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Asiatravel.com Holdings board says it will appeal against suspension of travel agent licences
TRAVEL operator Asiatravel.com Holdings received the Singapore Tourism Board's (STB) notice of decision to suspend its travel agent licences last Friday, and will appeal against the notice.
Asiatravel - which was earlier slapped with a notice of intent for a six-month suspension under the Travel Agents Act, in July - will be suspended on Oct 20 if no appeal is made, the board said on Wednesday.
But the group has until Oct 19 to submit an appeal in writing to the Minister of Trade and Industry, and intends to do so "in due course", the board added.
It said that the company would update shareholders" as and when there are material developments relating to any of the above mentioned matters".
The STB said in July that the move to suspend Asiatravel was done in the public interest, after a disclaimer of opinion from an independent auditor on whether the group could continue as a going concern. The government agency also noted Asiatravel's inability to fulfil certain outstanding obligations.
Asiatravel suspended trading in its shares on July 6, after a controlling shareholder missed a scheduled payment of S$7.35 million that the company called "critical to the group's continuing operations and payment of its debt".