~ By Leo Khaw ~
The Telecom Credit Cooperative is a non-profit financial institution in Singapore. On their website they describe themselves as:
“TCC is a Credit Co-operative, a non-profit financial institution different from Banks and Finance Companies. You will notice that difference from the first time you step into our office or call us. Our staff are caring and considerate, they treat you like family. You will find us willing to listen and flexible in our approach. We exist for one reason – to serve our Members.”
However, TCC has been embroiled in a series of court cases and there is on-going civil action against them.
In an article dated 5th May 2011, TCC was ordered to pay $60,000 to Mr. Kumar Appavoo. Below is an excerpt that appeared in the Straits Times:
“The move, the first against a thrift-and-loan cooperative society, came after the court found, among other things, that no security services had been provided to guard the repossessed premises, for which charges were levied and deducted from the sale proceeds.
TCC was ordered to pay $28,800 in costs.”
A quick check on TCC website showed that the advisers of TCC were:
- Mr. Eric Cheong has been an advisor with TCC Ltd for many years. Mr. Cheong is a former Member of Parliament, Singapore.
- Mr. Eugene Wong is another advisor. He is a former Deputy Assistant Commissioner of Police, Singapore.
- Mr. K.P. Munirathnam our other advisor, holds the position as an Executive Director in AGRITRADE International Pte Ltd. Mr. Munirathnam was also a former CEO of a bank and has held many key positions in the finance industry.
What is interesting is that Straits Times has removed the article ‘Co-op ordered to return $60,000’ from their website.
This article is published by The Online Citizen, 20 Maxwell Road, #09-17 Maxwell House, Singapore 069113.