Treasury statement to Singapore exchange

TREASURY CHINA Trust (TCT), a Singapore-listed company that is 30 per cent owned by Richard Barrett and Johnny Ronan, issued a statement to the Singapore exchange early this morning in response to media reports in Ireland about its affairs.

On Friday The Irish Times reported that two companies connected with TCH and acquired recently by Mr Barrett for €2.26 million may have been valued at a multiple of that amount some months earlier.

Stuart Leckie, a non-executive director of THT up to July last, told this newspaper that a Goldman Sachs strategic review completed earlier this year included a valuation for the two companies that was “a very material multiple of €2.3 million.”

He would not say what valuation was cited in the report, nor would two other former THT directors, Jen Shek Voon and Ray Horney, when contacted.

However it was reported that the valuation may have been as high as €31.8 million.

Mr Barrett has said he had the two companies valued by two separate Irish accountancy firms in advance of his acquiring them.

Mr Barrett acquired Treasury Holdings Real Estate Pte Ltd (THRE) and Treasury Holdings (Shanghai) Property Management Co Ltd (THSPM) in August via a Jersey-based company.

THRE acts as a treasury manager to THT while the other company provides it with property management services.

In a statement to the exchange, the board of THRE, acting as trustee manager to TCT, said it had come to its attention that media reports in Ireland had quoted statements allegedly made by certain former independent non-executive directors, alleging various matters about TCT.

“Unit-holders are advised to exercise caution when trading based on media reports which may not contain accurate or complete information.

“In addition, the board takes a serious view of any breach of confidentiality, even if made by former directors, and will review if any such breach occurred. The board reserves all rights in this regard.”

The company said it would make further relevant announcements if appropriate or after seeking the necessary clarification.

The entire board of TCT was stood down in July and only Mr Barrett, TCT chief executive Richard David and legal counsel Rory Williams returned to office.

THRE and THSPM earned approximately €15.6 million in fees from TCT in 2011. The two companies exercise considerable control over the affairs of THT.

Treasury Holdings, which is owned by Mr Barrett and Mr Ronan, is due to submit an affidavit to the High Court later this month in relation to the transactions in advance of a winding-up petition being resumed in early October.

The acquisition by Mr Barrett occurred just before the winding up petition, from KBC Bank, was mentioned in the High Court.

The National Asset Management Agency changed its stance on the petition as a result of the acquisition.