It's smelling like S-chip trouble at ETC

"DEJA vu all over again." The classic remark by Yogi Berra, one of the best catchers in major league history, seems particularly apt when describing what is plaguing Emerging Towns & Cities Singapore (ETC).

Singapore-listed ETC - a propery developer in Myanmar and China - again made the headlines on Monday for a series of unfortunate events linked to its Chinese partner. Its major Chinese shareholder, Luo Shandong, which owns nearly 18 per cent of ETC, has called for an extraordinary general meeting (EGM) to remove Christopher Chong, ETC's non-executive chairman, and Peter Tan, chairman of ETC's audit committee. Mr Luo has nominated Shasha (Liang) Du and Wang Guang as directors to replace the two Singaporeans.

The latest twist comes barely five days after ETC revealed that 118 million yuan (S$24.13 million) had been siphoned off without authorisation between July and October 2017 from its 60 per cent-owned subsidiary Huizhou Daya Bay Mei Tai Cheng Property Development Co to two companies controlled by Mr Luo.