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| Subject: LGM Taiwan (?) fine 3 Millions (Taiwan Dollar) | |
Author: johnv1995 | [ Next Thread |
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] Date Posted: Fri, May 20 2005, 10:36:01 LGM Taiwan (?) fine 3 Millions (Taiwan Dollar) 2005-05-05 10:55:58 infor http://www.ylib.com/class/topic3/show1.asp?No=61747&Object=travel [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| [> Subject: LGM Taiwan fined (Eng text) | |
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Author: Moderator [ Edit | View ] |
Date Posted: Sat, May 21 2005, 20:37:41 Here's the Eng version of the above text. _________ The Office of Fair Trade has on this date (28 Apr 05) at the 703th committee meeting, fined Taiwan Le Gi Mei (known as LGM) for using inappropriate sales tactics in the sale of overseas timeshare memberships. This consists of making consumers place a deposit payment before having surveyed the agreement. As this violates trade regulations, it has been deemed an unfair practice under the Fair Trading Act Clause No. 24. LGM was subsequently fined 3 million Taiwan dollars. The Fair Trade Committee pointed out that LGM in the sale of their timeshare membership, has committed a violation of the Fair Trading Act, by demanding that consumers place their deposit payments via credit card before having surveyed the agreement. The Fair Trade Committee also explained that the timeshare contracts involve sales representatives who market timeshare membership by luring consumers to participate in a Cashback Scheme, which is run by the Concepts Vacation Company (henceforth known as Concepts Co.) The sales representatives, in their bid to persuade consumers to sign the agreement, emphasise that they are able to recoup their investment in 5 years. However, in reality, LGM is unable to guarantee members the entire cash-back amount. Neither is it able to promise a minimum sum of return. The prerequisites for cash-back are written at the back of the English version of the Cash-back certificate signed with the member. It states that the member is to reimburse expenses made by LGM to Concepts Co. Even though LGM insists there is no cash transaction between themselves and Concepts Co., the fact that this condition has not been made explicit to consumers places them in an unfavourable position, should they later apply to Concepts Co. for the cash-back. As the above sales methods have violated Clause No. 24 of the Fair Trading Act, they are thus deemed as acts of fraud. The Fair Trade Committee explains that timeshare resorts are based overseas, and are managed as overseas businesses. Consumers thus have to rely on the local marketing agents to provide the sales brochure, verbal explanations and agreement. Consumers are thus in a weak position in terms of knowledge on their rights as members and in their control over the management of the timeshare resort. In order to realize this, one has to first sign the agreement and place a deposit. However, the transaction is made under non-transparent circumstances, before the consumer has been given the opportunity to understand the agreement. The committee also notes that LGM insists on members placing their deposit via credit card before providing the agreement, thus hastening the transaction to be concluded before an agreement has even been made. As this defies trade regulations, it is deemed as an unfair practice and is penalized under Clause 24 of the Fair Trading Act. Upon consideration of LGM’s motives, objectives, anticipation of ill-gains, its threat to fair trade, its period of existence and its organizational size, the Fair Trade Committee has thus passed the above judgment. [ Post a Reply to This Message ] |
| [> [> Subject: Bravo, bravo, keep it coming!!! | |
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Author: ccn666 [ Edit | View ] |
Date Posted: Sun, May 22 2005, 2:54:34 Hi hcspore, Great job ... excellent translation, man, I couldn't have done it better! Gosh, more good news, even though it also goes to show that the Taiwanese government has far more resolve and enforces very much stronger consumer protection laws than our $ingapore government. Our Fair Trading Act is a joke compared to theirs! Hell, our FTA doesn't even cover anything that costs above S$20,000! LGM Taiwan was fined NT$3 million or S$158,486.98 (at yesterday's currency exchange rates of S$1.00 = NT$18.9290) and that's hell lot of money to pay for one single act of fraud that has been going on in $ingapore for more than a decade now but our CASE is still as toothless as ever. By the way, I must take this opportunity to express my deepest gratitude to you for putting in the gargantuan efforts and time to set up and moderate the Timeshare Victim's Support Group web site, various victims support groups mailing lists and this VoyForums. You and the rest of the gang (those brave souls who dared to appear on national TV to expose LGM: Soo Kok, George, Kenny and Jean) deserve utmost credit for a job well done. We must continue to provide more and more excellent media coverage to expose LGM's timeshare scams to the general public. We really need to get them into as much hot water as possible. For all of you who are ready to screw the timeshare companies back in full force, I salute you! For those LGM bastards who are reading this, this is only the beginning and rest assured that there will be hell to pay, I bloody kid you not. [ Post a Reply to This Message ] |