Online travel agent Asiatravel.com and its subsidiaries may have their licences suspended by the Singapore Tourism Board (STB), after the company's auditor flagged concerns about its "ability to continue as a going concern" due to its losses and liabilities.
Auditor Ernst and Young noted that Asiatravel.com incurred a net loss of S$34.6 million for its 2017 financial year. The group's liabilities also exceeded their assets by S$11 million as of end last year.
Meanwhile, the group's controlling shareholder also missed a scheduled payment deadline to provide S$7.35 million in funding to Asiatravel.com by Jun 30, which is "critical to the group’s continuing operations and payment of its debt".
More at
Asiatravel.com and subsidiaries may have licences suspended
Auditor Ernst and Young noted that Asiatravel.com incurred a net loss of S$34.6 million for its 2017 financial year. The group's liabilities also exceeded their assets by S$11 million as of end last year.
Meanwhile, the group's controlling shareholder also missed a scheduled payment deadline to provide S$7.35 million in funding to Asiatravel.com by Jun 30, which is "critical to the group’s continuing operations and payment of its debt".
More at
Asiatravel.com and subsidiaries may have licences suspended
