EC World REIT Updates on Unauthorized Mortgages on Properties-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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EC World REIT Updates on Unauthorized Mortgages on Properties

MT Newswires09-02

EC World Asset Management, manager of EC World REIT (SGX:BWCU), has issued a comprehensive update regarding the unauthorized mortgages imposed on its properties, according to a Sunday filing on the Singapore Exchange.

EC World Asset Management confirmed that the unauthorized mortgage on Fuzhou E-Commerce (FZDS) remains outstanding, while the mortgage on Fuheng Warehouse (FHCC) has been discharged.

The mortgages were initially imposed between Nov. 20, 2023, to Nov. 24, 2023, without EC World REIT's consent, linked to rescue funds provided by the Fuyang Government to Forchn Holdings, the Sponsor of EC World REIT.

Investigations revealed that the Sponsor's chief executive officer and treasury director were involved in negotiating the mortgages with Fuyang Financial Institutions. They mistakenly believed they had the authority to mortgage EC World REIT's properties, bypassing the necessary internal approval process.

EC World Asset Management has implemented measures to prevent recurrence, including updating procedures and segregating custodians for seals and title deeds. Internal restructuring at the Property Manager and enhanced training for staff are also underway.

Legal proceedings to revoke the mortgage on Fuzhou E-Commerce are ongoing in the PRC.

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