THE unitholders of Dasin Retail Trust (DRT) approved the removal of its trustee-manager, Dasin Retail Trust Management (DRTM), at an extraordinary general meeting (EGM) on Monday (Feb 19).
The EGM was deemed invalid by DRTM’s majority directors the day before.
Disagreeing that the EGM is invalid, the requisitionists noted that the requisition notice was signed by registered unitholders representing more than 10 per cent of the total voting rights of all unitholders.
The minority unitholders also passed a second resolution to internalise the trustee-manager function. Both resolutions had 99.9 per cent of the total number of units represented by votes in favour.
Michael Chui, the requisitionist nominated by unitholders to chair the EGM, said in a statement that the unitholders will start the process of internalising the trustee-manager “immediately”.
He also noted that two key personnel in DRTM, namely, chief investment officer Lu Zhiqi and chief executive officer (CEO) Wang Qiu, were removed after they demanded outstanding payments of over S$780,000 allegedly owed by the trustee-manager.
The payments include accrued outstanding monthly salaries and loans, Chui added.
He noted that DRTM’s major shareholder, Sino-Ocean Group, had disbursed funds to the trustee-manager to enlist the services of a law firm, TM Lawyers.
“We are shocked that DRTM did not use available cash to pay their employees, and instead deployed these funds to engage the TM Lawyers, who appeared to focus on disputing the validity of the EGM,” he said.
In addition, Chui said that Lu’s counsel had served a letter on DRTM for wrongful dismissal, but that DRTM did not make an announcement on it. He also noted that a unitholder had filed for a winding-up against DRTM in Singapore courts, but that was also not announced by DRTM.
He added that Wang’s termination as CEO would have required immediate announcement, but DRT’s units had continued trading for two full market days before the announcement was made.
“Having received the overwhelming approvals at today’s EGM, we hope to quickly move ahead and start engaging with the banks and complete the consensual restructuring of DRT as soon as practicable.”
