DASIN Retail Trust Management (DRTM) has taken legal action against its former chief executive officer Wang Qiu, as well as its creditor Zhang Guiming, following letters of demand from the two.
DRTM announced the action in separate bourse filings on Friday night (Mar 15).
Through an originating claim filed on Mar 5, DRTM is contesting Wang’s claim for S$449,600. In a joint letter of demand dated Jan 24, Wang sought payment in relation to alleged outstanding payments in respect of monthly salary, payments made on behalf of the trustee-manager, and/or a loan extended to it.
DRTM is also pursuing its own claims against Wang. A case conference is scheduled for Apr 24.
This follows the trustee-manager’s announcement on Feb 17 that it gave notice of termination to Wang, with effect from Feb 14. It did not provide reasons for the decision.
On Feb 26, it said that Wang had instructed her lawyers to file a winding-up application against DRTM, with a hearing fixed on Mar 15.
DRTM is also engaged in a legal dispute with Zhang, a creditor who had in a demand letter alleged that an outstanding amount totalling S$272,000 was due and owing by the trustee-manager under two short-term advance agreements dated May 12, 2022 and Jan 18, 2023.
On Feb 20, it filed an originating claim to dispute Zhang’s claim, and a case conference is set for Apr 9.
Zhang – who is the nephew of Zhang Zhencheng, a non-executive director on the trust’s board – had also filed a winding-up application against DRTM, the week before Wang did.
In its Friday filings, DRTM updated that following mutual agreements, the High Court has stayed Wang and Zhang’s winding-up applications against the trustee-manager pending the outcome of the disputes, with the initial hearing date now vacated.
Units of Dasin Retail Trust closed flat at S$0.025 on Friday, before the announcements.