Maybank applies to place Dasin Retail Trust’s manager under judicial management

[SINGAPORE] Maybank has applied to place the trustee-manager of Dasin Retail Trust under judicial management.

In a bourse filing on Friday (Jan 16), trustee-manager said it received legal notice that Maybank had filed the application in the High Court on Thursday.

The trustee-manager noted that once the court assigns a case number to Maybank’s initial application, the bank intends to file a further summons to place the manager under interim judicial management.

Earlier this month, four subsidiaries of Dasin Retail Trust’s trustee-manager received court summonses over breaches of the Companies Act.

Dasin Retail Trust has had its units suspended from trading on the Singapore Exchange since Jul 21, 2025, after the trustee-manager announced that it could not comply with listing rules that require the timely release of financial results and the holding of annual general meetings (AGMs).

Since the third quarter of 2023, the management team of Dasin Retail Trust’s China subsidiaries had stopped providing key financial documents, such as accounting schedules, balances and transactions with related parties.

As a result, the trust has not published audited financial statements or held AGMs since the financial year ended Dec 31, 2021.

The trust warned in July 2025 that its assets were at “significant risk” and were “subject to significant impairment” due to a series of developments involving its China subsidiaries.

These included suspicious fund transfers, unauthorised lease agreements, diverted rental income and breaches of loan agreements.

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The trustee-manager said on Friday that it will make further announcements if there are material developments that warrant disclosure.

Units of Dasin Retail Trust last traded at S$0.02 before the suspension.