SINGAPORE (July 10): Increasingly, questions are arising from last May’s initial public offer (IPO) of Eagle Hospitality Trust (EHT). Among other things, was the IPO an elaborately thought out financially engineered transaction to net the sponsor, Urban Commons, the monies? What due diligence was undertaken by the sole financial adviser and issue manager? Now, FTI Consulting has been tasked to find answers.  

On June 5, the Monetary Authority of Singapore (MAS) and the Criminal Affairs Department (CAD) of the Singapore Police Force announced they have launched a joint investigation into current and former directors as well as officers responsible for managing EHT, in connection with suspected breaches of disclosure.

“The scope of the investigation will be widened if the evidence obtained reveals that other offences may have been committed,” the MAS announcement said.

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