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Dasin Retail Trust receives letters of demand from members of trustee-manager on outstanding payments

Felicia Tan
Felicia Tan • 1 min read
Dasin Retail Trust receives letters of demand from members of trustee-manager on outstanding payments
The letters, dated Jan 24, were from the trustee-manager’s CEO, CFO, CIO and executive secretary. Photo: Dasin Retail Trust
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Dasin Retail Trust has received statutory demand letters from members of its trustee-manager seeking outstanding payments of $783,376.

The letters, dated Jan 24, were from the trustee-manager’s CEO Wang Qiu, chief financial officer (CFO) Ng Mun Fai, chief investment officer (CIO) Lu Zhiqi and executive secretary Liu Ting.

The amount requested includes the monthly salaries of the individuals above, payments made on behalf of the trustee-manager, and, or a loan that was extended to the trustee-manager.

On Jan 25, the trustee-manager received another statutory demand letter from Zhang Guiming concerning $272,000 in outstanding payments that were due and owing by the former under two short-term advance agreements made on May 12, 2022 and Jan 18, 2023. Zhang is the nephew of Zhang Zhencheng, a non-executive director on Dasin Retail Trust CEDU -

’s board.

In its Feb 2 filing, the trustee-manager said that it is currently seeking legal advice. The board also understands that the trustee-manager’s major shareholder confirmed that it will continue providing financial support under the shareholders’ agreement dated July 23, 2021. The trustee-manager’s major shareholder will also help it in resolving the relevant claims.

Units in Dasin Retail Trust closed flat at 5 cents on Feb 2.

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