OUE C-REIT says they are not involved in independent director’s litigation
The board is retaining Tan Huay Lim as independent director.
OUE Commercial REIT Management said that it is not involved in a litigation involving its independent director Tan Huay Lim.
Tan, who is also chairman of the Audit and Risk Committee (ARC) for OUE C-REIT Management, is facing an originating claim filed against him and Dasim Retail Trust Management (DRTM).
Zhang Shencheng, a non-executive director and shareholder of DRTM, reportedly filed the originating claim. Tan serves as the lead independent director and chairman of the audit and risk committee of DRTM.
“For the avoidance of doubt, the originating claim does not involve OUE C-REIT or the manager [OUE C-REIT Management] and does not concern the affairs of OUE C-REIT or the manager,” OUE stated in an SGX filing.
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OUE’s nominating and remuneration committee said that Tan may continue as an independent director and chairman of the ARC.
The committee cited the following reasons: the legal proceedings are not criminal in nature, and do not concern the affairs of OUE C-REIT and the OUE C-REIT Management; the legal proceedings are still pending and Tan has indicated to the board that he intends to defend the originating claim; the track record and professional experience of Tan as a former partner of a big 4 audit firm, and his track record as director of OUE C-REIT Management.
The committee and the board said that they will continue to monitor any development relating to Tan’s litigation to assess if he is suitable to continue as independent director.