STB threatens to suspend agency license of cash-strapped Asiatravel.com
The Singapore Tourism Board has put Asiatravel.com on notice of possible suspension due to its well documented financial woes.
STB said the notice of intent was on the grounds of the public interest.
Asiatravel.com Holdings suspended trading more than a week ago after a major shareholder failed to release funds for an agreed investment of more than S$7million.
The funding was earmarked to pay off creditors and other suppliers, the company said.
It was already in trouble having posted a net loss of S$34.6 million last year.
The group said it is now in talks ‘to determine the best course of action and the various options available to the group to secure its cash flow in a timely manner and to fend off any other creditors’ claims.’
STB has given the group 14 days to respond with reasons why it should not have its travel agency license revoked.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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