You are here
EC World Reit says CAD interviewed CIO as part of probe
THE chief investment officer (CIO) of the manager of EC World Real Estate Investment Trust (EC World Reit) has been called up by the Commercial Affairs Department (CAD) in connection with an investigation into an offence under the Securities and Futures Act.
The CIO, Li Jinbo, was interviewed as part of the probe by CAD and the Monetary Authority of Singapore (MAS), which also sought "certain information, documents and electronic devices" from EC World Reit's manager, the manager said in a bourse filing on Thursday. The manager received a letter dated June 30 from the CAD and the MAS that requested such information, it said.
Mr Li has been put on a leave of absence, at his request, pending the outcome of "the matter", the manager said. Its nominating and remuneration committee will "review his appointment" when there is sufficient information made available to the manager.
EC World Reit's manager said CAD has indicated that EC World Reit and its manager are not under investigation. The manager said it "intends to fully cooperate with the CAD and MAS in their investigation".
The manager said EC World Reit’s business and operations have not been affected. It said the manager's chief executive Goh Toh Sim has been overseeing the investment and asset management functions of the manager and EC World Reit since the trust's initial public offering.
Mr Goh will continue to actively perform these functions, the manager said.
Units of EC World Reit were trading at 60 Singapore cents as at 2.44pm, down 6.5 cents or 9.8 per cent.