Bankruptcy Laws are meant for Singaporeans, unenforceable for foreigners, is it time I change my status?

(10 Apr) – High-rollers get lavish treatment and hefty credit lines at Singapore’s two casinos, like any other gaming house in the world. But here, more of them skip town without paying their debt, a matter of increasing concern for investors.
Three years after Singapore allowed casinos to open, Genting Singapore PLC’s Resorts World Sentosa and Las Vegas Sands Corp’s Marina Bay Sands have become the world’s most profitable. Chinese nationals account for around half of the VIP gaming volume at their tables.
An examination of court documents by Reuters and a series of interviews with lawyers and industry executives reveal that several of the gamblers have run up millions of dollars in debt and then scampered back to China, where they are effectively untouchable.
Resorts World sued Chinese gambler Kuok Sio Kun in Singapore last year to recover S$2.2 million ($1.8 million). But more than six months on, the casino has not even managed to serve court papers to the Macau-based woman.
After several letters of demand went unanswered for months, it tapped a Singapore law firm to sue the 46-year-old, court documents show.
It then hired a Macau-based law firm, which advertised in a Chinese-language newspaper, posted the court documents at Kuok’s last known address and went there twice.
“I have made all reasonable efforts and used all due means in my power to serve the court documents on the defendant, but have not been able to do so,” the Macau lawyer said in the documents.

More in: http://www.reuters.com/article/2013/04/10/singapore-casinos-idUSL3N0CP7KY20130410?rpc=401&feedType=RSS&feedName=rbssConsumerGoodsAndRetailNews&rpc=401

Author: Gilbert Tan TS

IT expert with more than 20 years experience in Apple, Andriod and Windows PC. Interests include hardware and software, Internet and multimedia. An experienced Real Estate agent, Insurance agent, and a Futures trader.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s