|The unit price of EC World REIT fell as much as 22% in morning trading today after the REIT Manager said its Chief Investment Officer has been interviewed by the Commercial Affairs Department (CAD).
The stock recovered ground to trade down about 8% subsequently, or 61 cents.
"CAD indicates that EC World REIT and the Manager are not under investigation," said the Manager.
The Manager said it received a letter dated 30 June 2020 from the CAD and the Monetary Authority of Singapore 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.
|"CAD indicates that EC World REIT and the Manager are not under investigation."
-- EC World REIT Manager
Mr Li Jinbo, who is the Chief Investment Officer of the Manager, has been interviewed by the CAD.
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 said it intends to fully cooperate with the CAD and MAS in their investigation.
Mr. Goh will continue to actively perform these functions, said the Manager.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.