Firms notify shareholders of independent directors' involvement in EHT investigations

OVER the weekend, several Singapore Exchange-listed firms notified shareholders of investigations involving their independent directors who are also current or former directors of the troubled Eagle Hospitality Trust (EHT).

On Friday night, EHT's managers said in a regulatory filing that all of its former and current Singapore-based directors were arrested and released on bail on Oct 1, on "reasonable suspicion" that disclosure requirements may have been breached.

Investigations are ongoing, and none of the individuals have been charged; nor do the arrests necessarily mean that there will be charges, said EHT then.

On Saturday night, mainboard-listed OKH Global said that it had been notified about the investigation by its current non-executive independent director Ng Kheng Choo, who joined EHT's board on Oct 8, 2019 and resigned on March 16, 2020.

"The board wishes to inform that the matter above is not related to the company, and the business and operation of the company are not affected by the investigation," said OKH Global, adding that as at the date of the announcement, its board is of the opinion that Ms Ng is able to continue to discharge her duties professionally as an independent director.

On Sunday night, IReit Global and UnUsUaL made separate announcements in relation to Kelvin Tan Wee Peng, who is an independent director on their boards as well as a current non-executive independent director of EHT.

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Both IReit Global's managers and UnUsUaL said that the matter is not related to their respective organisations, and that their business and operations are not affected.

They both also said that they were of the opinion, as at the announcement date, that Mr Tan is able to continue discharging his duties professionally as an independent director.