Friday, July 10, 2009

Timeshare | MaxMega

MaxMega Timeshare Update

Straits Times, 2 July 2009 (page B4) reported that MaxMega vacated their Tras Street premises about 2 weeks ago leaving timeshare investors in a lurch.

As reported in my earlier article on MaxMega, a group of 33 unhappy buyers had complained to CASE that MaxMega had failed in their promise to recover their investments with other timeshare companies and provide additional payouts. This after the buyers had signed contracts and paid substantial fees upfront ranging from $5,000 to $40,000. They were later told that they could not recover their investments and were asked to fork out even more money for another timeshare resale product.

CASE served a voluntary compliance agreement two weeks ago to MaxMega directors, Yaacob Yusoff and Muhammad Yazid Samri. The agreement would have committed them to ending unfair practices, failing which CASE would file an injunction to stop MaxMega's operations. The directors had not replied by te deadline of 30 June. If there is no response from them, CASE will leave it to the police to investigate further.

Investors are awaiting the outcome of police investigations before taking legal action against the company.

This episode once again proves my contention that it is not worthwhile to make deals with these types of timeshare resellers.

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