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MYANMAR and China property developer Emerging Town & Cities Singapore (ETC) has started a lawsuit against its majority shareholder and two companies in relation to the unauthorised withdrawals of funds that it had earlier reported.
The firm on Nov 27 filed the lawsuit in the Singapore High Court against Luo Shandong, Dong Gang Industrial Co Ltd and Hunan Toener Investment Group Co Ltd, to seek an award of damages, it said in an exchange filing on Tuesday evening. "The company has not quantified the loss it has suffered and will seek an assessment from the court of the damages owing to it," it added.
The group in mid-November revealed that between July and October this year, some 118 million yuan (S$24 million) had been transferred without authorisation from its 60 per cent-owned subsidiary Huizhou Daya Bay Mei Tai Cheng Property Development Co to these two companies controlled by Mr Luo.