SINGAPORE 17 July 2018: The Singapore Tourism Board (STB) confirmed 13 July that it has served a notice of intent to suspend the licence of Asiatravel.com Holdings Ltd.
One of the region’s pioneers in the online travel agency business, holding the travel agent licence number 02379](“Asiatravel”), the holding company was served notice along with its subsidiary companies.
The subsidiaries are AT Reservation Network Pte Ltd (travel agent licence number 01148), AT Express Pte Ltd (travel agent licence number 01470) and S.H. Tours Pte Ltd (travel agent licence number 00790).
The Notice of Intent to Suspend, dated 13 July, was issued in accordance with the Travel Agents Act (Chapter 334).
STB said in its statement that the “Notice of Intent to Suspend was served on grounds of public interest as the board notes Asiatravel’s auditor’s disclaimer of opinion over the continuation of Asiatravel as a going concern in the audited financial statements of the group for the 2017 financial year.”
The Board is cognisant 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 [1] 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.
STB said in its statement that it takes a “serious view against errant travel agents and will not hesitate to take necessary actions to protect the reputation of Singapore’s travel industry.”
Asiatravel according to its website has 13 major language sites, and 17 offices in Asia, Middle East and Europe. It sells travel on 500 airlines and rooms in 200,000 hotels on its multiple websites.
It won TTG Asia’s Best Online Travel Agency award consecutively fro, 2013 to 2017.
Established in 1995, it is listed on the Singapore Stock Exchange since 2001 but suspended trading 6 July.
In a recent development it established a B2B division that consists of TAcentre.com and Savio-Staff-Travel to serve the travel industry and corporate sectors respectively.
Asiatravel is also registered in Thailand with a travel agency license 11/01921 and is a member of the Association Thai Travel Agencies (02359). Other affiliations include IATA (HO 35-307812) and TTAA (086).
It trades under the company name AT NETWORK CO LTD in Bangkok.
[1] In accordance with the Travel Agents Act, Asiatravel.com Holdings Ltd will be given until 27 July 2018 to provide reasons to STB against the revocation of their travel agent licence and should its reasons be turned down by STB, Asiatravel.com will be granted a further 14 days to submit an appeal to the Ministry of Trade and Industry (MTI).
