dasin retail trust

Charges involve failing to hold AGMs and lodge financial results for FY2022 and FY2023

The subsidiary has breached an inter-creditor deed by making unauthorised repayments of onshore loans

Trustee-manager says since Q3 2023, the management team of the China units has stopped providing key financial documents

Zhang Zhongming says staying in his position ‘serves no useful purpose’, claiming his input was snubbed, and that financial reports remained unpublished despite his reminders

The Dasin Retail Trust saga illustrates the challenge for a listed issuer to operate when stakes are held through nominee accounts 

The trustee-manager’s board recommends that unitholders do not participate in the proposed EGM

More than 19 months have passed since FTI Consulting (Singapore) was appointed to assist with the restructuring of the retail trust’s financial obligations

This is despite two minority directors not voting on the resolutions to do so

A report has also been filed in connection with certain discovered documents that may relate to suspicious buy-back arragements at pre-agreed prices