Franklin Medici seeks $15.2m from subsidiary and chairman of EC World REIT sponsor

The sponsor's subsidiary entered into a loan agreement with Franklin Medici.

Franklin Medici Alternative Investment is seeking $15.2m from Forchn International Pte. Ltd. (FIPL) and Zhang Guobiao, the chairman of Forchn Holdings Group.

Forchn Holdings Group is the parent company of FIPL and the sponsor of EC World Real Estate Investment Trust (EC World REIT).

On 3 June, FIPL informed EC World REIT's manager that it entered into a loan agreement with Franklin Medici on 27 February 2023.

The principal amount was $13.46m (US$10m) with a term of six months.

FIPL subsidiary, Forchn Global Pte. Ltd., also signed a deed of charge for 58m units in EC World REIT to secure the repayment obligation.

However, FIPL has failed to settle the payment as of 19 May. The total amount comprises the principal plus the $1.73m (USD1.29m) interest.

The REIT manager said FIPL and Zhang are negotiating possible settlement plans.

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