SINGAPORE – Toyou Travel is no longer permitted to carry out any travel agent activities after its licence was revoked due to concerns about the authenticity of the company’s financial statements, the Singapore Tourism Board (STB) said on Dec 4.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STB added Toyou’s licence was revoked as the board has reason to believe that the company contravened the part of the Travel Agents Regulations relating to furnishing false information by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”.
