News

Markets & Investing

Staff Reporter

, Singapore

Published:

11 months ago

Logo from Dasin Retail Trust

Dasin Retail Trust receives demand letter from executives on alleged outstandings

The REIT’s trustee-manager allegedly owes $783,376.

Dasin Retail Trust received a demand letter from four executives about alleged outstandings owed by its trustee-manager, Dasin Retail Trust Management, in respect of monthly salary, payments made on behalf of the trustee-manager and/or a loan extended to the trustee-manager.

The four executives were Wang Qiu, the CEO of the Trustee-Manager; Ng Mun Fai, the CFO of the Trustee-Manager; Lu Zhiqi, the Chief Investment Officer of the Trustee-Manager; and Liu Ting, the Executive Secretary of the Trustee-Manager.

The REIT said its trustee-manager also received a statutory demand letter from Zhang Guiming about "alleged outstandings totalling $272,000 due and owing by the Trustee-Manager under two Short-Term Advance Agreements dated 12 May 2022 and 18 January 2023.”

“The Trustee-Manager is currently seeking legal advice in respect of the aforesaid statutory demand letters,” the retail property trust said.

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