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Adam Khoo criticises SPH for claiming he runs company which he is a director & shareholder of

So motivated right now.

Nyi Nyi Thet | September 26, 2016 @ 03:57 am

Adcom is an advertising agency set up by Vince Khoo in 1972.

Singapore Press Holdings has applied to wind up Adcom, after they allegedly failed to pay a S$1 million judgement by the high court two months ago.

While you might not have heard of Vince Khoo, his son, Adam Khoo, is rather famous.

Well, one day after The Straits Times published an article about SPH closing down Adcom…

Screenshot from Straits Times
Screenshot from The Straits Times

Adam Khoo has responded.

This is his Facebook post:

It is a bit lengthy, so we will break down the crux of his post.

 

His father was a great boss

According to his son, Vince Khoo was an amazing boss.

My father was one of the best bosses I know. He always empowered his staff do be the very best they could be and always conducted himself with the utmost integrity and honesty. These traits, I picked up from him.

Adam Khoo’s very own integrity and honesty was picked up from him.

If only Adam Khoo was interested in the business

While the business did well for a few decades, if only Adam Khoo had helped out.

Although I was very proud of the business he built, my passion was in trading stocks and children’s education and building my own company (Adam Khoo Learning Technologies Group). Maybe if I had helped him to run his business instead, things would have turned out better. That is a regret I would always have.

So there, if only he had helped his father run his business, instead of just being a CEO there.

adam-khoo-2

 

Not the company’s fault

According to Khoo, the foundation of the problem lies with other clients who did not pay Adcom.

Sadly, after many of Adcom’s recent clients failed to pay up, (they closed down because of tough times), Adcom incurred bad debts of over $4 million dollars. The funny thing is that when the company’s clients do not pay, Adcom has to still pay SPH for the bill of $4m++…. The clients get away scot free… that just how it is.

 

SPH has something against Adam Khoo

According to Adam Khoo, SPH, which publishes The Straits Times, has something against Adam Khoo, and might be trying to turn Adam Khoo’s father against Adam Khoo.

He asserts this because, according to him, he does not run Adcom at all (even though he is a director and shareholder).

I don’t know what SPH has against me but they decided to report that Adam Khoo’s Company was being sued for $1m , knowing full well that I do not run Adcom at all (though I am technically a director and shareholder).

Maybe it’s because I am well known and they want to embarrass me so that my dad will pay their debts. Maybe they want to create conflict between my dad and me.

Well, good luck SPH.

Well, that will NEVER HAPPEN. I love my dad and am very proud of him and what he has accomplished as a businessmen and I owe everything I have to him.

In conclusion, Adcom, which is a wonderful company, with a wonderful boss, is not owned by Adam Khoo at all, because his passion was elsewhere, although he was still a director and shareholder.

This is Adam Khoo’s full Facebook post:

Some of you may have read recently that Adcom, the advertising agency my father had founded in 1972 (44 years ago, even older than me!) is being applied to be wound up by SPH after failing to pay $1m in debts.

Not many companies are able to last for more than 10 years. For Adcom to have prospered and survived for 44 years (overcoming more than 5 major recessions is no easy feat. My father was one of the best bosses I know.

He always empowered his staff do be the very best they could be and always conducted himself with the utmost integrity and honesty. These traits, I picked up from him.

In its glory years, Adcom ran some of the most famous advertising campaigns in Singapore… AIA Trust Campaign, the M1 Launch and building the M1 brand and many of the Ministry of Family and Social Development Family campaigns in Singapore (encouraging Singaporeans to get married, start a family etc…

Although I was very proud of the business he built, my passion was in trading stocks and children’s education and building my own company (Adam Khoo Learning Technologies Group).

Maybe if I had helped him to run his business instead, things would have turned out better. That is a regret I would always have.

Sadly, after many of Adcom’s recent clients failed to pay up, (they closed down because of tough times), Adcom incurred bad debts of over $4 million dollars. The funny thing is that when the company’s clients do not pay, Adcom has to still pay SPH for the bill of $4m++…. The clients get away scot free… that just how it is.

I have seen my dad having to take millions of dollars of his own money to pay up client’s debt over the years and having to sell properties to cover the bill. Although it no longer made sense to keep the business running, my dad kept it going for the sake of giving the staff a job (many have been with the company for 10-20 years) and paying back the debts slowly.

Then early this year, SPH decided not to give any more credit to Adcom. With Adcom having no more financial resources to keep going, and not being able to take on any more clients without credit facilities, the painful decision was made to let SPH wind up the company.

Although my dad can afford it, I don’t think it makes sense for him to keep paying off his retirement savings into a business that is no longer viable. It is sad that something that is 44 years old has to come to an end but that is how life is. Nothing lasts forever.

I don’t know what SPH has against me but they decided to report that Adam Khoo’s Company was being sued for $1m , knowing full well that I do not run Adcom at all (though I am technically a director and shareholder).

Maybe it’s because I am well known and they want to embarrass me so that my dad will pay their debts. Maybe they want to create conflict between my dad and me. Well, that will NEVER HAPPEN.

I love my dad and am very proud of him and what he has accomplished as a businessmen and I owe everything I have to him. For all the friends and students who have been calling me to ask me how I am, I thank you for your care and concern. I love all of you!

 

Top image from Adam Khoo’s Facebook post

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About Nyi Nyi Thet

Thet has a chronic fear of teenage girls laughing at him. He sometimes puts on a cap in his room and yells “Gryffindor”.

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