Subsidiaries of Dasin Retail Trust manager receive court summonses over Companies Act breaches

[SINGAPORE] Four subsidiaries of Dasin Retail Trust’s trustee-manager have received court summonses over breaches of the Companies Act.

The trustee-manager, Dasin Retail Trust Management, said in a bourse filing on Thursday (Jan 8) that the subsidiaries are required to appear in court on Feb 11 to answer to charges involving breaches for the financial years ended Dec 31, 2022, and Dec 31, 2023.

Specifically, the charges relate to failures to hold annual general meetings (AGMs) within six months of the end of the two financial years, and to lodge annual returns with the Registrar of Companies within seven months of those same dates.

Dasin Retail Trust has had its units suspended from trading on the Singapore Exchange since July 2025, after the trustee-manager announced that it could not comply with listing rules that require the timely release of financial results and the holding of AGMs.

Since the third quarter of 2023, the management team of Dasin Retail Trust’s China subsidiaries had stopped providing key financial documents, such as accounting schedules, balances and transactions with related parties.

As a result, the trust has not published audited financial statements or held AGMs since the financial year ended Dec 31, 2021.

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The trust warned in July 2025 that its assets are at “significant risk” and are “subject to significant impairment” due to a series of developments involving its China subsidiaries. These include suspicious fund transfers, unauthorised lease agreements, diverted rental income and breaches of loan agreements.

The board of the trustee-manager said on Thursday that the relevant subsidiaries will be seeking legal advice in relation to the summonses. It added that it will make further announcements should further material developments arise.

Units of Dasin Retail Trust last traded at S$0.02 before its suspension on Jul 21, 2025.