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| Sun, May 12 2024, 20:37:49 | [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, 5, 6, 7, [8], 9, 10 ] |
| Subject: The Star Online - Timeshare body not linked to resale firms (April 1, 2006) | |
Author: ccn666 | [ Next Thread |
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] Date Posted: Sat, Apr 08 2006, 17:48:18 The Star NEWS Opinion Saturday April 1, 2006 Timeshare body not linked to resale firms http://thestar.com.my/news/story.asp?file=/2006/4/1/focus/13811382&sec=focus WE REFER to your report, “Time-share members lose RM1mil in scam” (The Star, March 17). The Malaysian Holiday Timeshare Developers Federation is concerned with the experience related by the timeshare purchasers regarding their dealings with companies in the resale of club memberships, commonly known as resale companies. We wish to inform the timeshare purchasers that approved timeshare developers or operators are not involved in the resale of club memberships and have no connection whatsoever with the activities of these resale companies. None of the resale companies are members of our federation. In fact all member companies of the federation have been advised to inform their purchasers to beware of the activities of these resale companies and to warn them of the personal risks they undertake if they deal with these companies. The holiday timeshare industry is strictly regulated under the Companies Act, 1965 and the policy guidelines issued by the Companies Commission. There are stringent conditions to be adhered to before the timeshare operators are allowed to market their timeshare interests to the public, including a mandatory requirement to lodge trust deeds and prospectuses with the Companies Commission. Also, it is mandatory that a qualified trustee be appointed for each approved timeshare scheme to ensure that the interests of the purchasers are protected. Companies Commission officers conduct regular inspections to ensure the business activities are in adherence with the regulations. There are heavy penalties in place for non-compliance of the regulations. Representations have been made to the relevant authorities to consider the possibilities of legislating the resale companies. Aggrieved timeshare purchasers may also seek the advice of the Enforcement Division of the Domestic Trade and Consumer Affairs Ministry or the Tribunal for Consumer Claims. KHOR POH WAA, Chairman, Malaysian Holiday Timeshare Developers Federation, Petaling Jaya. [ Next Thread | Previous Thread | Next Message | Previous Message ] |