1,000-Day Compliance Blackout Pushes Maybank to Court Action
Maybank seeks judicial management for Dasin Retail Trust after 1,000+ days without financials. The SGD 476M debt case exposes cross-border governance gaps.
Maybank filed an application with Singapore's High Court on January 15 to place Dasin Retail Trust Management (DRTM) under judicial management, escalating efforts to protect SGD 475.9 million (~US$353 million) in outstanding debt secured by Chinese shopping malls.
The move follows court summonses issued to four DRTM subsidiaries earlier this month for breaches of Singapore's Companies Act, including failures to hold annual general meetings or file financial statements since the year ending December 31, 2021.
Compliance Breakdown Triggers Legal Action
Dasin Retail Trust has not published audited financial statements or held annual general meetings for over 1,000 days, stemming from a breakdown in financial oversight that began in the third quarter of 2023. Management teams at the trust's China subsidiaries stopped providing key financial documents, including accounting schedules and records of transactions with related parties.
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DRTM disclosed in a bourse filing that Maybank intends to file a further summons for interim judicial management once the court assigns a case number to the initial application. The bank's SGD 475.9 million IPO facility is secured by Chinese retail properties including the Xiaolan, Ocean, and Shiqi shopping malls.
Units of Dasin Retail Trust have been suspended from trading on the Singapore Exchange since July 21, 2025, after DRTM announced it could not comply with listing rules requiring timely release of financial results. The trust's units last traded at SGD 0.02, reflecting a value decline exceeding 99% from previous levels.
Cross-Border Oversight Failures
The trust warned in July 2025 that its assets faced "significant risk" and were "subject to significant impairment" due to developments at its China operations. These included suspicious fund transfers, unauthorized lease agreements, diverted rental income, and breaches of loan agreements.
Directors of DRTM have denied all allegations of misconduct and resisted calls for resignation, according to board statements filed with the Singapore Exchange.
The case exposes regulatory gaps between Singapore's exchange rules and China's corporate governance practices. While four Singaporean subsidiaries face Companies Act charges for meeting and filing failures, the operational breakdowns originated with China-based management teams that stopped cooperating with oversight requirements.
Restructuring Precedent for Regional Trusts
Judicial management applications in Singapore increased 23% year-over-year in 2025, reflecting creditor preferences for restructuring over liquidation in cross-border cases. Maybank's application represents the first major Southeast Asian bank to seek judicial control of a Singapore retail trust manager.
The trust also carries SGD 192.8 million (~US$143 million) in Doumen Metro debt as of June 30, 2024, concentrating risk exposure in Chinese retail assets. All of the trust's debt exceeding SGD 1 billion is secured by Chinese properties.
DRTM stated it will make further announcements if material developments warrant disclosure. The Singapore High Court will now determine whether to grant Maybank's application for judicial management proceedings.
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