ETC: unauthorised withdrawals not material, group risk contained

Singapore

THE unauthorised withdrawals in China announced earlier this week are not expected to be material, and its subsidiaries are independent of each other thus containing the group's risk exposure, said Myanmar and China property developer Emerging Town & Cities Singapore (ETC) on Friday.

The group had on Wednesday 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 two companies controlled by ETC's majority shareholder Luo Shandong.