STB issues suspension warning to Holdings suspended trading on July 6

The Singapore Tourism Board (STB) has served a Notice of Intent to Suspend to and its subsidiary companies – AT Reservation Network, AT Express and SH Tours.

The Notice of Intent to Suspend is served on grounds of public interest, STB said in a statement, with an independent auditor’s disclaimer over the continuation of Asiatravel as a going concern in the audited financial statements of the group for the 2017 financial year. Holdings’ controlling shareholder missed a critical payment leading up to the online travel company ceasing trading on the Singapore Stock Exchange July 6

STB added that it is aware that Asiatravel and its subsidiaries are unable to fulfil some of their outstanding obligations to their business partners and customers.

Asiatravel and its subsidiaries have 14 days to submit reasons to STB, to show cause against the Notice of Intent to Suspend their travel agent licences.

During this period, Asiatravel and its subsidiaries will still be required to ensure that consumer bookings are not affected, and make good all existing obligations to their consumers and industry partners.

They are also required to inform all customers of the notice of intent to suspend with immediate effect.

Speaking to TTG Asia in an exclusive interview after Asiatravel suspended trading on the Singapore Stock Exchange, executive chairman and CEO Boh Tuang Poh expressed there is opportunity for a turnaround for the group, citing new funding, transformation and restructuring exercises to bring costs down, among other reasons.

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