CIO of EC World Reit's manager quits following CAD interview

SINGAPORE (THE BUSINESS TIMES) - The chief investment officer (CIO) of the manager of EC World Real Estate Investment Trust (EC World Reit), Li Jinbo, left his position on Friday (July 17) to take up a new job, the manager said in a bourse filing late that day.

Earlier this month, Mr Li was called up for an interview by the Commercial Affairs Department (CAD) in connection with an investigation into an offence under the Securities and Futures Act. CAD indicated that EC World Reit and its manager were not under investigation.

The Reit's manager said then that Mr Li, 35, had been put on a leave of absence at his request, pending the outcome of "the matter", and that its nominating and remuneration committee would review his appointment when there was sufficient information made available to the manager.

It added that the Reit's business and operations have not been affected by Mr Li's leave of absence, as chief executive Goh Toh Sim had been overseeing the investment and asset management functions of the manager and EC World Reit since the latter's initial public offering.

In its filing on Friday, the manager indicated there was no matter in relation to Mr Li's cessation as CIO that needed to be brought to the attention of EC World Reit unitholders.

Mr Li, who served as CIO from August 16, 2018, holds 32,860 units of EC World Reit.

The counter ended Friday at 64.5 cents, up one cent or 1.6 per cent, before the announcement.

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