Dasin Retail Trust trustee-manager files suit against former CEO, creditor

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, trustee-manager of China retail property trust Dasin Retail Trust : CEDU 0%, announced the action in separate bourse filings on Friday night (Mar 15). Through an originating claim filed on Mar 5, DRTM is contesting Wang’s claim for S$449,600. Wang claims that he is owed salary, payments he made on behalf of the trustee-manager, and the repayment of a loan extended to it.

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

DRTM announced on Feb 17 that it had given notice of termination to Wang, with effect from Feb 14. It did not provide reasons for the decision.

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

DRTM is also engaged in a legal dispute with Zhang Guiming, a creditor who claims he is owed S$272,000 under two short-term advance agreements dated May 12, 2022 and Jan 18, 2023.

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On Feb 20, DRTM filed an originating claim to dispute Zhang Guiming’s claim. A case conference is set for Apr 9.

Zhang Guiming is the nephew of Zhang Zhencheng, a non-executive director of DRTM. Zhang Guiming had also filed a winding-up application against DRTM, the week before Wang did.

In its Friday filings, DRTM updated that following mutual agreements, the High Court has stayed Wang and Zhang Guiming’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 S$0.025 on Friday, before the announcements.