Singaporean travel agency Konsortium Express and Tours has suddenly ceased operations, citing a “financial crisis.”
Konsortium, which specialises in coach trips to Malaysia, posted a notice on its website on Thursday, February 22, notifying the public of its closure and apologising for the unexpected development, reported Today.
The notice said that the firm had encountered a “financial crisis and will cease operation on all services with immediate effect.” The company advised its customers that had unfulfilled trips to make claims from their travel insurance or to seek refunds from the Small Claims Tribunal.
“We are deeply apologetic for the sudden closure and we seek forgiveness,” said the post, which did not elaborate on the financial troubles that led to the company’s closure.
Such incidents show the importance of having travel insurance to cover unexpected closure of transport providers due to financial insolvency. Like many other Asian markets, Singapore is no stranger to unexpected travel agency closures.
In early 2017, Misa Travel, another Singaporean travel agency, suddenly closed down after the Singapore Tourism Board revoked its licence due to being unable to fulfil its obligations. In 2014, coach tour operator Five Stars Tours stopped operating without prior announcement, leaving many passengers stranded.
