Change - Announcement of Appointment::Redesignation of Mr Yong Chao Hsien Jeremy as Managing Director

Issuer & Securities

Issuer/ Manager
CROESUS RETAIL ASSET MANAGEMENT PTE. LTD.
Securities
CROESUS RETAIL TRUST - SG2F73992297 - S6NU
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
31-Aug-2016 20:40:38
Status
New
Announcement Sub Title
Redesignation of Mr Yong Chao Hsien Jeremy as Managing Director
Announcement Reference
SG160831OTHRP2FP
Submitted By (Co./ Ind. Name)
Kim Yi Hwa
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Redesignation of Mr Yong Chao Hsien Jeremy from Non-executive Director to Managing Director.

Additional Details

Date Of Appointment
31/08/2016
Name Of Person
Yong Chao Hsien Jeremy
Age
45
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
Due to the internalisation of Croesus Retail Asset Management Pte. Ltd. (the "Trustee-Manager") and to demonstrate his continued support and dedication to Croesus Retail Trust ("CRT"), Mr Jeremy Yong had agreed to take on an executive role in the Trustee-Manager and would assume the executive position of Managing Director of the Trustee-Manager.
Whether appointment is executive, and if so, the area of responsibility
Executive. Mr Jeremy Yong will work closely with the Chief Executive Officer to direct CRT's operations and give strategic guidance and direction to the management of the Trustee-Manager and CRT, to achieve the mission and objectives of CRT.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Managing Director
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Conflict of interests (including any competing business)
None
Working experience and occupation(s) during the past 10 years
Mr Jeremy Yong was appointed as a Non-executive Director of the Trustee-Manager on 1 March 2012.

Mr Jeremy Yong is Co-Founder of Croesus Merchants International Pte. Ltd. ("CMIPL"), the Sponsor of CRT. He oversees all corporate operations and the strategic development of CMIPL. He is also Co-Founder and Director of a number of Croesus group companies including Croesus Group Pte. Ltd., Croesus Partners Pte. Ltd., Croesus Retail Asset Management Pte. Ltd. and Evertrust Asset Management Pte. Ltd.

Mr Jeremy Yong began his career at JP Morgan Singapore in the mid-1990s. Since then, he founded or co-founded a number of companies involved in various types of investment strategies, including Jael Capital Ltd, a privately owned investment vehicle, involved in equities, global markets, foreign exchange and real estate investments, and ICG Japan, a private equity technology investment company, which subsequently merged with ICG Asia (a publicly listed company on the Stock Exchange of Hong Kong).
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
CMIPL has a direct interest in 6,874,040 units in CRT (the "Units"). Mr Jeremy Yong has a 49% beneficial ownership in CMIPL and is therefore deemed to have an interest in the Units held by CMIPL directly.
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
1. P&E Directions Asia Pte. Ltd.
2. Yukern Pte. Ltd.
Present
1. Croesus TMK Holding Pte. Ltd.
2. Durian 2 TMK Holding Pte. Ltd.
3. Mangosteen TMK Holding Pte. Ltd.
4. Persimmon TMK Holding Pte. Ltd.
5. Croesus Partners Pte. Ltd.
6. Evertrust Asset Management Pte. Ltd.
7. Croesus Merchants International Pte. Ltd.
8. Croesus Group Pte. Ltd.
9. Jael Capital Ltd
10. Croesus Retail Asset Management K.K.
11. Durian 1 TMK Holding Pte. Ltd.
12. Apple 1 TMK Holding Pte. Ltd.
13. Apple 2 TMK Holding Pte. Ltd.
14. CMI Equity Investment Pte Ltd.
15. CMI Equity Investment Limited.
16. Orange 1 TMK Holding Pte. Ltd.
17. Orange 2 TMK Holding Pte. Ltd.
18. Grape 1 TMK Holding Pte. Ltd.
19. Grape 2 TMK Holding Pte. Ltd.
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of a listed company?
Yes
If Yes, Please provide details of prior experience
Mr Jeremy Yong has been a Non-executive Director of the Trustee-Manager since the listing of CRT on 10 May 2013.