Could DBS Trustee have done more for EHT unitholders?
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IN what sounded like a reprimand, the Monetary Authority of Singapore (MAS) and the Singapore Exchange Regulation (SGX RegCo) on Monday directed DBS Trustee to set out the actions it will take to protect the interests of unitholders in Eagle Hospitality Trust (EHT).
As spelled out in EHT's offer document during its initial public offering (IPO) in May 2019, the Reit trustee has covenanted to "exercise all due diligence and vigilance in carrying out its functions and duties, and in safeguarding the rights and interests of unitholders".
DBS Trustee seems to have been negligent in this respect, going by its responses to SGX RegCo's inquiry into the goings-on at EHT that eventually snowballed into a loan default last month.
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