AJ Chartered Private Limited
12 Aug
2015
Company Alert - AJ Chartered Private Limited
Company Alert – AJ Chartered Private Limited
 

From 1 May 2013 to 10 April 2015, the Consumers Association of Singapore (“CASE”) received 31 complaints (filed and assisted cases only) against AJ Chartered Private Limited (“AJ Chartered”). Based on the consumers complaints received, consumers were made representations by various AJ Chartered’s employees / agents that they would be able to recover monies paid for previous timeshares purchased. The unfair practices complained by consumers also include misleading claims and false claims made by AJ Chartered’s employees / agents to consumers.

Several cases have not been resolved by AJ Chartered and we understand that AJ Chartered has initiated legal actions against consumers over the amounts allegedly owed under contracts signed by consumers.

CASE invited AJ Chartered to sign a VCA on 11 May 2015. After discussion with AJ Chartered’s lawyers, CASE understands from AJ Chartered’s lawyers that AJ Chartered intends to cease operation by September 2015 as a result of a non-renewal of an existing arrangement with a client that AJ Chartered represents. In view of the same, consumers are urged to exercise caution when dealing with a company that is ceasing its operation.

Based on a business profile search conducted on AJ Chartered on 23 April 2015, AJ Chartered was found to have an issued capital of $1. Consumers should note that in the event that they succeed in obtaining judgment against a private limited entity, subject to certain exceptions, in most situations, the company liability is limited to only its paid-up capital and hence, consumers are urged to exercise caution when dealing with a lowly capitalised company.

CASE understands that consumers of AJ Chartered may have received telephone calls from representatives of Icon Solutions; International Timeshare Fund Action; Realty Access purporting to assist consumers to recover monies previously paid to AJ Chartered. Consumers should note that Icon Solutions; International Timeshare Fund Action; Realty Access are listed on the Monetary Authority of Singapore’s (MAS) Investor Alert List and are not regulated by the MAS. Consumers seeking financial services are strongly encouraged to deal with persons that are regulated by MAS.

Consumers are also urged to perform the necessary diligence before entering into any timeshare / termination of timeshare contracts. Consumers are advised to approach CASE for any disputes or queries concerning timeshare companies.

For further advice on timeshare investments, please visit: https://www.case.org.sg/consumer_guides.aspx.

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From January 2015 to June 2017, CASE received 20 complaints against Icon Solutions Pte Ltd. Complainants alleged that Icon Solutions is cold-calling potential investors and offering unregulated financial services to those who had previously bought timeshare products.
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