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https://www.straitstimes.com/singapore/transport/ucars-lays-off-staff-replaces-ceo-after-being-served-legal-notice-for-debts SINGAPORE - Barely five years after it started in mid-2019, a car portal set up to challenge incumbent sgCarMart is skidding towards an uncertain future. UCars has been served a notice of demand – a legal letter – by directors of its holding company, 21 United Holdings, to repay more than $400,000. The notice was served in late January 2024. UCars confirmed that it has received it and is in the process of “verifying the amount” before working out a repayment schedule. Soon after the notice was filed, UCars chief executive Hong Chun Mun stepped down from the helm. He was replaced by Mr Wynton Lee, a 30-year-old from Farquhar VC, which has invested in UCars and is now its second-largest shareholder after 21 United Holdings. Several directors at 21 United Holdings have also stepped down. They include former chairmen Eddie Loo and Albert Neo, as well as other founding members who were among some 40 used-car dealers who came together in 2018 to form a venture to challenge Toyota-owned sgCarMart, which they felt was competing directly with them. In mid-2019, 21 United Holdings set up UCars, an online portal with listings of used and new cars for sale. UCars then acquired motoring publications CarBuyer and Top Gear Singapore in 2021 from businessman Leow Ju-Len for an undisclosed sum, in an apparent bid to replicate the “editorial content” which sgCarMart has. None of the directors and former directors The Straits Times spoke with wanted to be quoted by name. But an insider said troubles began around three years ago, with mounting losses and eroding shareholder funds. “It’s basically a management issue,” the insider added. “The revenue stream from advertising and events did not materialise. We were burning $300,000 a month.” As a result, some of the staff at CarBuyer and Top Gear were owed salaries. Eventually, the entire team of close to 10 people from the two publications were laid off in February. Two of them have since rejoined, but have been put on a profit-sharing scheme. Over the last 12 months or so, more than 20 others in the UCars team have also left. ST understands that only half a dozen remain now, down from a peak headcount of around 50. Two floors of office space occupied by UCars in Ayer Rajah Crescent have been given up. “We’ve brought costs down to $20,000 a month. And all the unpaid salaries are almost settled,” the insider added. “What we want to do now is to press the reset button.” He said UCars will retain the CarBuyer title, but will give up Top Gear. According to the insider, the company is in the process of appointing a new corporate secretary, and will focus on growing revenue from another business it acquired three years ago – Pcom-SSB, an accounting software provider which several car dealers use. He said previous plans to list UCars on a stock exchange have been put on hold.

heard a few of my frens been retrenched lately... I thot economy picking up? Got one fren been terminated w/o notice and only compensate a mth pay... No reason given....told him to get lawyer advice if can claim more as he's been working there for more than 7yrs....sadly loyalty don't count nowadays ya.... That's y we must go for upgrading if not when come this situation very difficult to find another job as age so old like after 40yrs old...who wana employ u...right? Anyone gone to engaged a lawyer and managed to get fair compensation for being terminated without valid reasons?

China tycoon's mistress contest ends in tragedy source: http://www.channelnewsasia.com/stories/afp.../409545/1/.html SHANGHAI: A married Chinese tycoon who could no longer afford to support his five mistresses during the economic slowdown held a contest to decide which one to keep, local media reported Tuesday. The contest took a tragic turn when one of the mistresses, who was eliminated based on her looks, drove her former lover and the four other women off a mountain road in an apparent fit of anger, the Shanghai Daily reported. The driver died in the December 6 crash while the man and four other women were hospitalised, the report said. Initially, it was thought to be an accident, but then details of the bizarre contest emerged in a letter left by the dead woman, a 29-year-old former waitress surnamed Yu, the newspaper said. The woman met the entrepreneur, surnamed Fan, at the restaurant where she worked in the coastal city of Qingdao in 2000 and became his lover, the report said. Fan later introduced her to the four other mistresses

What would you do ? Carry on or call off wedding ?

According to the new budget, is the govt helping the already retrenched workers in any way? I know there is the SPUR programme for re-training. How about cash rebates?