// Adds dimensions UUID, Author and Topic into GA4
Tuesday, September 22, 2026
27.2 C
Singapore
type here...
Dasin Retail Trust Shiqi Metro Mall
Photo: Dasin Retail Trust
SGX
1 min.Read

Trustee-manager members demand S$783,376 from Dasin Retail Trust

Mary Alavanza
By Mary Alavanza

SINGAPORE: Trustee-manager members demand S$783,376 from Dasin Retail Trust. The company faces a financial squeeze because of statutory demand letters they received dated Jan 24, The Edge Singapore reports.

The demand letters have been sent by the CEO, Wang Qiu, along with the CFO, Ng Mun Fai, CIO Lu Zhiqi, and executive secretary Liu Ting, demanding a total of S$783,376.

The hefty sum includes the monthly salaries owed to the individuals mentioned, payments made on behalf of the trustee manager, and a loan extended to the trust.

And just when you thought it couldn’t get more complicated, on Jan 25, another demand letter arrived. This time, Zhang Guiming is knocking on the door, claiming S$272,000 in outstanding payments.

These payments are tied to two short-term advance agreements inked on May 12, 2022, and Jan 18, 2023. Zhang Guiming is the nephew of Zhang Zhencheng, a non-executive director on Dasin Retail Trust’s board.

In a bid to navigate this fiscal maze, the trustee-manager announced on Feb 2 that they’re “currently seeking legal advice.”

However, amid the financial storm, there’s a ray of hope. The board reveals that the trust’s major shareholder is standing firm, confirming continued financial support per the shareholders’ agreement from Jul 23, 2021.

Not only that, but the major shareholder is also lending a helping hand to tackle the financial claims.

Despite these challenges, the units in Dasin Retail Trust held steady, closing at 5 cents on Feb 2. /TISG

Read related: GuocoLand: 1HFY2024 earnings S$66.2M, 12% higher y-o-y, revenue surged 61%

Google News Follow Google News WhatsApp Join us on WhatsApp Telegram Follow us on Telegram

Hot this week

In the Hood

‘Cash Only… No Lah, No Now, No CDC’ — Singapore woman, 85, says her stall customers scold her because she only accepts cash

An elderly stall owner’s unusual “cash only” sign reflects the challenges some older hawkers face as cashless payments become part of daily life
Domestic Helpers

Employer says helper wants out months into two-year contract: ‘Now, if I want another maid, I have to pay again’

The employer said the helper gave different reasons for wanting to leave, including family problems in the Philippines.

Popular Categories

Singapore NewsFeatured NewsSG EconomySingapore PoliticsLifestyleCelebrityIn the Hood
document.addEventListener("DOMContentLoaded", () => { const trigger = document.getElementById("ads-trigger"); if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { entries.forEach(entry => { if (entry.isIntersecting) { lazyLoader(); // You should define lazyLoader() elsewhere or inline here observer.unobserve(entry.target); // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); observer.observe(trigger); } else { // Fallback setTimeout(lazyLoader, 3000); } });

The Independent SG

Also Visit

Social Media

© The Independent Singapore

// //
Enable Notifications OK No thanks