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MAS interviews Eagle Hospitality Trust's current, former directors

EAGLE Hospitality Trust's (EHT) managers on Monday said their current directors have attended interviews with the Monetary Authority of Singapore (MAS) as part of an ongoing joint investigation.

The managers' former directors have also been or will be interviewed.

As at Monday afternoon, the authorities have not disclosed to the EHT managers further details of the investigation.

The joint probe by MAS and the Singapore Police Force's Commercial Affairs Department, announced last Friday, is in connection with suspected breaches of disclosure requirements under Section 203 of the Securities and Futures Act.

The investigation stems from a referral by Singapore Exchange Regulation (SGX RegCo). In April, MAS and SGX RegCo said they were looking into possible breaches of laws, regulations and listing rules, in relation to the issues surrounding EHT's real estate investment trust (Reit).

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Meanwhile, MAS has confirmed that its review of Far East Consortium International Limited's (FECIL) application is in progress, the EHT managers said in the same bourse filing on Monday. 

The Hong Kong-listed property conglomerate is seeking to become a proposed new controller of the Reit manager.

EHT's managers had disclosed last week that FECIL has inked a non-binding conditional proposal with the stapled group's sponsor, Urban Commons, that could see FECIL acquiring a 70 per cent stake in each of the Reit manager and its trustee-manager. The completion of the proposed transaction is conditional upon MAS's approval for the change of control of the Reit manager.

Trading in EHT stapled securities was voluntarily suspended on March 24.

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