Current and former directors and officers managing Singapore-listed Eagle Hospitality Trust (EHT) are under investigation over suspected breaches of disclosure rules.

The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department said yesterday that the probe stems from a referral by the Singapore Exchange Regulation (SGX RegCo).

It follows a review announced by the MAS and SGX RegCo on April 20 into possible breaches of regulations and listing rules.

The scope of the investigation will be widened if evidence reveals other offences may have occurred, the MAS and CAD said.

EHT is a stapled trust comprising Eagle Hospitality Reit (EH-Reit) and Eagle Hospitality Business Trust. Trading of EHT units was voluntarily suspended on March 24 after the trust defaulted on a loan of $341 million.

The default followed the failure of Urban Commons, the master lessee of EHT's properties, to pay security deposits and make timely rental payments since last December.

Separately, Hong Kong-listed property firm Far East Consortium International has inked a non-binding conditional proposal with Urban Commons.

This could involve it acquiring a 70 per cent stake in EH-Reit's manager and trustee-manager.