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ocbc buyers fight back from the shortists
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Joelton
Supreme |
05-Oct-2020 09:09
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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.
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.
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Octavia
Supreme |
04-Oct-2020 19:57
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EAGLE HOSPITALITY TRUST DIRECTORS ARRESTED IN SINGAPORE The challenges of a Singapore-listed hotel trust escalated from financial problems to arrests this week as six current and former directors of Eagle Hospitality Trust were hauled in as part of a deepening investigation into its failures to make necessary disclosures to investors. All six, including CEO Salvatore Takoushian, have been released on bail after being arrested on 1 October &ldquo on reasonable suspicion that Section 203 read with Section 331 of the Securities and Futures Act (Chapter 289) of Singapore may have been breached,&rdquo according to a statement to the Singapore exchange on 2 October. . 
Executive director and CEO Salvatore Takoushian was among those arrested Section 203 of the Securities and Futures Act deals with the responsibilities of corporate officers to make necessary disclosures to the Exchange. Section 331, which is part of a chapter dealing with the duty not to make false statements to the bourse, spells out the consequences for corporate officers should the entity that they represent be found to have intentionally committed an offence. No Charges Filed Eagle Hospitality Trust, which effectively lists 18 US hotel properties on the SGX, had first acknowledged in June that it was being investigated by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force. Then in August of this year, KPMG &ndash which serves as EHT&rsquo s auditors, declined to certify the REIT&rsquo s books. In March the trust had defaulted on a $341 million loan facility. The trust said in its latest statement that Lau Chun Wah, Kelvin Tan Wee Peng, Tarun Kataria, Salvatore G. Takoushian, Carl Gabriel Florian Stubbe and Ng Kheng Choo all were all arrested on Thursday as the government continues to escalate its investigation into the insolvent trust. Of those names, Lau, Tan, Kataria and Takoushian all continue to serve on EHT&rsquo s board, according to its website. &ldquo EHT further understands that the Investigations are still ongoing,&rdquo the trust&rsquo s manager said in a statement to the SGX, adding that &ldquo none of the aforementioned individuals have been charged for any offence nor do the arrests necessarily signify that there will be charges.&rdquo The manager said that it, along with its directors, is cooperating fully with the authorities in the investigation and indicated that it would provide updates when possible. The trust&rsquo s manager has not made any changes to the directors on the board representing unit-holders of the two stapled-securities that compose EHT since Carl Gabriel Florian Stubbe was removed on 30 August. The announcement indicated that all current directors will continue in their positions. Trust Manager Seizes Hotels Composed of a stapled group of Eagle Hospitality Real Estate Investment Trust (EH-Reit) and Eagle Hospitality Business Trust (EH-BT), EHT had reported a loss of $38.9 million for the second quarter, and has seen relations between the US-based sponsor and the Singaporean managers fall into litigation in recent months. On 16 September the trust&rsquo s manager had served &ldquo pay/perform or quit&rdquo statutory notices to defaulting master lessees holding properties in the trust, demanding that they either pay overdue rent or meet other obligations, or surrender the properties. Then on 23 September, citing repeated defaults on rent payments, the manager followed up by issuing termination notices to the master lessees for all 18 properties in the trust, with that termination taking effect 10 days later. Out of the 18 hotels, which include the docked luxury liner Queen Mary in Long Beach, California, only three remain in operation, and in its notice that it was taking direct possession of the properties, the trust&rsquo s manager noted that the seizure &ldquo may not necessarily lead to the successful rehabilitation of EHT&rdquo . Mysterious Loans While the seizure of the hotels gives the trust&rsquo s manager direct control over EHT&rsquo s assets, the directors of the manager are now in the crosshairs of the Monetary Authority and Singapore&rsquo s police, judging by the arrests last week. The Singaporean authorities have yet to reveal the findings of their investigations or to indicate what information EHT&rsquo s directors may have failed to disclose. However, in August the manager along with the trustee, said they had been told by their advisors that, in May, one of the trust&rsquo s master lessors had applied for and received a loan of more than $2 million via an application signed by a former officer of the sponsor, Urban Commons. In a 14 August report, EHT&rsquo s auditors at KPMG indicated that, among other problems, they were unable to clarify the nature of an unsecured $89 million loan to the trust, with these issues preventing them from signing off on the trust&rsquo s 2019 books. After trust listed on the SGX through a May 2019 IPO, by June of this year, the California cities of Pasadena and Long Beach, which each host EHT properties, took separate legal actions against companies holding properties in the trust&rsquo s portfolio, with creditors also placing liens against the REIT&rsquo s assets. |
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Peter88
Senior |
03-Oct-2020 21:36
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Our regulators need to wayang to the investing public , but at yge end of the days , just a slap on the wrist , as usual ! | ||||
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Observers
Elite |
03-Oct-2020 21:12
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Looks like too many crossing the govt red line and they need to kill a chicken to warn the monkey busineses.
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Joelton
Supreme |
03-Oct-2020 15:39
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Eagle Hospitality Trust' s former and current directors arrested, out on bail
EAGLE Hospitality Trust' s (EHT) former and current Singapore-based directors were arrested and released on bail on Oct 1 on " reasonable suspicion" over breaches of disclosure rules.
This follows from ongoing police investigations, first announced in June, over suspected breaches of disclosure requirements on Section 203 read with Section 331 of the Securities and Futures Act (Chapter 289) of Singapore, said the managers in a regulatory filing on Friday night.
EHT' s former and current directors out on bail are Lau Chun Wah, Kelvin Peng, Tarun Kataria, Salvatore G Takoushian, Carl Gabriel Florian Stubbe and Ng Kheng Choo.
The managers confirmed that the current directors have attended interviews with the Monetary Authority of Singapore to assist in the investigation. Former directors have also been, or will be, interviewed.
" EHT further understands that the investigations are still ongoing, and none of the aforementioned individuals have been charged for any offence nor do the arrests necessarily signify that there will be charges," said the managers. No further details can be provided at this time.
EHT' s current directors will continue to serve on the boards amid " unprecedented levels" of stress and challenges, and will work through the restructuring process of EHT " as far as they are able to" , said the managers.
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moonsun
Veteran |
03-Oct-2020 12:47
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Can file lawsuit in usa then.. if MAS CAD involved its a matter of fraud etc..
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Peter88
Senior |
03-Oct-2020 12:16
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If both of them just avaoid coming to Spore , how to catch them ?
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onegun
Member |
03-Oct-2020 08:03
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How about those hiding in USA. Please seek help from Interpol | ||||
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Goldfinger
Supreme |
03-Oct-2020 06:41
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With this - shareholders can commence lawsuits if they are found guilty. The first widespread mass arrests of a whole Board of Directors. The Wu and Woods must also be hunted down now. | ||||
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moonsun
Veteran |
02-Oct-2020 23:34
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Justice is served.. directors & ceo arrested n out on bail !
Well done SGX .. MAS.. CAD.. hopefully sh can get something back $$ |
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laksaman57
Supreme |
24-Sep-2020 18:57
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https://www.straitstimes.com/business/companies-markets/eagle-hospitality-trust-to-scrap-all-master-leases-after-multitude-of
" Eagle Hospitality Trust (EHT) has issued notices of termination of master lease agreements (MLAs) to the master lessees of all its 18 properties, describing the current arrangement as " unviable" .
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moonsun
Veteran |
24-Sep-2020 00:46
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Think EHT still got hope after MAS & Regco steps in and tell UC to go fly kite..
Bravo 👏 |
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Joelton
Supreme |
18-Sep-2020 09:22
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EHT notice to master lessees in US: Pay rent or vacate
Eagle Hospitality Trust (EHT) has served " pay/perform or quit" statutory notices to its master lessees in United States.
The notices require the lessees to pay outstanding rent or meet defaulted non-rent obligations within three and 15 days, according to the applicable state law.
If the conditions are not met, lessees will have to " peacefully vacate" and surrender the property, EHT said in a bourse filing on Wednesday night.
Some tenants have not paid rent to EHT since early this year under master lease agreements for certain properties.
This resulted in an event of default for a US$341 million (S$464 million) loan EHT had taken out, which subsequently forced the trust to delay a distribution to its stapled security holders.
EHT sponsor Urban Commons alleged last month that EHT units were in breach of certain agreements.
The allegations include EHT' s failure to pay over US$15.3 million in relation to certain contracts, obligations and assets.
It also accused the trust of failing to maintain hotels, not refunding rents for a hotel that sustained hurricane damage and using security deposits wrongfully.
EHT rejected the allegations on Aug 27.
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ipolaris
Senior |
17-Sep-2020 14:45
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https://www.businesstimes.com.sg/companies-markets/eagle-hospitality-trust-issues-demand-to-some-master-lessees-to-pay-rent-or-vacate THU, SEP 17, 2020 - 8:06 AM EAGLE Hospitality Trust (EHT) has served " pay/perform or quit" statutory notices to its master lessees in US states which have those requirements. It means each master lessee is being made to pay the outstanding rent and/or perform the defaulted non-rent obligations within a deadline of between three and 15 days, according to the applicable state law. Otherwise, it will have to " peacefully vacate" and surrender the property, according to EHT' s bourse filing on Wednesday night. Since early this year, some master lessees have not paid rent to EHT under the master lease agreements (MLAs) for certain EHT properties. It resulted in an event of default for a US$341 million loan that EHT had taken out, which subsequently forced the trust to delay a distribution to its stapled security holders. EHT' s sponsor, Urban Commons (UC), later in August alleged that EHT units were in breach of master lease agreements in which UC entities are master lessees.
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moonsun
Veteran |
28-Aug-2020 07:03
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Still have more clown stocks to come..
Unfortunately... unless MAS takes more forceful action. Too many scams.. sgx is turning into scam stock centre here. Sigh
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moonsun
Veteran |
28-Aug-2020 06:28
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Think directors n ceo need to be queried for not doing their job & sounding out earlier. This breaches all happened in 2019. :( | ||||
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patijai
Member |
28-Aug-2020 06:13
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https://www.businesstimes.com.sg/companies-markets/eagle-hospitality-trust-rejects-sponsors-allegations-of-breaches | ||||
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laksaman57
Supreme |
25-Aug-2020 22:26
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Fool you once, shame on UC. Fool you twice, shame on you. | ||||
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mooo000
Member |
25-Aug-2020 18:57
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https://www.sgbudgetbabe.com/2020/08/to-eagle-hospitality-trust-urban.html To Eagle Hospitality Trust & Urban Commons - Will You Stop Fighting and Save the REIT?
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Starship
Supreme |
24-Aug-2020 13:58
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Definitely the Ugliest Clown Stock in the History of SGX!!!!!!!
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