A spokesman for Asia-Euro Holidays says the tour agency closed because of bad property investments.
But local Chinese newspaper Lianhe Wanbao says that that the boss of Asia-Euro Holidays was saddled with a S$5 million debt, from gambling at the Marina Bay Sands casino!
Wanbao says this information was revealed to them by a close confidante of the tour agency’s boss.
The confidante said that the boss was addicted to gambling, and would visit the Marina Bay Sands casino almost every night, landing himself in a mountain of gambling debts.
Some 500 people were hit when Asia-Euro Holidays shut down its operations last Friday (22 May).
Shocked customers who visited the tour agency’s Chinatown office were greeted with a note advising them to make travel insurance claims, or file claims at the Small Claims Tribunal.
Staff of Asia-Euro Holidays have rallied around their boss, even though they’re owed wages.
They say he’s a nice man who in the past, would help employees who were facing financial difficulties.