The Singapore Exchange-listed company Emerging Towns & Cities Singapore (ETC) has announced an agreement to sell its controlling stake in the Golden City real estate development, built on land leased from the Office of the Commander-in-Chief (Army), Office of the Quartermaster General.

A legal compliance review of Emerging Towns & Cities Singapore (ETC) released on Friday outlines steps for the company to evade sanctions and continue its business with the Myanmar army’s Quarter Master General Office.

A legal memo from international barrister Felicity Gerry QC found that international law and guidance places due diligence obligations on the Singapore Exchange (SGX), and possible liability on the Monetary Authority of Singapore and the Singapore Government, in relation to companies doing business with the Myanmar military.

Singapore Stock Exchange-listed company Emerging Towns & Cities Singapore (ETC) has released an extract of the first of two independent review reports into the company’s business in Myanmar, providing further details of payments to the Myanmar army.

Justice For Myanmar welcomes Emerging Towns & Cities Singapore Ltd (ETC) suspension of trading and its decision to conduct an independent review of “material contractual payments to the Myanmar government ministries and departments”.

Justice For Myanmar welcomes the swift response of the Singapore Stock Exchange (SGX) to Justice For Myanmar’s Feb. 25 report into Emerging Towns and Cities Singapore Co. Ltd. (ETC).

SGX-listed company raising millions in off-budget payments to Myanmar army. JFM calls for SGX to suspend trading in ETC due to its financing of international crimes.