Property developer ETC uncovers unauthorised withdrawals in China
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Angela Tan
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Singapore
IT was a union that gave Emerging Towns & Cities Singapore (ETC) a lifeline for a fresh start. But after two years, the marriage is beginning to break down, mired in broken trust and conspiracy.
On Wednesday, ETC - the Myanmar and China property developer - revealed that 118 million yuan (S$24 million) had been transferred 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 ETC's majority shareholder, Luo Shandong.
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