OUE C-Reit manager says independent director to remain in role amid unrelated legal dispute
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In deciding that Mr Tan Huay Lim remains in his role, the OUE C-Reit manager’s board considered that the legal proceedings are not criminal in nature and do not concern its affairs or those of the Reit.
PHOTO: ST FILE
Vivienne Tay
SINGAPORE – The manager of OUE Commercial Real Estate Investment Trust (C-Reit) said on Monday that Mr Tan Huay Lim remains suitable to continue as independent director and chairman of its audit and risk committee.
The bourse filing came after Mr Tan, who is also lead independent director at Dasin Retail Trust Management (DRTM), informed the board of OUE Commercial Reit Management that an originating claim was filed against him and DRTM, the trustee-manager of Dasin Retail Trust (DRT).
DRT substantial unit holder Zhang Zhencheng is suing Mr Tan on allegations that Mr Tan’s conduct has been “oppressive” and “in disregard” to Mr Zhang’s interests.
He is seeking, among other things, Mr Tan’s removal from the board of DRTM.
In deciding that Mr Tan remains in his role, the OUE C-Reit manager’s board considered that the legal proceedings are not criminal in nature and do not concern its affairs or those of the Reit.
Furthermore, as the proceedings are still pending, with Mr Tan planning to defend against the claim, the courts have yet to determine any fraud or dishonesty that involves any breach of law and regulations.
The board also took into account Mr Tan’s track record and experience as a former partner of a Big Four auditing firm.
In spite of other commitments, Mr Tan was able to give sufficient time and attention to his duties as an independent director of the manager.
At market close on Monday, OUE C-Reit units remained unchanged at 33 cents. THE BUSINESS TIMES
