Dasin Retail Trust ex-CEO files winding-up application against trustee-manager
WANG Qiu, the chief executive officer of Dasin Retail Trust’s trustee-manager who was fired earlier this month, has filed a winding-up application against the trustee-manager on Monday (Feb 26).
The application came less than a week after Zhang Guiming, the nephew of Zhang Zhencheng, a non-executive director on the trust’s board, filed a similar winding-up application against the trustee-manager.
The hearing for the application brought by Wang is fixed for Mar 15, the same day that Zhang’s application will be heard, the trustee-manager said in a bourse filing late on Monday.
The trustee-manager, meanwhile, said it is seeking legal advice in respect of the winding-up application and intends to dispute Wang’s claims and take steps to stay the winding-up application pending the resolution of a dispute with the former CEO.
Dasin Retail Trust had issued Wang the notice of termination after the trustee-manager fired its previous chief investment officer Lu Zhiqi, who demanded outstanding payments totalling over S$780,000 allegedly owed by the trustee-manager.
Two of its directors, Cao Yong and Zhang Zhencheng, have disagreed with Wang’s termination, Dasin Retail Trust Management had earlier said.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Units of Dasin Retail Trust closed 3.6 per cent or S$0.001 lower, at S$0.027, before the announcement.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Olam tops Louis Dreyfus’ offer for Australia’s Namoi Cotton as takeover battle heats up
UG Healthcare fully acquires German subsidiary for 16.9 million euros
Daiwa House Logistics Trust posts 0.6% higher Q1 distributable income
Stocks to watch: UOB, DBS, Olam, Far East Orchard, Daiwa House Logistics Trust, Manulife US Reit
Twilio forecasts quarterly revenue below estimates on weak enterprise spending
Fed’s Kashkari says rates likely on hold for ‘extended period’