SINGAPORE – Toyou Travel is no longer permitted to carry out any travel agent activities after its licence was revoked due to concerns about the authenticity of the company’s financial statements, the Singapore Tourism Board (STB) said on Dec 4.
The agency must refund all its existing customers, or hand over its existing obligations to licensed travel agents to fulfil, STB said in a statement.
The board said Toyou Travel submitted auditor-certified financial statements to STB each year, and added: “STB’s review of Toyou Travel’s submissions revealed concerns about the authenticity of the financial information provided.”
STB added Toyou’s licence was revoked as the board has reason to believe that the company contravened the part of the Travel Agents Regulations relating to furnishing false information by “submitting false financial statements for some years, constituting an offence involving dishonesty”.
It added that an updated list of licensed travel agents in Singapore can be found on its website at
trust.stb.gov.sg
In a media reply, a Toyou Travel spokesperson said that the agency has no payments owed to suppliers or customers, and all previous obligations have been settled. The agency is not taking new bookings, the spokesperson added.
“We respect the authority’s feedback and are reviewing the matter internally,” the spokesperson said, adding that the agency is not appealing against the decision.