EC World Reit manager's CIO interviewed by CAD; takes leave of absence

SINGAPORE - The chief investment officer of EC World Reit's manager has been interviewed and has taken a leave of absence as part of an investigation by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) .

CAD indicates that EC World Reit and its manager are not under investigation, the Reit's manager said in an exchange filing on Thursday (July 2).

The manager, EC World Asset Management Pte Ltd, said it received a letter dated June 30 from CAD and MAS requiring it to provide certain information, documents and electronic devices in relation to the investigation into a possible offence under the Securities and Futures Act.

Mr Li Jinbo has been interviewed by the CAD in connection with the investigation, said the Reit manager.

It also said its nominating and remuneration committee 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. It intends to fully cooperate with the CAD and MAS in their investigation and will provide further updates when appropriate.

The manager said the Reit's business and operations have not been affected as 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 Reit's initial public offering.

Mr Goh will continue to actively perform these functions, the Reit's manager said.

The mainboard-listed Chinese e-commerce logistics Reit has a portfolio of seven properties in Hangzhou and one in Wuhan.

Units of EC World Reit were down five cents or 7.5 per cent to 61.5 cents at 10:53m on Friday, paring an earlier 15 per cent plunge in the session.

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