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22-12-2010, 11:18 AM
Hi yeokiwi,
You've made a good point, if there was to be a witchhunt mounted because every business which tried to succeed failed instead, then everyone would be scared off starting a business and Singapore would see a dearth of entrepreneurs!
That said though, perhaps CASE can really do more to protect the unwary consumer? I understand that in True Spa and Subtle Senses case, the founders had aggressively sold packages to customers even though they were aware (3 months before the news broke out) that the Company was likely insolvent and unable to honour its obligations. Not sure if this is true, but if so, this stinks of unethical behaviour. The founders should not hide behind the corporate veil and think they can get away scot-free wth such practices.
You've made a good point, if there was to be a witchhunt mounted because every business which tried to succeed failed instead, then everyone would be scared off starting a business and Singapore would see a dearth of entrepreneurs!
That said though, perhaps CASE can really do more to protect the unwary consumer? I understand that in True Spa and Subtle Senses case, the founders had aggressively sold packages to customers even though they were aware (3 months before the news broke out) that the Company was likely insolvent and unable to honour its obligations. Not sure if this is true, but if so, this stinks of unethical behaviour. The founders should not hide behind the corporate veil and think they can get away scot-free wth such practices.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/