Homepage
PR Newswire
24-04-2020, 09:15 AM
This story just keeps getting more interesting.
Ms Lee is doing a fine reporting job.
https://www.businesstimes.com.sg/compani...t-disputes
It looks like UC was also the gravy train. And the (minority?) investors of UC also victims.
UC bought 12 hotels and sold them to US Hospitality Investments, which is owned by Wu and Woods. Those 12 hotels were then sold to EHT.
The articles says that the sellers of the 12 hotels are still not fully paid. Since EHT would have paid USHI during IPO, USHI should have sufficient cash to make payment to UC. Since it has not, where has the money gone?
It also seems that UC has lent $89m to ASAP, which then lent it to EHT.
So the next time someone invites you to a seminar and persuades you to put your money in a pool for property investments, it will be good to think about what happened here, and how you and your money can be parted forever.
Ms Lee is doing a fine reporting job.
https://www.businesstimes.com.sg/compani...t-disputes
It looks like UC was also the gravy train. And the (minority?) investors of UC also victims.
UC bought 12 hotels and sold them to US Hospitality Investments, which is owned by Wu and Woods. Those 12 hotels were then sold to EHT.
The articles says that the sellers of the 12 hotels are still not fully paid. Since EHT would have paid USHI during IPO, USHI should have sufficient cash to make payment to UC. Since it has not, where has the money gone?
It also seems that UC has lent $89m to ASAP, which then lent it to EHT.
So the next time someone invites you to a seminar and persuades you to put your money in a pool for property investments, it will be good to think about what happened here, and how you and your money can be parted forever.