EC World REIT Announces Investigation By Commercial Affairs Department And The Monetary Authority Of Singapore
EC World Asset Management Pte Ltd, as the Manager (the “Manager”) of EC World Real Estate Investment Trust (the “EC World REIT”), wishes to announce that EC World REIT has received a letter dated 30 June 2020 from the Commercial Affairs Department (“CAD”) and the Monetary Authority of Singapore (“MAS”) pursuant to Section 20 of the Criminal Procedure Code (Chapter 68, 2012 Revised Edition) requiring the Manager to provide certain information, documents and electronic devices in relation to an investigation into an offence under the Securities and Futures Act, Chapter 289. Mr Li Jinbo, who is the Chief Investment Officer of the Manager, has been interviewed by the CAD in connection with the investigation. The Nominating and Remuneration Committee of the Manager has accepted Mr Li’s request for leave of absence pending outcome of the matter and will review his appointment when there is sufficient information made available to the Manager. The Manager intends to fully cooperate with the CAD and MAS in their investigation and will provide further updates when appropriate.
CAD indicates that EC World REIT and the Manager are not under investigation. The business and operations of EC World REIT have not been affected as Mr. Goh Toh Sim, CEO of the Manager, has been overseeing the Investment and Asset Management function of the Manager and the EC World REIT since IPO. Mr. Goh will continue to actively perform these functions.