Sabana Shari'ah REIT

[specuvestor]

It's a bit more complicated than that. Like I mentioned above, the property owner doesn't own the property. It's actually the Trust. And I haven't bothered to read the loan covenants but there can be a change of control or manager clause to protect the bank.

But yes the Trustee should be more proactive and should at least have an opinion whether the manager is good and in the extreme case exercise discretionary right to replace the manager if it is not.

The trustee is as usual just passively waiting for instructions and keep mum, forgetting it's paid recurring for its fiduciary duty to the many beneficiaries.

When it comes to the crunch Structure becomes most important.