms Wang did.

In its March 15 filings, DRTM updated that following mutual agreements, the High Court has stayed Ms Wang and Mr Zhang’s winding-up applications against the trustee-manager pending the outcome of the disputes, with the initial hearing date now vacated.

Units of Dasin Retail Trust closed flat at 2.5 cents on March 15, before the announcements. THE BUSINESS TIMES