BUSINESSMAN RICHARD Barrett has stepped down as chairman of the trustee manager to Treasury China Trust. In a stock exchange announcement by TCT on Thursday, it was announced that non-executive director Graham Sugden would take over the chairman’s role from Mr Barrett at Treasury Holdings Real Estate Pte Ltd (THRE).

Mr Barrett will continue as a non-executive director of THRE. Mr Sugden joined the board in May. The trustee manager was acquired from Irish property group Treasury Holdings by a Jersey-based company owned by Mr Barrett in August for just over €2.2 million.

The deal was executed on the eve of a winding up petition by KBC Bank Ireland against Treasury Holdings here. Treasury Holdings was placed into liquidation earlier this week after the company withdrew its opposition to KBC’s petition.

The liquidator of Treasury Holdings will have to decide whether to seek to try and unwind the sale of THRE and a related company.

KBC and the National Asset Management Agency, which appointed receivers to many Treasury assets in Ireland earlier this year, have raised questions about the sale of the trustee manager to Mr Barrett. In particular, they question the valuation placed on the trustee manager given that Goldman Sachs put a value of more than S$50 million on the company in a strategic review presented to TCT’s board in July.

THRE effectively controls the affairs of Singapore-listed TCT, drawing down millions of dollars in fees for its services.