Dasin Retail Trust ex-CEO files winding-up application against trustee-manager

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.

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Units of Dasin Retail Trust closed 3.6 per cent or S$0.001 lower, at S$0.027, before the announcement.