The so-called notice of intention was issued by the regulator cum central bank on Oct 26, as the REIT manager was deemed incapable of complying with MAS’ rules and regulations. The REIT manager, EH-REIT Management has also committed multiple breaches of the Securities and Futures Act.
DBS Trustee will comply with a directive by the Monetary Authority of Singapore to remove the current REIT manager of Eagle Hospitality Trust. A potential resuscitation bid for the trouble-plagued REIT will also be announced “imminently”.
See also: MAS moves to oust the manager of Eagle Hospitality Trust
