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TCT's trustee-manager assures unitholders of integrity
Aug 16, 2012
by Cheryl Tay Treasury Holdings Real Estate Pte. Ltd (THRE), as trustee-manager of Treasury China Trust (TCT), has assured unitholders of TCT that it has always acted and will continue to act to secure their best interests. In a press release, the board of THRE responded to concerns raised by Mano Sabnani in a letter published in The Business Times, which requested a current review on the trust's future strategy, problems arising from the complete control of the trustee-manager and the recent departure of three independent directors. Referring to an earlier announcement in December last year, THRE noted that it has appointed Goldman Sachs as financial adviser "to undertake a strategic review and make recommendations as to opportunities available to close the gap between net asset value per unit and the trading price of the TCT units." The trustee-manager noted that it is presently reviewing a preliminary report by Goldman Sachs. On the issue of why former TCT directors were "abruptly removed" on 25 July, THRE said "here has been no attempt to conceal any of this from unitholders of TCT". The board even released an announcement on 8 August, regarding letters received from the former directors — Messrs Stuart Hamilton Leckie, Jen Shek Voon and Raymond Yeoman Frederick Horney — who have disagreed with "certain information stated in the announcements released in connection with their vacation of office as directors." Lastly, THRE said "it has always acted in accordance with the laws and regulations governing business trusts in Singapore as well as the listing rules of Singapore Exchange Securities Trading Limited."