Singapore MAS Issues 3-Year Ban on EC World Asset Management ex-Chief Investment Office & EC World REIT Manager Li Jinbo for Involvement in Manipulation of Price of EC World REIT in 2019 & 2020 with Huang Yiwen Who was Owner of Singapore Exchange (SGX)-Registered Commercial Market-Maker GTC Group, Li Jinbo Received 24-Month Conditional Warning by Commercial Affairs Department of the Singapore Police Force
28th July 2026 | Hong Kong
Monetary Authority of Singapore (MAS) has issued a 3-year ban on EC World Asset Management ex-Chief Investment Office & EC World REIT Manager Li Jinbo for involvement in manipulation of price of EC World REIT in 2019 & 2020 with Huang Yiwen, who was owner of Singapore Exchange (SGX)-registered commercial market-maker GTC Group. Li Jinbo received 24-month conditional warning by Commercial Affairs Department of the Singapore Police Force. Announcement (27/7/26): “The Monetary Authority of Singapore (“MAS”) has issued a 3-year prohibition order (“PO”) under the Financial Services and Markets Act 2022 (“FSMA”) against Mr Li Jinbo, a former appointed representative and formerly the Chief Investment Officer (“CIO”) of EC World Asset Management Pte. Ltd (“ECWAM”) [1] , the manager of EC World REIT (“ECWR”). This follows a 24-month conditional warning issued to Mr Li by the Commercial Affairs Department of the Singapore Police Force (“CAD”) for his involvement in the manipulation of the unit prices of ECWR, an offence under section 197(1)(b) of the Securities and Futures Act (Chapter 289, 2006 Revised Edition) (“SFA”). Mr Li was issued the conditional warning for having conspired with a Mr Huang Yiwen [2] (“Mr Huang”) to create a false or misleading appearance with respect to the price of ECWR’s units between January 2019 and February 2020. Mr Huang was the owner of GTC Group Pte Ltd, a firm registered as a commercial market-maker with the SGX and engaged to act as a market maker for the units of ECWR. Following discussions with Mr Li, Mr Huang had initiated buy trades to artificially push up and/or maintain the prices of ECWR units. By reason of his misconduct, MAS is satisfied that Mr Li is not a fit and proper person, in accordance with the Guidelines on Fit and Proper Criteria under section 7 of the FSMA. MAS notes that Mr Li’s misconduct is serious because, as CIO of ECWAM, he held a senior position and had conspired to engage in market manipulation, rather than implement legitimate investment strategies to enhance the value of EC World REIT.” Huang Yiwen – Mr Huang received a stern warning in lieu of prosecution for the false trading offence linked to ECWR. He was charged in court for his involvement in false trading concerning five other security counters and was sentenced to 15 months and 54 weeks’ imprisonment on 15 August 2025 after he pleaded guilty to 24 counts of false trading offences under Section 197 of the SFA read with Section 109 of the Penal Code. Another 88 charges for similar offences were taken into consideration for the purposes of sentencing. More info below:
“ Singapore MAS Issues 3-Year Ban on EC World Asset Management ex-Chief Investment Office & EC World REIT Manager Li Jinbo for Involvement in Manipulation of Price of EC World REIT in 2019 & 2020 with Huang Yiwen Who was Owner of Singapore Exchange (SGX)-Registered Commercial Market-Maker GTC Group, Li Jinbo Received 24-Month Conditional Warning by Commercial Affairs Department of the Singapore Police Force “
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Under the PO, which took effect on 27 July 2026, Mr Li is prohibited from:
- a. carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS;
- b. taking part, directly or indirectly, in the management of or acting as a director, partner or manager, of any financial institution (FI) [3] ;
- c. becoming a substantial shareholder of any FI that is a corporation; and
- d. if Mr Li is already a substantial shareholder of a FI that is a corporation, acquiring any interest in any voting share in the FI other than a voting share in which he already has an interest.
Additional Information
(A) Financial Services and Markets Act 2022 (“FSMA”)
The FSMA is an omnibus Act for the sector-wide regulation of financial services and markets, which, among other things, introduced and implemented MAS’ harmonised and expanded power to issue prohibition orders (PO) [4] ].
(B) Sections 7(1) and 7(2) of the FSMA
Under section 7(1) of the FSMA, MAS may, by written notice, make a PO against any person, if MAS is satisfied that the person is not a fit and proper person in accordance with the Guidelines on Fit and Proper Criteria to carry out any one or more of the acts mentioned in section 7(2) of the FSMA.
Under section 7(2) of the FSMA, it is stated that a PO made under section 7(1) FSMA may prohibit the person, whether permanently or for a specified period, from any one or more of the following:
- (a) carrying on any activity or business, or providing any service, the carrying on or provision (as the case may be) of which is regulated or authorised by the MAS;
- (b) performing any relevant function;
- (c) taking part, directly or indirectly, in the management of, or acting as a director, partner or manager of, any financial institution;
- (d) becoming a substantial shareholder of any financial institution that is a corporation; and
- (e) where the person is a substantial shareholder of a financial institution that is a corporation, acquiring any interest in any voting share in the financial institution other than a voting share in which the person already has an interest.
(C) Section 197(1)(b) of the Securities and Futures Act (Chapter 289, 2006 Revised Edition) (“SFA”) at the time of the offences
Under section 197(1)(b) of the SFA, no person shall do any thing, cause any thing to be done or engage in any course of conduct, if his purpose, or any of his purposes, for doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, is to create a false or misleading appearance with respect to the market for, or the price of, any capital markets products traded on an organised market.
- Mr Li was an appointed Representative under the SFA in respect of Real Estate Investment Trust Management when he committed the offences.
- [Mr Huang received a stern warning in lieu of prosecution for the false trading offence linked to ECWR. He was charged in court for his involvement in false trading concerning five other security counters and was sentenced to 15 months and 54 weeks’ imprisonment on 15 August 2025 after he pleaded guilty to 24 counts of false trading offences under Section 197 of the SFA read with Section 109 of the Penal Code. Another 88 charges for similar offences were taken into consideration for the purposes of sentencing. Please refer to the media release on his conviction here .
- As defined in section 2 of the FSMA.
- Please refer to MAS’ website for more details.
Singapore MAS Issues 3-Year Ban on EC World Asset Management ex-Chief Investment Office & EC World REIT Manager Li Jinbo for Involvement in Manipulation of Price of EC World REIT in 2019 & 2020 with Huang Yiwen Who was Owner of Singapore Exchange (SGX)-Registered Commercial Market-Maker GTC Group, Li Jinbo Received 24-Month Conditional Warning by Commercial Affairs Department of the Singapore Police Force
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