'They played us for fools': Disgruntled vendors decry late, missing payments from Naiise

[micromachine]

Owed around $15,000 for his food-themed plushies, Mr Ong faced late payments on and off since consigning with Naiise in 2015. He continued as "their sales records were good", and he would eventually get paid - although six to eight months late.

"They were expanding, but we vendors were constantly owed money," said Mr Ong, referring to Naiise opening new stores in Malaysia (2018) and Jewel Changi Airport (2019).

He said he stopped receiving payments after Christmas in 2019.

“Dennis came up with a sob story saying they had no money to pay us. But Christmas is the peak sales period, so how could there be no money?” he said. “They played us for fools.”

https://tinyurI.com/5p32xpau

 

[CPTMiller]

Owed around $15,000 for his food-themed plushies, Mr Ong faced late payments on and off since consigning with Naiise in 2015. He continued as "their sales records were good", and he would eventually get paid - although six to eight months late.

"They were expanding, but we vendors were constantly owed money," said Mr Ong, referring to Naiise opening new stores in Malaysia (2018) and Jewel Changi Airport (2019).

He said he stopped receiving payments after Christmas in 2019.

“Dennis came up with a sob story saying they had no money to pay us. But Christmas is the peak sales period, so how could there be no money?” he said. “They played us for fools.”

https://tinyurI.com/5p32xpau

Many SME owner con man. Every month they roll over using local bank loans and suppliers long credit term.

 

[syed putra]

You can track a good companies by the length of time they pay creditors on sgx. It should be part of good governance to pay creditors on time.

 

[winners]

I've always said this before: Successful businessmen are never honest and honest businessmen are never successful.

 

[Scrooball (clone)]

Don't pay employees or vendors / suppliers AND still borrow from the bank. If u want to know how he finances all these below:

https://notnaiise.wordpress.com/extravagant-lifestyle/

How did Naiise founder and wife finance their expensive lifestyle?​

Dennis Tay, and wife/ex-employee Amanda Eng, have been indulging themselves with the finer things in life from 2015 to 2020.
Remember, they were owing vendors money and paying employee salaries late throughout this period. The combination of the huge revenue figures (up to $10m according to Dennis’s personal Linkedin), paying employees late, not paying CPF, not paying vendors, while leading an expensive lifestyle warrants looking further into, doesn’t it?
The question and purpose of highlighting these expenses is NOT to doxx or shame, but to ask: How did the director of a business that could not pay vendors/employees, finance such a lifestyle? Where did the money come from?

Oct 2015 to Dec 2019 – Stayed at large ground floor condo unit at Cavenagh Road (at Somerset).​

Moved into Cavenagh condo in 2015.

Still living in Cavenagh condo in 2018 (notice the same floor).

Moved to their new place in Dec 2019.

Apr 2016 – Holiday at Soori Bali, around S$1,000/night​

(Source: Tripadvisor)

Feb 2017 – Holiday at Villa Mona Bali, ~S$600/night​

(Source: Tripadvisor)

Feb 2017 – Holiday at Sahana Villas, Seminyak, S$700/night​

(Source: https://www.sahanavilla.com/rates/ )

Jun 2017 – Holiday at COMO Cocoa Island, Maldives, S$870/night​

(Source: oyster.com)

Jan 2018 – Holiday at Mandapa, Bali, around S$800/night​

(Source: Tripadvisor)

Jul 2018 – Holiday at Six Samas Laamu, Maldives, average daily rates: S$1,094 – S$1,451​

Feb 2019 – Holiday at The Layar – Designer Villas and Spa, Bali, from S$960/night​

(Source: http://www.thelayar.com/)

May 2019 – Holiday at Anatara Khavah Maldives Villas, $1,400/night​

(Source: Tripadvisor)

Apr 2020 – Staycation at MBS, from S$300/night​

July 2020 – Birthday celebration with custom cake, est. $200+.​

Sep 2020 – Birthday celebration with custom cake, est. $300+.​

Jan 2021 – Holiday on Royal Caribbean – Quantum of the Seas Cruise, est. $2K.​

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[CPTMiller]

Hahahaha.
Welcome to Singapore of SME management lifestyles

 

[eatshitndie]

is the wife ckmpd on sbf?

 

[syed putra]

I've always said this before: Successful businessmen are never honest and honest businessmen are never successful.

Not so in the west where payments are slways on time and if they sense delay, borrow from bank to make sure their part of the deal is secure.

 

[bobby]

Must send this debt collectors and go surround his house....