Trustee-manager of Dasin Retail Trust gets demand letter from ex-director for alleged fees owed

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Vivienne Tay

Published Fri, Mar 8, 2024 · 08:23 AM

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A view of Shiqi Metro Mall, a Dasin Retail Trust property, in Zhongshan, China. The trustee-manager says it is seeking legal advice over the letter. PHOTO: DASIN RETAIL TRUST

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THE trustee-manager of Dasin Retail Trust has received a letter of demand dated Mar 4 regarding S$99,139.13 in alleged fees due and owed to Sun Shu, a former independent non-executive director.

The trustee-manager, Dasin Retail Trust Management (DRTM), said on Thursday (Mar 7) that the former director resigned on Aug 29, 2023, and is seeking his fees for the period from Aug 1, 2022, to Aug 29, 2023.

It is seeking legal advice over the letter.

The move comes weeks after Wang Qiu, DRTM’s former chief executive fired in February, filed a winding-up application against the trustee-manager.

Zhang Guiming, the nephew of Zhang Zhencheng, a non-executive director on the trust’s board, also filed a winding-up application against DRTM the week before Wang did.

The trustee-manager also received letters of demand for alleged outstanding sums owed in respect of monthly salary, payments made on behalf of the trustee-manager, and/or a loan extended to the trustee-manager.

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Ocean Metro Mall is one of the properties in Dasin Retail Trust’s portfolio. The announcement about appointing the new acting CEO of Dasin Retail Trust's trustee-manager was made on Feb 23.

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Ocean Metro Mall, one of three malls in Dasin Retail Trust’s initial portfolio. Its trustee-manager says it received a winding-up application deemed to have been served on Feb 20.

Dasin Retail Trust receives winding-up application

Wang Qiu, chief executive officer of Dasin Retail Trust Management, was given notice of termination, which took effect on Feb 14.

Dasin Retail Trust unitholders OK removal of trustee-manager, internalisation of its function at EGM

Wang Qiu has been given notice of termination with effect from Feb 14.

Dasin Retail Trust fires CEO of trustee-manager, majority of directors declare proposed EGM on Feb 19 invalid

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The letters came from Zhang Guiming, Wang, chief financial officer Ng Mun Fai, former investment division general manager Lu Zhiqi, and executive secretary Liu Ting.

Units of Dasin Retail Trust last traded at S$0.025 on Wednesday.

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