Dasin Retail Trust ex-CEO files winding-up application against trustee-manager
Add BT as a preferred source
Wong Pei Ting
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.
Units of Dasin Retail Trust closed 3.6 per cent or S$0.001 lower, at S$0.027, before the announcement.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Rare brutalist Singapore house opens to the public before changing hands
