SINGAPORE: Trustee-manager members demand S$783,376 from Dasin Retail Trust. The company faces a financial squeeze because of statutory demand letters they received dated Jan 24, The Edge Singapore reports.
The demand letters have been sent by the CEO, Wang Qiu, along with the CFO, Ng Mun Fai, CIO Lu Zhiqi, and executive secretary Liu Ting, demanding a total of S$783,376.
The hefty sum includes the monthly salaries owed to the individuals mentioned, payments made on behalf of the trustee manager, and a loan extended to the trust.
And just when you thought it couldn’t get more complicated, on Jan 25, another demand letter arrived. This time, Zhang Guiming is knocking on the door, claiming S$272,000 in outstanding payments.
These payments are tied to two short-term advance agreements inked on May 12, 2022, and Jan 18, 2023. Zhang Guiming is the nephew of Zhang Zhencheng, a non-executive director on Dasin Retail Trust’s board.
In a bid to navigate this fiscal maze, the trustee-manager announced on Feb 2 that they’re “currently seeking legal advice.”
However, amid the financial storm, there’s a ray of hope. The board reveals that the trust’s major shareholder is standing firm, confirming continued financial support per the shareholders’ agreement from Jul 23, 2021.
Not only that, but the major shareholder is also lending a helping hand to tackle the financial claims.
Despite these challenges, the units in Dasin Retail Trust held steady, closing at 5 cents on Feb 2. /TISG
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