Dasin Retail Trust's (SGX:CEDU) trustee-manager, Dasin Retail Trust Management, lodged a report with Singapore's Commercial Affairs Department, the Monetary Authority, and the SGX Reg Co after discovering documents in the office of former CEO Wang Qiu, according to a Monday filing on the Tokyo Stock Exchange.
The documents suggest suspicious buyback arrangements involving non-independent director Zhang Zhencheng and his alternate Zhang Zhongming, potentially breaching the Securities and Futures Act. Wang's appointment was terminated in February.
SGX RegCo had previously sought clarifications on the buyback allegations, which the Dasin Retail Trust Management denied.
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