SINGAPORE (Apr 6): KTL Global announced that its wholly-owned subsidiary, KTL Offshore has entered into a deed of surrender with landlord SB (Pioneer) Investment.

SB (Pioneer) Investment is a fully-owned subsidiary of Soilbuild Group Holdings, which in turn is the sponsor for Soulbuid REIT.

The group will be surrendering all its estate, interest, right and title in, under and arising from the lease in relation to its previous registered office at 71 Tuas Bay Drive and the premises at 61 Tuas Bay Drive, with effect from Mar 1.

The group has since Feb 23 moved its office to 7 Gul Road.

To recap, the group is under investigation by the Monetary Authority of Singapore (MAS) for possible offences under section 197 of the Securities and Futures Act (Chapter 289).

See: KTL Global says CEO Tan interviewed by MAS, passport impounded

As part of the investigation, the group’s CEO Tan Kheng Yeow was interviewed and requested to surrender his passport.

Shares in KTL last traded at 3.8 cents on Thursday.