Dasin Retail Trust officials deny misconduct allegations

The embattled officials also declined to vacate their posts.

Three directors of the Dasin Retail Trust Management Pte. Ltd. have rejected calls for them to resign over allegations of their misconduct in managing matters concerning the company and the trust. 

Wesley Kong, chairman of the board and a non-executive director; Sonny Tan, chairman of the nominating and remuneration committee and an independent and non-executive director; and Lyu Guoliang, a non-executive director, have denied the allegations.

Letters dated 30 April demanding their resignation as members of the board were issued on behalf of Zhang Zhencheng, a non-executive director and a shareholder of the Dasin Retail.

The directors were accused of misconduct in relation to the company’s ongoing restructuring exercise, the incurrence of expenses by the company, the alleged failure to transfer units, and the appointment of Wang Peng as chief investment officer and acting CEO.

Allegations also include an attempt to appoint Wang Peng as a replacement director for the Singapore subsidiaries of the trust.  

Dasin Retail said the embattled directors responded through their lawyers on 2 May denying the allegations and informing Zhang that there is no reason for them to follow his demands.

ALSO READ: Dasin Retail Trust receives property possession notice over outstanding debt

“In the meantime, the Board wishes to advise unitholders and potential investors to exercise caution when dealing in the units of the Trust. In the event of any doubt, they should consult with their stockbrokers, bank managers, solicitors, accountants or other professional advisers,” it warned.