It has almost been a month since the news of Adcom’s lawsuit and possible wind up was reported in The Straits Times.
And in that one month, the court has decided that Adcom, an advertising agency owned by Adam Khoo’s father, is to be officially wound up over their $1 million debt with Singapore Press Holdings (SPH).
Adcom’s Lawsuit
This comes after Adcom failed to pay SPH as per their signed agreement since 1999, that dictates the agency is to make payment no later than 45 days after the date of SPH’s invoice for the advertising services – including an interest of 0.75% monthly until full payment has been made.
Despite numerous issued invoices, Adcom failed to pay, leading SPH to sue the advertising agency, in which they counter-sued and lost. Even so, the agency still did not pay up, causing SPH to file for a wind-up application against Adcom, that was eventually finalised on October 22.
Khoo then resorted to posting on his social media on why his father’s company ended up in its current situation, and called for support.
Even though he did receive positive responses, the number of negative responses were higher, where netizens commented on how Khoo was not the honest businessman he claimed to be.
However, in spite of Khoo trying to set the media straight in his Facebook post, it seems that many aren’t buying that the entrepreneur is as saintly as he is setting out to be.
Not The First Problem With SPH
In 2012, Khoo was allegedly asked by SPH to pay $12,000 for putting up their newspaper articles online.
That of which, Khoo has also made a public statement on his Facebook account depicting the company as the one at fault.
In his post, he mentions that SPH sent him a notice charging him for the articles about himself on the internet, from publications such as The Sunday Times, The New Paper and Teenage Magazine, that have interviewed him about his personal life as well as his success in his career.
Khoo goes on further to explain that despite his large contribution of about $1 million dollars to the company, they are still charging him, due to the fact that he is rich.
But, regardless of his complaints, Khoo still ended up taking down the articles eventually.
Khoo’s latest situation with SPH requires Adcom – that is founded by both Khoo and his father – to officially wind down, as reported by Asiaone.
Run-Ins With An Ex-Employee As Well
SPH isn’t the only one Khoo has gotten in trouble with.
His ex-employee, well-known blogger Grace Tan, has revealed in her blog Working With Grace that she had been tricked while working with her former employer, Adam Khoo.
In her blog, she explains that Khoo did not contribute to her Central Provident Fund (CPF) account when an employer should have done so, lawfully.
“My ex-employer had been crediting money into my CPF account while I was still employed in the company. What CPF didn’t know was that the monies came from my salary – yes, the Employers’ Contribution (for commissions) came from my salary, not from my employer,” she writes.
Of course, the blogger notified the authorities, and they managed to give her the money she rightfully deserved.
It seems that even though Khoo asserts he isn’t a bad businessman, these factors might prove otherwise. Netizens have already been commenting on Khoo being a conman for quite a while now, and it looks like those comments might have some truth to them.
If it was just one allegation against him, the idea would be highly unlikely. But in this case, we have three unfavourable situations for Khoo.
Whether Khoo did have something to do with his father’s company’s failure to pay SPH, we will never know. But with more than one allegation being made against the millionaire, it might not be a surprise if he did have something to do with it.
What do you think about Adam Khoo? Let us know!
Feature Image Credit: dau.tu.kg