The managers of Eagle Hospitality Trust (EHT) announced on the evening of Oct 2 that six of its former Singapore-based directors were arrested by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD).
On Oct 1, Lau Chun Wah, Tan Wee Peng Kelvin, Tarun Kataria, Salvatore G. Takoushian, Carl Gabriel Florian Stubbe and Ng Kheng Choo were arrested and released on bail on suspicion of offences committed under section 203 of the Securities and Futures Act (Chapter 289).
Tan, Tarun and Ng are also independent directors of other SGX-listed firms including Mapletree Logistics Trust (MLT), UnUsUaL Limited, iREIT Global, ISOTeam and OKH, who have notified shareholders of their involvement from Oct 3 to Oct 5.
According to an SGX filing dated Oct 2, EHT says investigations are still ongoing and that none of the individuals have been charged for any offence.
MAS and CAD on June 5 launched a joint investigation into the manager’s current and former directors, as well as officers stemming from a referral by the Singapore Exchange Regulation (SGX RegCo).