Dr Lim Chong Teck decided to buy a unit in the Tillington Hall Hotel because of what Ms Wendy Kwek said at her seminar, exhibition and emails, but did not receive the promised returns. Instead, he suffered a loss when the project failed.
SINGAPORE: A doctor who invested in a hotel in the United Kingdom after attending a seminar on property investment lost money after it was sold at a loss.
Around Jan 20, 2013, he attended the free seminar, which was organised under WK Events and fronted by Ms Kwek. Dr Lim said that Ms Kwek told the attendees that if they signed up for this programme, they would become members of her investment network and be offered exclusive investment opportunities that she had personally sourced and assessed using tried and tested investment methods.
She said the project would yield returns of at least 7 per cent in the first year, with returns increasing progressively each year. However, the project was a failure. Dr Lim did not receive the promised returns as presented in the emails or exhibitions. Dr Lim worked out his losses from the investment project at S$84,989.55, including the purchase price of the unit, the legal costs and other charges and taxes.
Ms Kwek denied Dr Lim's claim entirely, saying that the WK Investment Network was an informal grouping of people interested in investing in property and that its formation was not intended to create legal or contractual obligations.
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