Sponsor fraud has been detected by the management of EC World REIT. This irregularity brings us to other questions such as : How did the EC World REIT management get to know this? When did they know this? Was it before the SGX suspension on 31 August 2023 that they requested or after the trading suspension then this was released gradually? The occurrence of fraud has added further complexity to the current financial crisis facing EC World REIT. 7 points to note:
- Let's call a spade a spade and not mince our words. This is not just a case of the Sponsor being negligent. This was done knowingly in order to secure a loan from the provincial government. In my mind, this is clearly a case of fraud being committed.
| Extraction from the Association of Certified Fraud Examiners |
- This entire fiasco also brings us to the point on why the management of EC World REIT has only now then demanded that
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