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Serious FT Run Hospitality Trust Collapsed in Record Short Time on SGX!



CEO of fallen Eagle Hospitality Trust seeks to contest four disclosure-related criminal charges​

The collapse of Eagle Hospitality Trust, which was listed on the Singapore Exchange (SGX) in May 2019 and suspended in March 2020, rocked investor confidence in the local stock market.
Uma Devi

Uma Devi

Published Fri, May 17, 2024 · 10:48 AM
[IMG alt="ST20240422_202439334845 Kua Chee Siong/ pixgeneric/ Generic pix of the lunchtime crowd walking next to the SGX logo at the SGX Centre 1, located in Shenton Way, on April 22, 2024.

Eagle Hospitality Trust listed in May 2019, tanked upon its debut and was suspended in March 2020. It was one of the fastest collapses of a Singapore-listed company. PHOTO: BT FILE
Eagle Hospitality Trust

SALVATORE Takoushian, chief executive of embattled Eagle Hospitality Trust (EHT), is looking to contest four criminal charges under the Securities and Futures Act, over consenting to EHT’s “reckless” non-disclosure of information that was necessary to avoid the establishment of a false market.
Appearing in the state court on Friday (May 17), the 43-year-old American told the judge he intends plead “not guilty” to the charges. He also said he intends to engage a lawyer.
The Monetary Authority of Singapore (MAS) on Friday said that Takoushian, if convicted, faces a fine of up to S$250,000 or imprisonment for a term of up to seven years on each charge.

Takoushian was the chief executive of EHT, a stapled trust comprising Eagle Hospitality Real Estate Investment Trust (EH-Reit) and Eagle Hospitality Business Trust (EH-BT). The trust listed on the Singapore Exchange (SGX) in May 2019, tanked upon its debut and was suspended from trading in March 2020.
The case marked one of the fastest collapses of a Singapore-listed company, and was a key case that rocked investor confidence in the market. Investigations over the course of liquidation proceedings also unravelled several lapses in governance, leadership and financial difficulties that were not disclosed to investors at the time of listing.
A number of EHT’s units filed for Chapter 11 Bankruptcy protection in the US in January 2021, and later filed a plan for liquidation. Bank lenders were slated then to mop up a bulk of the proceeds, while stapled security holders were left empty-handed.


MAS aims to reach conclusion on Noble Group matter by Q3; investigations into Hyflux, EHT still ongoing


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Charge sheets for Friday’s hearing in court seen by The Business Times described Takoushian as a “responsible person” for EH-Reit and Eagle Hospitality Business Trust Management, which was the manager of EH-BT.
The charge sheets said that on Jun 7, 2019, he, as chief executive and executive director of the trust, consented to the “reckless nature” of the trust’s managers to notify SGX about information that was required to be disclosed under listing rules.
Such information included the fact that the master lessees under the master lease agreements for the properties in EHT’s portfolio had failed to provide standby letters of credit amounting to US$20 million by Jun 7, 2019.
This amount was the balance of security deposits amounting to US$43.65 million owed to EH-Reit. The failure to provide the security deposits resulted in defaults under the master lease agreements, the charge sheets said.
The defaults under the master-lease agreements thereby resulted in defaults under the US$341 million facilities agreement dated May 16, 2019.
The agreement was between DBS Trustee in its capacity as trustee of EH-Reit, Eagle Hospitality Business Trust Management and a syndicate of other lenders, among other parties.
The other charges levelled against Takoushian pertained to EH-Reit Management’s submission of a notice to the master lessees to notify them of their failure to provide the security deposits that were required under the master lease agreements, and EH-Reit’s Management’s agreement to the master lessees’ request for a 60-day extension of the 180-day cure period to provide the security deposits. This period would have otherwise expired on Dec 21, 2019.
On Feb 14, 2020, EH-Reit Management had again agreed to the master lessees’ request for a further extension to Jun 8, 2020, to provide the security deposits.
The Monetary Authority of Singapore said this information was necessary for the trust to disclose, to avoid the establishment of a false market in EHT’s securities, and was required to be disclosed under a portion of the SGX mainboard’s listing rules.
In failing to do so, Takoushian committed offences under certain sections of the Securities and Futures Act.
He is out on a bail of S$40,000. His pre-trial conference will be held on Jun 14.
Takoushian is part of an investigation jointly conducted by MAS and the Commercial Affairs Department. The investigations against the other former directors of EHT’s managers are ongoing, MAS said.


Lol ,US is correct sg is a laundry country n this make life of sinkies bad ,sg ials a washing machine,lol papigs loves it


Alfrescian (Inf)
He was at a fundraiser gala in Sinkieland with Hussein Obama as the guest speaker. :unsure:

Event photo gallery: The inaugural Education Benefit Gala with Barack Obama​

JAN 07, 2020


Salvatore Takoushian and Varsha Vallurupalli

Find some young person out there who has talent, but doesn’t have the privileges, connection, or money, and figure out how you can help that one person achieve their dreams. Somebody unexpected, it doesn’t have to be through a formal programme, (it can be) an employee whose child would benefit from a scholarship or just a conversation. Take the time, make some difference,” said Barack Obama, the 44th President of the United States during his conversation at the Education Benefit Gala at The Ritz-Carlton, Millennia Singapore on 14 December 2019. Novena Global Lifecare and The Sylvan Group, co-organisers of Education Benefit Gala, held the charity gala dinner for four beneficiaries, namely Dreams Academy (South Central Community Family Service Centre), Singapore Council of Women’s Organisations (SCWO) Service Fund, Daughters Of Tomorrow, and Persatuan Pemudi Islam Singapura (PPIS).
The aim? To educate marginalised women and children from disadvantaged families and provide them with the tools to be financially independent. All 500 invited guests enjoyed an exquisite dinner curated by Sebastien Lepinoy, Tetsuya Wakuda, Beppe De Vito, and Cheung Siu Kong, four celebrated Michelin-starred chefs.


Alfrescian (Inf)
Some extra info about that pajeet lady he was with:


"Ms Varsha Vallurupalli is apparently quite rude to the staff. She was my landlord for a few months after she purchased the apartment and refused to return our $7.3k deposit, with various items such as 3.65k painting bill and others. Agents all agreed this is exorbitant. Anyone who is about to initiate project or relationship with her might want to know about these Obviously cross check with other facts. Hope it helps"
K*** N*
Google Review | 29 Jun 2022