Peter Lim's suit against current owners of the Raffles Town Club revealed interesting facts - that the new owners systematically depleted the assets of the club by paying handsome dividends to themselves amounting to some $54 Mil and bought questionable art craft pieces. This was revealed in the ST article today.
The article went on the say that when the founding members (Raffles5000) of the club sued and won the case against RTC and were awarded $3,000 damages each, the current owners claimed that they could not afford to pay the damages in cash. The article reported that it was because, by then, the owners have depleted the assets of RTC. If this is indeed true, I wonder whether members have been misled into accepting the damage in the form of food vouchers, etc.
The Raffles Town Club the "exclusive" club debut at a cost of $28,000 and was in the trouble right from the beginning. Members complained of overcrowding from day 1. I recalled the day when members were invited for the club's launch when it first opened it doors and the place was like a fish market! Then, when I invited my family to the club for a swim at my "exclusive" club, they were told to park along the road outside the club and to share a towel because the club ran out of towel. At that time, I learnt the latest meaning of "exclusive".
More suits to continue - this time by the new owners against the founding owners including Dennis Foo. I hope more incriminating details will be revealed, much like the suit of TT Durai against SPH. Till that day comes, I often looked at the parking label on my car and sigh... my worst investment that is now valued less than $4000 on the open market!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment