SINGAPORE (July 2): The chief investment officer of the manager of EC World REIT (ECW REIT), Li Jinbo, is under probe by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS).
Li received a letter on June 30 to provide certain information, documents, and electronic devices in relation to an offence under the Securities and Futures Act (Chapter 289).
Li has been interviewed by the CAD in connection with the investigation.
According to a statement by EC World REIT, the Nominating and Remuneration Committee of the manager has accepted Li’s request for leave of absence pending outcome of the matter and will review his appointment when there is sufficient information available.
CAD indicates that EC World REIT and the manager of the REIT are not under investigation.
Units in EC World REIT closed 0.5 cent lower, or 0.7% down, at 66.5 cents.
