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3 Eagle Hospitality Trust directors resign following arrests last year

3 Eagle Hospitality Trust directors resign following arrests last year

Source: Straits Times
Article Date: 08 Jan 2021

Their resignations leave EHT's audit committee without the requisite minimum of three members as stipulated in the Companies Act and Catalist rules.

Three independent directors from Eagle Hospitality Trust (EHT) - Tarun Kataria, Lau Chun Wah and Kelvin Tan - who were among those previously arrested and released on bail, have resigned from the stapled group's board.

Last October, EHT announced that six of its former and current Singapore-based directors had been arrested on "reasonable suspicion" that disclosure requirements may have been breached.

The other directors are Salvatore G. Takoushian, Carl Gabriel Florian Stubbe and Ng Kheng Choo.

Some of them currently sit on, or were on, the boards of other locally listed companies.

EHT is a stapled trust comprising Eagle Hospitality Real Estate Investment Trust (EH-Reit) and the currently dormant Eagle Hospitality Business Trust.

DBS Trustee is the trustee of EH-Reit.

In a bourse filing yesterday, DBS Trustee noted that Kataria, 62, had resigned from the board with effect from Dec 31 last year to "pursue personal interests".

Kataria was also a member of EHT's audit and risk committee, nominating and remuneration committee and special committee.

He is also on the board of Mapletree Logistics Trust Management, among other companies' boards.

Lau resigned with effect from Tuesday to "pursue other personal commitments", DBS Trustee said.

Lau, 66, is also chairman of EHT's nominating and remuneration committee and special committee, as well as a member of the audit and risk committee.

And Tan, 56, is leaving the board to "explore other opportunities", according to DBS Trustee. Today is the effective date of this cessation.

The three directors were appointed in April 2019.

Taken together, their resignations leave EHT's audit committee without the requisite minimum of three members as stipulated in the Companies Act and Catalist rules.

Over the past 12 months, there have been seven cessations of appointments related to key members of the company, a regulatory filing yesterday showed.

Last week, unit holders of the beleaguered EHT voted against the proposed change of a manager.

Security holders voted on four inter-conditional resolutions at an extraordinary general meeting.

One resolution that failed to receive the necessary votes to pass was a proposed base fee supplement to pay a new Reit manager - SCCPRE Hospitality Reit Management - at least US$4.5 million (S$6 million) a year.

This extraordinary resolution required at least 75 per cent of the vote share to be in favour, but garnered only 56.3 per cent.

EHT units have been suspended. They last traded at 13.7 US cents on March 19 last year.

THE BUSINESS TIMES

Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.

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