Emerging Towns & Cities appoints Nexia TS to review dealings in Myanmar

EMERGING Towns & Cities Singapore (ETC) has appointed an independent reviewer to review the group's dealings in Myanmar.

Nexia TS Advisory will conduct reviews on contractual payments to the Myanmar government ministries and departments, including the Ministry of Defense and Quarter Master General Office, according to ETC's bourse filing on Friday.

Proceeds from the group's fundraising exercises since the company's investment in Myanmar in October 2016 will also be reviewed, ETC added.

This comes after the Catalist-listed property player was queried by Singapore Exchange Regulation in February, after a campaign called Justice for Myanmar alleged that ETC had "contributed millions" to the Myanmar army.

However, ETC maintained in its response that its dealings in Myanmar with the military have been in accordance with local laws that already involve the military.

The company voluntarily converted its trading halt into a trading suspension a week later on March 3.