The trust says grounds for such concern include the lack of cooperation of the relevant Chinese personnel in providing operating and financial information to the board of DRT’s manager for its quarterly condensed consolidated financial statements as at Dec 31, 2023, and the lack of progress in relation to the collection of the long outstanding receivables from associates of the minority directors amounting to $14.3 million as at Dec 31, 2022.
The minority directors of Dasin Retail Trust (SGX:CEDU
) (DRT) are continuing to disagree with the trust’s majority directors and have resisted the resolutions passed by the DRT’s board of directors to replace Zhang Zhongming, legal representative and executive director of its China subsidiaries, says DRT’s manager in an Oct 7 release.
This comes on the back of the trust’s major directors' beliefs that “severe internal control and corporate governance concerns” are at risk if Zhang maintains his current role.
