Emerging Towns & Cities suspends trading in Myanmar

Emerging Towns & Cities (ETC) Singapore  has voluntarily converted its trading halt into a trading suspension and said it would conduct a review of its contracts with Myanmar government ministries and departments.

The review will also look at the group's fund-raising efforts in recent years to provide stakeholders assurance over the group's dealings_ ETC said late on Tuesday.

The real-estate developer is among companies being called out by activists over ties to the Myanmar military_ which seized power from the elected government in a February 1 coup.

The Singapore Exchange last week issued a list of queries to the company_ which is developing a commercial and residential project in Myanmar called Golden City being built on land leased from the Myanmar army.

The connection between ETC and the Myanmar military was called out last week in an article by Justice for Myanmar_ self-described as a group of covert activists campaigning for justice and accountability for the people of Myanmar_ which said that ETC had a 49-percent stake in Golden City. One of its local partners_ the article said_ was part of a group of companies owned by cronies of the Myanmar military.

The article alleged that since Golden City was built on a 50-year build-operate-transfer model_ the buildings would be fully owned by the military at the end of the contract. It further said that as of December 31_ 2019_ ETC had accrued $32.185m in land lease payments to the Myanmar army and that over the contract s life_ a maximum of 70 years_ that amount would add up to $191.1m.

The report also honed in on some of ETC s regional banks which_ in turn_ work with some of the local Myanmar banks which_ allegedly_ have deep ties to the military.