Dasin Retail Trust receives letters of demand from executives

THE trustee-manager of Dasin Retail Trust said in a bourse filing on Friday (Feb 2) that it has received letters of demand from four individuals, for alleged outstandings owed in respect of monthly salary, payments made on the behalf of its trustee-manager, and/or a loan extended to its trustee-manager.

In the letters dated Jan 24, 2024, the trustee-manager was asked by its chief executive officer Wang Qiu; chief financial officer Ng Mun Fai; chief investment officer Lu Zhiqi, and executive secretary Liu Ting, for payments totalling S$783,376.

It also received a letter of demand, dated Jan 25, 2024, from Zhang Guiming, in relation to alleged outstandings of S$272,000 under two short-term advance agreements dated May 12, 2022 and Jan 18, 2023.

Zhang Guiming is the nephew of Zhang Zhencheng, a non-executive director on Dasin Retail Trust’s board. Dasin Retail Trust Management said that it is “seeking legal advice” on the matter.

Its major shareholder has confirmed that it will continue to provide the trustee-manager with financial support under the shareholders’ agreement dated Jul 23, 2021, the board understands. The major shareholder will also “assist the trustee-manager in properly resolving the relevant claims”. The letters of demand come after Dasin Retail Trust received a requisition notice for an extraordinary general meeting from its unitholders, which it said was invalid.

The counter closed flat at S$0.05 on Friday, before the announcement.