Dasin Retail Trust board faces opposition on China leadership changes

The minority wants to retain Zhang Zhongming as an executive director.

The minority directors of Dasin Retail Trust have continued to oppose the majority directors on resolutions to replace Zhang Zhongming as the legal representative and executive director of its China subsidiaries.

On 23 July, the trust's board registered Wang Peng, the CEO of DRT's trustee-manager (DRTM), as the legal representative and executive director of its China subsidiaries with Zhuhai Authority.

The move faced resistance from the minority directors, who requested a revocation hearing notice.

The Zhuhai Authority cancelled the registration of Peng as the legal representative of DRT's China subsidiaries.

The majority of directors raised "severe internal control and corporate governance concerns" about Zhongming remaining as the legal representative. 

They pointed to the lack of progress in collecting S$14,322,002 in long-outstanding receivables from associates of the minority directors as of 31 December 2022. 

DRTM is consulting its advisers on the decision from the Zhuhai Authority and the steps needed to replace Zhongming as the legal representative and executive director of the China subsidiaries.