Independent directors of the audit and risk committee (ARC) of Dasin Retail Trust Management, the trustee manager of Dasin Retail Trust (SGX:CEDU), issued letters of demand to Zhang Zhencheng, according to a filing with the Singapore Exchange on Wednesday.

The letters are for the wrongful disposal of Zhang's deemed interest in the units held by Bounty Way Investments and Aqua Wealth Holdings in the trust.

According to the trust, the disposal is a breach of undertakings provided to the bourse operator.

The trust had issued Zhang a letter of demand for disposing of 100% of his deemed interest in Aqua Wealth on Jan. 14. Zhang had stated on Jan. 10 that he had no interest in Aqua Wealth since additional members were added to the investment committee. However, the filing did not disclose the identities of the new members.