Tan Huay Lim to retain roles on board of Elite Commercial Reit’s manager amid legal dispute

THE nominating and remuneration committee (NRC) of Elite Commercial Reit ’s manager deems Tan Huay Lim suitable to continue as an independent director, as well as chairman of the manager’s audit and risk committee.

This comes after considering that legal proceedings against Tan are still pending and not criminal in nature, nor do they concern the affairs of Elite Commercial Reit and its manager, said the manager on Tuesday (May 30).

It added that the board and its NRC have also “received assurance” from Tan that he is still able to devote sufficient time to his roles on the manager’s board. 

Tan, who is also lead independent director of Dasin Retail Trust’s (DRT) trustee-manager, is being sued by a substantial unitholder of DRT claiming that Tan’s conduct has been “oppressive” and “in disregard” to his interests.

The unitholder is also seeking to remove Tan from the board of DRT’s trustee-manager.

OUE Commercial Reit’s manager on Monday said it deemed Tan suitable to continue as its independent director and audit and risk committee chairman (*see amendment note) in light of the legal dispute, citing similar reasons as laid out by the manager of Elite Commercial Reit.

SEE ALSO

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Units of Elite Commercial Reit were trading unchanged at £0.32 as at 9.11 am on Tuesday, after its statement was released. 

Amendment note: A previous version of this story incorrectly stated that Tan was the chairman of OUE C-Reit’s manager when he is, in fact, the chairman of its audit and risk committee.