Icon Solutions Pte Ltd
18 Jul
Company Alert - Icon Solutions Pte Ltd
Company Alert - Icon Solutions Private Limited

From January 2015 to June 2017, the Consumers Association of Singapore ("CASE") received 20 complaints* against Icon Solutions Private Limited (“Icon Solutions”). These complainants alleged that Icon Solutions is cold-calling potential investors and offering unregulated financial services to those who had previously bought timeshare products. They were told that they would be able to recover their monies previously paid to different timeshares companies if they invested in the company’s schemes.

Based on complainants’ feedback, Icon Solutions was reported to have offices located at:

  • 391B Orchard Rd, Ngee Ann City Tower B #23-01, Singapore 238874
  • 1 Fullerton Road, One Fullerton, #02-01, Singapore 049213
  • 20 Cross Street, China Square Central, #01-05/06, Singapore 048422

CASE understands that such timeshare companies often work in collaboration with one another to share investors’ data with the aim of making cold calls to investors who had previously purchased a timeshare, and to make false claims that by signing up for a different agreement, these investors would be able to recover their monies paid to the previous timeshare company. We have previously received feedback about entities engaging in such actions over the years, including but not limited to International Timeshare Refund Action, Realty Access Limited, Asian Fair Trade Advisory Group Private Limited, AJ Chartered Consultancy Private Limited, Interval Resorts Network Private Limited, Asian Travel Club Private Limited and Nax Capital Private Limited.

In situations where the timeshare company is no longer operating, it is unlikely for investors to be able to recover their monies previously paid to the timeshare company if they were to contract to make further payment to a third party (e.g. Icon Solutions). Investors should be cautious of such representations.

We strongly urge all investors not to use the services of Icon Solutions or to sign any agreement or pay any money to the companies it designates for settlement. We encourage those with unresolved disputes against the company to contact CASE for further assistance at our hotline: 6100 0315 or website: www.case.org.sg

Investors should note that persons offering financial services in Singapore are required to be licensed, exempt or otherwise regulated by the Monetary Authority of Singapore’s (MAS) to carry out activities regulated under the relevant laws administered by MAS. Icon Solutions; International Timeshare Refund Action; Realty Access are listed on the Monetary Authority of Singapore’s (MAS) Investor Alert List (http://www.mas.gov.sg/IAL.aspx) and are not regulated by the MAS. This means that investors lack the protection afforded under the laws administered by MAS.

Investors are urged to do their due diligence before signing any agreement and are strongly encouraged to deal with persons regulated by MAS. Those who are threatened with legal action or waiver of their rights are encouraged to approach a lawyer for advice.

Investors who wish to lodge a complaint against any company engaged in the sale of investment-related products/services should do so by writing to the Monetary Authority of Singapore (MAS) and/or emailing consumers@mas.gov.sg.

Investors who wish to report offences involving fraud and/or dishonesty, should do so by writing directly to the Commercial Affairs Department.

*Complaints include filed, assisted, counselled cases (including emails and phone enquiries) and rejected cases.

Related Industry Company Alerts
From 1 November 2019 to 31 May 2020, CASE has received 69 complaints from consumers on Global ATC demanding payments for outstanding timeshare membership fees and/or maintenance fees allegedly owed to ATC. In most cases, the consumers received demand for payment despite having formally terminated their memberships. The payment amount stated on the invoices ranges from $320 to $23,800.
From 1 May 2013 to 10 April 2015, CASE received 31 complaints against AJ Chartered. Based on the consumers complaints received, consumers were made representations by various AJ Chartered’s employees / agents that they would be able to recover monies paid for previous timeshares purchased. The unfair practices complained by consumers also include misleading claims and false claims.
From April 2013 to April 2015, CASE received 30 complaints against Interval Resorts Network Private Limited. The unfair practices complained by consumers include misleading claims, false claims and exerting undue pressure on consumers to enter into a contract.
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