Among the complaints was that Tan failed to carry out his duties as an independent director amidst a highly important refinancing exercise by DRT.
According to the announcement, Tan pushed for the acceptance of a legally binding MOU which does not benefit DRT or the trustee-manager.
The MOU requires DRT to buy assets in China from the foreign seller, subject to terms that are prejudicial to unitholders, the announcement filed on SGXnet states. “At this juncture, the priority of DRT is to make an orderly disposal of one or more assets in order to repay part of the loans owing to the syndicated banks and agree with the syndicated banks on the restructuring of the syndicated facilities,” the announcement says.
When Zhang became awaire of the winding-up petition against Sino-Ocean Capital in Hong Kong, the 70% shareholder of the trustee-manager, he and two other independent directors raised the matter of disclosure at a board meeting on April 20. Tan did not vote in favour of disclosure. Shortly thereafter, SGX queried the trustee-manager on Sino-Ocean Capital and the disclosures were announced on May 4.
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“Tan Huay Lim often briefed and instructed advisers directly on matters relating to DRTM and DRT and, in the process, excluded the trustee-manager’s management from such deliberations and communication. These included advisers such as valuers, auditors and legal advisers engaged on behalf of DRT,” the SGX filing says.
