Eagle Hospitality Trust (EHT)

EHT’s board also understands that former directors of the managers have either already been interviewed, or will be interviewed in due course as part of the investigations.

The authorities say the investigation stems from a referral by the Singapore Exchange Regulation (SGX RegCo), and follows a review announced by SGX RegCo and MAS on Apr 20.

If the deal goes through FECIL will then proceed with helping EHT restructure

“Given the present developments, it would no longer be feasible or practicable for the managers and the REIT trustee to effect the payment of the distribution in part or at all at this juncture,” says EHT’s manager.

SGX RegCo’s request for updates came a day after Howard Wu and Taylor Woods confirmed their resignations from EHT’s board as chairman and vice chairman.

In a report by the Orlando Weekly on May 25, which referred to Urban Commons problems, including its failure to pay cleaning bills of US$420,000, it emerges that its Holiday Inn Resorts Orlando Suites - Waterpark, is valued at US$71 million, a marked dif

As at end-March, Eagle Hospitality Trust says that some 14 out of its 18 hotels have ceased operations due to the Covid-19 outbreak. And with 100,000 visitors per month, the Queen Mary will be among the last places in Long Beach to reopen.

EHT's non-executive chairman Howard Wu and deputy chairman Taylor Woods have handed in their resignations after they were found to have inked transactions that were "not on commercial terms" and "prejudicial" to the interests of the REIT.

SGX RegCo urges EHT’s nominating committee to consider if Wu and Woods are still deemed suitable to stay on EHT's board

“EHT is not for the faint of heart. If you're a conservative investor, stick to quality REITs, and sell or avoid EHT,” says an investor who has pared his stake in the REIT from 28,000 units in December to 100 units now.