EC World Real Estate Investment Trust (SG:BWCU) has released an update.
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EC World Real Estate Investment Trust has been caught up in legal matters with FIPL and Mr. Zhang Guobiao, resulting in a judgment ordering FIPL to pay over $11 million plus interest to the Chargee. This litigation follows a charge over 58 million units in EC World REIT, which accounts for 7.2% of the company’s issued units, to secure FIPL’s obligations to the Chargee. The financial implications for EC World REIT’s management and stakeholders could be significant.
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