SINGAPORE - The trustee-manager of Dasin Retail Trust has received a winding-up application filed by Mr Zhang Guiming, the nephew of a non-executive director on the trust’s board.
While Mr Zhang informed the trustee-manager on Feb 18 that it was filed the previous day, the letter is deemed to have been served on Feb 20 as it was received on Feb 19 past 5pm, said the trustee-manager on Feb 20.
It is seeking legal advice regarding the winding-up application and intends to dispute Mr Zhang’s claims.
Earlier in February, Dasin Retail Trust received a letter of demand from Mr Zhang regarding alleged outstandings of $272,000 under two short-term advance agreements, on which the trustee-manager is seeking legal advice.
The China retail property trust was also served letters of demand from four of its executives for payments totalling $783,376. The payments are said to include accrued outstanding monthly salaries and loans.
Executives who served the letters of demand included the trustee manager’s chief investment officer Lu Zhiqi as well as chief executive Wang Qiu.
Both have since been fired, with a new CIO appointed in Mr Lu’s place.
Ms Wang’s termination was announced by the trustee-manager on Feb 17 and was effective Feb 14.
Unit holders of Dasin Retail Trust later approved the removal of the trustee-manager at an extraordinary general meeting (EGM) on Feb 19 where a second resolution was also passed to internalise the trustee-manager function.
Mr Michael Chui, the requisitionist nominated by unit holders to chair the EGM, said unit holders will start the process of internalising the trustee-manager role “immediately”.
Mr Chui noted that a unit holder had filed for a winding-up against the trustee-manager in Singapore courts, which had yet to be announced at the time.
He added that Mr Lu’s counsel had also served a letter to the trustee-manager for wrongful dismissal, although this has not been announced to date.
A day before the Feb 19 EGM was held, the trustee-manager had declared the event “invalid” on the advice of its lawyers.
Units of Dasin Retail Trust fell 2 cents, or 43.5 per cent, to 2.6 cents on Feb 20. THE BUSINESS TIMES
