MAS orders removal of EH-REIT manager

The order follows a notice of intention issued on 26 October.

The Monetary Authority of Singapore (MAS) has instructed DBS Trustee to remove Eagle Hospitality REIT Management as the manager of Eagle Hospitality Real Estate Investment Trust (EH-REIT), and to name a new manager “as soon as possible.”

The order follows MAS’ notice of intention issued on 26 October, as well as providing both parties with an opportunity to state why EH-REIT should not be removed.

EH-REIT Mgt’s shareholder Mandarin West Holdings has provided MAS with written submissions which, according to MAS, raised “no new material facts.”

“MAS continues to have serious concerns with EH-REIT Mgt’s ability and commitment to comply with MAS’ rules and regulations, given the numerous breaches of the Securities and Futures Act, including recurrent and ongoing breaches of capital and financial requirements,” MAS said in a statement.

In a statement, the trustee, on the recommendation of Moelis, has identified SCCPRE Hospitality REIT Management as the proposed new REIT manager for EH-REIT.