Zhang Guiming, the nephew of Zhang Zhencheng, a non-executive director on Dasin Retail Trust CEDU ’s board, has filed a winding-up application against the trust’s trustee-manager on Feb 17.
The winding-up application was served past 5pm on Feb 19.
According to Dasin Retail Trust’s filing on Feb 20, the trustee-manager will be seeking legal advice in respect of the winding-up claim. It also intends to dispute Zhang’s claims and take steps to stay the winding-up application.
Zhang had sent a statutory demand letter dated Jan 25 seeking $272,000 in outstanding payments owed by the trustee-manager. The outstanding payments were made under two short-term advance agreements dated May 12, 2022, and Jan 18, 2023.
Several members of the trustee-manager, the CEO, chief financial officer (CFO), chief investment officer (CIO) and executive secretary, Wang Qiu, Ng Mun Fai, Lu Zhiqi and Liu Ting, also sent statutory demand letters dated Jan 24 to seek $783,376 in salaries owed by the trustee-manager.
On Feb 13, Dasin Retail Trust announced that it has appointed Wang Peng to be the new CIO of the trustee-manager. A day later, Wang, the CEO of the trustee-manager, was fired. According to Dasin Retail Trust’s filing dated Feb 17, Dr Cao Yong and Zhencheng, two of the directors of the trustee-manager, together with alternate director Zhongming, disagreed with the termination.
See also: Changes in ICR, leverage to come into effect immediately, with additional disclosures in March
On Feb 18, Dasin Retail Trust declared the proposed extraordinary general meeting (EGM) requisitioned by the trust’s minority unitholders as “invalid”. The advice came after the trust sought the opinion of its lawyers.
On Nov 23, 2023, 15 investors claiming to hold over 10% of the units in Dasin Retail Trust sought to take back control of the trust's management through the internationalisation of the trustee-manager.
Units in Dasin Retail Trust closed 0.4 cents lower or 8% down at 4.6 cents on Feb 19.
