Sacked Treasury China arm directors start taking action
Three sacked directors of a company part-owned by Richard Barrett and Johnny Ronan's Treasury Holdings are demanding that the Singapore Stock Exchange tackles what they say are serious disclosure issues.
"The SGX has got to act and do its job properly," former Treasury China Trust (TCT) director Ray Horney told the Sunday Independent.
Horney, Jen Shek Voon, and Stuart Leckie were sacked from TCT in July, for "corporate governance" reasons, an email from Richard Barrett informed them.
The three, long-time associates of Treasury-related businesses, dispute this reason for their suddenly being elbowed out. "We will not go quietly into the night," another director said. "We are considering other means of action."
"The three directors were the people who were standing up for independent unit holders and full disclosure," a source with knowledge of the situation said.
Last month Richard Barrett acquired two Treasury Holdings subsidiaries connected with TCT for €2.26m, a price the ex-directors say reflects a fraction of its worth.
The SGX complaint is believed to assert that neither TCT unit holders nor the Singapore Exchange were told Treasury Holdings was insolvent. There is also a claim that unit holders were not told of Nama and KBC's moves against Treasury, which owns 30 per cent of TCT.
A further complaint is that unit holders were not told the full details of the Tail transaction -- where €20m TCT shares were reportedly transferred to Treasury's owners for circa €100,000 and unsecured loan notes in 2010.
Sunday Indo Business