Could DBS Trustee have done more for EHT unitholders?
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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Great Eastern shares jump 39% as OCBC mounts S$1.4 billion privatisation bid at S$25.60 per share
US: Wall St opens higher, focus on comments from Fed officials
Vicom Q1 net profit up 1.3% to S$6.9 million
Sanofi inks US$1.2 billion vaccine licensing deal with Novavax
Hin Leong founder OK Lim found guilty of 3 criminal charges
Ford’s Lawler to hand over CFO role to ex-Lucid executive, transition to vice chair