Category : Articles

Industry-Talk

admin

The bleak economic outlook in certain parts of the world today presents a worrying trend. Much has been said about China’s slowing economy, and just across the causeway, political uncertainty is exerting greater pressure on the Malaysian economy. These factors are likely to have repercussions on our economy.
Ho Meng Kit, CEO of Singapore Business Federation (SBF) shared with The Business Times that “The continuing decline in SME business sentiments is worrying. With global demand for our goods and services remaining weak and Singapore’s top two trading partners, China and Malaysia, going through a bad patch, the Singapore economy could be hovering on the edge of recession.”

The Business Times also reported that except for the Commerce/Trade Sector, all other industries have reported lower business expansion outlooks. The Small and Medium Enterprises (SMEs) are likely the most affected firms. More specifically, the largest three sectors, which include the Construction/Engineering sector, have all reported less than optimistic sentiments for the next two quarters.

Some of the plausible reasons laid out in the article included the less robust residential property prices and scarce opportunities in the commercial and industrial property sectors. Mr Ho also warned that “the lower turnover and profit expectations may lead to lower hiring expectations.”

However, the business climate is not all “doom and gloom,” as the Chief Operating Officer of DP Info, Lincoln Teo shared: “What it does indicate is that SMEs expect their rate of sales and profit growth to be slow.”
In relation to the recent profile of cases that KX-Unit has taken on, there appears to be an increasing trend of corporate clientele from the Construction and Renovation sector. This is especially so for the third party sub-contractors typically sought by other (larger) construction firms to support their renovation works. Subsequently, some of these Construction and Renovation firms may not be able or willing to pay their third party sub-contractors. This increase in such cases logged with staffs at KX-Unit appears to coincide with the local business climate.

In response, KX-Unit has identified a few simple ways business firms, especially those in the Construction Sector, can use to evaluate their partnerships. Firms can look at a company’s ability to make payments by assessing if they have multiple on-going projects, and if they do, broadly assess the performance of these business projects against the sector’s performance. It would be helpful if firms can gain some understanding of a company’s payment history. For example, does a particular company have a history of defaulting on payments?

Public or industry news about the company is a bonus too. These assessments include any publicly available information such as Audited Accounts Information. If the business deal entails a large amount, it is advisable to have an assessment done by a Professional Consultant before any official business dealings. However, the above-mentioned ways are not always foolproof. It would be good to correlate the various information sources to construct a better picture of a company you intend to work with.
Nonetheless, the surge in these cases undertaken by the staffs at KX-Unit has provided them with an advantage in terms of a keener understanding and appreciation of both the clients and their debtors. Besides sharing the word of caution, KX-Unit is also well placed to provide advice and consultation to anyone who may have fallen victim to these circumstances. Should you have queries regarding KX-Unit’s services, feel free to call 8112 7790 or drop them a mail at enquiries@KX-Unit.com.

C.J. Bervyn

Operational Insights – C.A.S.E.

admin

Have you ever wondered how a debt collection works? Well, today we will be sharing more about what we at KX-Unit do both BEFORE and DURING a debt recovery operation. I had a talk with Winston (KX-Unit’s Case Consultant) the other day, and he kindly shared with me the company’s framework: C.A.S.E. – Consultation, Assessment, Solutions, and Execution.
Consultation: This is basically the first step, whereby we meet up with clients to understand more about their case. Details such as debt amount, and the origins of the debt are also clarified. We work very closely with our clients to give the advice that is needed. That also means that in our Consultations, we would also rationally analyze the modus operandi of the debtors (i.e. how they have tried to evade payment, etc.). In this first stage, we must also establish a validating proof of debt together with our clients. It would be the supporting pillars of our case.

Assessment: This is the next level of work. But even before we make the assessment, we would have done some groundwork, on top of the information provided by our clients. Every case is given 100% attention. If our client does not have much information about the debtor, we work with the little information we have and we churn out an Enhanced Profile Search. From there we assess the legality of the debt, if there is a disputation on debt, and also assess the debtor’s repayment ability. We piece together a holistic picture of the case, for e.g. by using a family tree for complex cases, and with this assessment done, we will advise our clients if it is economically viable to pursue the debt. Most importantly, we are upfront in helping them to understand their chances of success of recovering the debt.

Solutions: After establishing that the case is viable to take on, we start planning on HOW we will recover the debt. We will share just some of the methods we use, but not all. Depending on the kind of debtor we are dealing with, we may have different escalation methods. For example, we may demand a payment from a debtor when he is at home (Residential), or when he is at work (Office), or in public. The decision to do either will depend on our Enhanced Profile Search. At KX-Unit, we make plans to maximize success. That means very often we plan 2 steps ahead, especially so for the more volatile cases, so that we have a picture of all possible scenarios and address them before execution. This is also why we place the right negotiator for the various types of debtors. So that we are not affected even if a debtor is known to be elusive, evasive, hostile, or even abusive.

Execution: This is where we put our training, our information, our planning, and our experience to work. All the staffs at KX-Unit are trained and we operate under strict legal jurisdiction. With an understanding of Criminal Laws, Civil Laws, and the Singapore Companies Act, we are always one step ahead. This also ensures we protect both our clients’ interest and ourselves in a legal manner. Riding on the benefits of modern technology, we are able to communicate and demand payment from debtors with legal documents effectively (Company Cloud Data). That being said, we still use the good old-fashioned hardcopy as our first priority. But many unexpected events can happen on-scene, and we want clients to know that we have a plan-B always. And of course that also means we have body cameras, to safeguard our clients’ and public’s interest. We will also submit an Operation Report to our clients to keep them updated on the case status.

We hope this Operational Insights article for this week on CASE has been informative for you. Let us know more of your thoughts, and if you are yourself in similar situations (i.e. facing difficult debtors, scammers, etc.), and you need advice on the way forward, do feel free to drop us an email at enquiries@KX-Unit.com.

Till next time!
Tags:
Consultation
Assessment
solutions

Debtor’s spotlight — The Errant Debtor

admin

Debtor’s spotlight — The Errant Debtor

In our line of work, we encounter different situations, often highly unpredictable. In this new monthly series titled: The Debtor’s Spotlight, we will be sharing some of the difficult debtors the staffs at KX-Unit encountered in our operations.

This is a case involving a middle age man, who rents a small table space in an established company, which serves as his “office” from day to day. Like all decent startups, often with a modest and humble beginning, but his subsequent actions against his supplier were deem as irresponsible. Not too long ago, he stopped going to his office and effectively closed it down without informing his stakeholders. He failed to keep his responsibility to his business partners. To make things worse, he became un-contactable to his office landlord, and also disappeared from people he owed money to. He used evasive tactics to shun his associates and suppliers, who suddenly found themselves clueless of their business dealings with him.

KX-Unit was subsequently engaged to recover this debt. With extensive background information and solid proof of the debt, we went ahead with the ops. When we went to meet the debtor, he was initially unresponsive at the door. But we continued to ring his bell because there were obvious movements in his house. After about 10 minutes, he finally opened his door. When we saw that there were children at home, we requested and advice him that it is better for him to have the discussion away from the house, rather than letting the children, who are innocent, be affected by the adult conversation. He refused.

He did not appear to be cooperative but instead whipped out his smartphone and started filming KX-Unit staffs. But as we wrote in our previous posts, all KX-Unit personnel have a Body Camera, to record and protect both our clients and ourselves. He spoke condescendingly, and kept saying this is his “private” issue even though we showed him proof that we are legally representing our clients. To try to divert our attention, he kept talking about how he had a dispute with our clients that he will “resolve” first. When he realized that he ran out of excuses and we were persistent about recovering the debt and that we would not budge, he changed tactics.

He closed his doors and called the police. But with the evidence on our Body Camera that we were doing a proper job, we had nothing to fear. We waited for the law enforcement officers to arrive. When the officers arrived, he stepped out to “clarify” matters. He still did not try to engage in a decent conversation with us. All he wanted to do was to use the police to deflect our discussions of repayment plan with him.

KX-Unit is appreciative that law enforcement entities are dedicated and impartial in their profession. Given how uncooperative the debtor was, we really think the men in blue did their best to handle the situation. Eventually, the debtor seemed to have changed his ways and relented. He told us in the presence of law enforcement entities that he is willing to pay a sum every month to slowly repay his debt.

But it does not seem as genuine as it is. Just imagine, for example, that your friend owed you 10 dollars and he said he would pay 1 cent every month to you. That certainly does not show any sincerity and remorse, does it? Imagine if you were in our shoes. And to share some context, the sum owed was just about a thousand (exact figures are confidential). 2 hours have passed and still the debtor is not willing to provide concrete evidence that he had a prior dispute situation with my client, he is still not willing to commit to a reasonable repayment scheme, and he continued delaying and prolonging the situation.

In front of the officers he said he would call and clarify with his debtors again “another time” to find a “solution”. But he did not say by when and how. We all know how he has tried again and again to prolong and deflect constructive questions. But once again, as professionals of KX-Unit, we come prepared with negotiating prowess and skills. Let’s just say that to us, Errant Debtors are not Impossible Ones.

We at KX-Unit are persistent and will persevere regardless of the circumstances. For those who may be encountering such situations or deadlocks, we encourage you to seek professional advice. You can make enquires by heading to our website http://www.KX-Unit.com/ or email us at enquires@KX-Unit.com.
Till next time!

Foreign Direct Investment Scam

admin

Scam Case Series

Case Type: Foreign Direct Investment Scam
Period Reported: 2nd Quarter 2015
Individual or Group: Individual Case

Scammer/Fraudster Profile:
For this case, it is highly probable that there were 2 suspected scammers in cahoots. One of them is a director of a company in Singapore, while the other is a director of a mining company in Indonesia. They work together to offer guarantees and promises of profits, demonstrating their “knowledge” of the mining procedures and “potential” of export market. This professionalism, however, will not be sustained especially after the victim has provided the funds. The scammers market and portray themselves as a regional joint venture company.

Modus Operandi:
The suspected scammer from Singapore is likely to operate in cahoots with an associate in another country, in this case, Indonesia. The director of the company in Singapore is the point of contact, very much like a middle-man, between the victim and the “investment” associate, the Indonesian company director. They work hand in hand as a joint venture company to convince the victim of the benefits and advantages of the mining market in Indonesia. Besides that, often, either one of the scammers would have contacts that provide loose loans to the victim. The scammers make themselves seem secure, reliable, and professional to the victim, slowly easing him/her into taking the investment bait. If upfront credit is a challenge, they would provide a solution by convincing the victim to take a loan under his/her own name from their contact, under less than desirable and formalised conditions.

The victim is somewhat related to the suspected scammer from Singapore, possibly knowing each other after a seminar. The scammer then make use of this relation to share an investment plan with the victim. This process allowed the scammer to identify the desires, potential anxieties, and needs of the victim, making him/her more vulnerable to subsequent pitches. Once the victim has been sufficiently interested, the suspected scammer in Singapore arranged for a meet-up session with his/her counterpart, an Indonesian Company Director. As mentioned, they share a partnership in a Joint Venture Company.

The meet-up continued to demonstrate both directors’ knowledge of the mining industry in Indonesia, and the potential growth of their business into the export sector. Having done most of the leg-work, the Indonesian Company Director, also another suspected scammer, offered to introduce one of his/her contacts in the Middle East who is willing to provide investment related loans. After some persuasion, the victim agreed but not before setting some boundaries for the loan (About 3 million USD), which will be taken under his/her name. The victim have asked for both directors/scammers to each provide a personal guarantor to this Middle Eastern contact/lender, which they agreed to, although it is unclear if their guarantor existed or if they were actually formally listed.

Subsequently, the victim is told that a 1.65 million USD investment has been “registered”. According to the loan agreement, the money should have been invested into a specific mine in Indonesia. This is where the problem is. It was difficult for the victim to ascertain if the investment was indeed registered in that specific mine in Indonesia, and whether there was any investment in the first place. When the victim confronted the directors initially, they did not provide any formal evidence of the investment. When the victim asked again, the Joint Venture Company provided him/her with an invoice stating the investment amount and that it has been “invested.” However, the invoice was clearly suspicious-looking. Its validity is questionable because the tax number on it was identical to the previous loan invoice, leading the victim to probe the possibility that the invoice is likely doctored/forged.
By this point, the victim is pressing for answers more frequently. And the Joint Venture Company and its correspondent did not reply e-mails or mails. Personal e-mails, SMSes, and calls went unresponded. This is when the victim started to realise, quite reluctantly, that there was a high probability that the invested amount is misused, and thus lodged a police report of a possible case of fraud.

Investor should exercise all due diligence especially when it comes to FDI (Foreign Direct Investment), as business culture and climate, regulations, language differences, and other crucial factors, might hinder the discovery of important information that might affect the decision of your investment. Prior to the final decision of your selected Foreign Direct Investment, there are a few things you can do. First, you should verify with both the local and foreign government agencies governing your investment field. You may also approach the specific country Embassy to request assistance and a more objective overall picture with regards to your overseas investment.

Con-Artists/Scammers/Fraudsters are highly manipulative and often willing to go to great lengths to create untrue perceptions. They are good at making use of trust and temptation to entice innocent parties. Very often, they generate beautiful scenarios and possibilities to force the victim to let down his/her guard. Always be mindful that anyone can be a victim of such manipulation. We wish to alert the general public of such cases, and remind all to remain vigilant of such people.

If you feel that you could have been an unfortunate victim of such similar situations, we advise you to make a report to the relevant authorities (Singapore Police Force/ Commercial Affairs Department). Alternatively, you can also seek professional assistance, with assured confidentiality.

If you have any case you would like to highlight to us or have enquiries to make on the case, please email us at enquiries@KX-Unit.com

Romantically Motivated Loans

admin

Scam Case Series “SPECIAL EDITION”

Case Type: Romantically Motivated Loans
Period Reported: 3rd Quarter 2015
Individual or Group: Individual Case

This week’s case sharing will be a special one. It is about the all-too-familiar Romantically Motivated Loans, whereby two parties typically in a relationship or sharing a lover status get embroiled in financial-related scams, whether knowingly or unknowlingly. Such scam cases are reported to be rapidly increasingly in the past 6 months.

That being said, myself and the staffs at KX-Unit all have special moments with our loved ones. Most of us also share our emotional and financial burdens with our partners. The beauty of mutual trust in relationships and between lovers is something to be celebrated and upheld. Therefore, we would like to make a DISCLAIMER that we are NOT against any debts associated with trust and love.

However, there will always be some “black sheeps” out there who misuse this trust, and in doing so make victims out of innocent individuals. These “black sheeps” are the people we want to alert the public, as they say, prevention is better than cure.
As industry experts, the confidentiality of our clients is our professional priority. Therefore, rest assured that in our weekly sharings – which is a way of knowledge sharing with the public, we will not reveal any in-depth details or compromise personal data. Instead, we will share the modus operandi of such suspected Scamming Borrowers.

Scammer/Fraudster Profile:
The suspected scammer would usually come into your life like a normal person, and just like any other relationship, except they will be much much more assertive and take all initiative to build up a sweet and romantic relationship. However, this is all part of a process to establish strong trust with the other party. All the suspected scammers would appear to be financially strong and capable, one that is always willing to spend or even spur on the other party(the victim). Doing this allows the scammer to achieve multiple effects on the victim, who can be anyone of us. It allows the victim to feel as if the suspected scammer is generous, and willing to spend in order to achieve the best interest for the victim. Have you encountered such situations where you feel manipulated?

Modus Operandi:
This is usually how these Manipulators work. After 2-3 months (OR EVEN LESSER) of establishing strong trust via romantic relationship, the suspected scammer would start to “share” with the victim about their financial situation. The suspected scammer will say that he/she is currently having some financial difficulties, and is in need of some funds to tide through the situation/or is unable to repay large amount of gambling or credit card debts/or having a business cash flow problem. Usually the highly experienced scammer will most probably use reverse psychology – by guilt-tripping the victim – to reveal their financial difficulties but also telling the victim that he/she can resolve it alone. At the same time, the suspected scammer would also show that he/she is in a very vexed situation. They play the “hot-and-cold” game. The scammer does this hoping to gain the sympathy of the victim. Eventually, even if the victim have no intention to lend the money, the scammer would still end up somehow persuading the victim for the loan.

However, this is only the start of more loans that will come thereafter, with more and more requests coupled with intensive persuasion, often highly pressurizing. Sounds familiar?

The borrowing and loans will just keep coming, with no actual plans of how to return back the debt to the victim. And usually when the victim starts to request for repayment (don’t forget that the victim is going to be in a very difficult and awkward situation to ask for repayment from someone who “needs” your help), the suspected scammer would either blame/act pitiful/or get hostile/or start to evade the victim. In worse situations, there might be violence or intimidation involved. The truth is, it is tough to ask for a loan back especially when you are constantly questioning yourself and trying to determine if you have been deliberately manipulated or not.

Depending on the situation, if the suspected scammer feels that the victim might have more funds that they can borrow, they would continue the romantic relationship. With that, the scammer might temporarily resolve any differences, only to wait for the next best situation to request (borrow) more funds from the victim, until he/she has fully exhausted all resources.
In fact, there are even victims who took up bank loans for the suspected scammer. As humans, sometimes our emotions may affect our clarity, we all have such moments.

And in most cases once the victim stop giving loans, the suspected scammer would give all sort of excuses to break up from the relationship. In some other cases, the suspected scammer would openly engage in another romantic relationship to rouse the insecurity of the victim, making him/her more psychologically vulnerable to his antics.

Con-Artist/Scammer/Fraudster makes use of trust and temptation to entice innocent parties. We wish to alert the general public on such situations, to be self-conscious and maintain vigilance in similar situations.

It is always easier to look back and identify such situations, but in that moment we may feel completely helpless, or maybe we do not realise or believe how easily we can be swayed. And indeed, some victims may not be willing to speak up because of fear or because of shame. However, we would like you to know that there is a way out.

If you feel that you have similar situations or might be a victim of such scam cases, and you need advice on the way forward, kindly seek professional assistance on your case. Rest assured that your particulars will be keep in strictest confidentiality. Take care.

**If you have any case you would like to highlight us or enquiries on the case, please email us at enquiries@KX-Unit.com**
Tags:
romance
love
trust
temptation

KX-Dedication (June 2016)

admin

KX-Unit is happy to share with the joy of our client. We have successfully helped our client in a relation with TWC2 on 2 foreign worker on Work Permit Pass that their employer refuse to pay their salary even after MOM have Court Order against the company. And we are glad to be able to assist this case for the Charity Organization on a Pro-Bono basis.

Factor in that this case is on a Pro-Bono basis(with not much operational budget available for the case) and also the Client needed the repayment to be recover as soon as possible(as they are on temporary pass permit to stay in Singapore). It has been a case with multiple complex issues to resolve.

Nevertheless, the case was not easy because of the debtor’s non-communication tendencies, KX-Unit is proud to say that we have retained our high level of professionalism. We carefully initiated and steered the dialogue and subsequently the negotiations to achieve our client’s best interest. Within 4 days of 2 visits, we are happy that our client is able to recover his rightful amount and resolve the case amicably. The staffs at KX-Unit take great pride in providing the value-added and quality service for our clients, as this picture testifies – we have done so, and will continue to do so.

Your interest is our wholehearted priority. If you do require a professional opinion on your own situation, or if you do know someone that may have such a need, feel free to contact KX-Unit at +65 9610 3425 (Jet Guo) or +65 81127790 or drop us a mail at enquiries@KX-Unit.com if you have any queries on this case or our services, and we will be most willing to advise. Alternatively,
you may visit our website at http://www.KX-Unit.com/

SCS: SME Business Investment and SME Business Acquisition

admin

This week’s Scam Case Series will feature an Advisory Edition on the Small and Medium Enterprises’ (SMEs) Business Investment and Acquisitions. This advisory is apt given that the recent business climate has been relatively vibrant. Trade associations and various governmental bodies have plans slated to boost the economy. However, there has also been a rise in trends of scam cases in Singapore.

Based on the recent cases undertaken by KX-Unit itself, close to half of the cases we received from our Anti-Scam Assessment (ASA) deals with elements of scammers or business plans that are too good to be true. To set the stage right, a general advice to keep in mind is the old adage that if something is too good to be true, it usually is.

Nonetheless, this article will highlight a few ways that KX-Unit’s Anti-Scam Assessment (ASA) is invoked to help our clients systematically with business analyses and background checks. The Advisory will be split into 3 parts: Background Check, Business Plans or Proposals, and Contractual Agreements.

1) Background Check
A background check can come in many forms. It may feature a specific focus on the individual, or their company. Accordingly, details about a person or company’s track record, business history, financial reliability, and more are systematically analyzed under KX-Unit’s Anti-Scam Assessment rubrics.

These information are generally available for purchase online. Credit Bureau Singapore is one of the many sources available as “Singapore’s most comprehensive consumer credit bureau” to enhance Singapore’s “risk management capability”. A reasonably complete risk profile of a customer can be obtained to provide prospective business partners with more information. However, the information may not be immediately comprehensible to all, as some industries require in-depth and tacit understanding to make sense of the data obtained. The staffs at KX-Unit, with their vast and in-depth experience accumulated over the many cases that has been undertaken is in a good position to help clients understand and interpret these information.

Some of the other sources include Bizfile from ACRA and also Datapool. KX-Unit have frequently used the above mentioned sources to systematically analyze for our clients the risk profile of their prospective business partners and also interpret the many patterns and trends, numerical data, and more for our client. At the end of the day, we sincerely believe that if you are undertaking a business proposition involving $10,000 or more, then you should consider investing a little bit more in a service like KX-Unit’s ASA. It would do you more good than harm to have a check done, and get professional third party advice before jumping into a proposal.

After all, you will want to know if your prospective client has had a track record of starting and closing businesses, and if this happens within less than a year what it could mean, etc. The key is that every case is different and the context governing them is also different. Rather than adopting your own mental model towards assessing risk, it might be good to get a third party perspective to interpret and provide some advice.

2) Business Plans or Proposal
Next, every business needs a business plan and proposal. But do you actually understand how money will be taken from you to be invested? Is it taken as a loan or as an investment? Is what you are being told the same as the actual business plan?
These are important because con artists and scammers have the ability to work like a salesman, and not any type of salesmen but only the unscrupulous ones. They work conscientiously to sell you their confidence and the façade of their resourcefulness. It is usually very telling because one of the indications of such charming scammers is that they have only a very general knowledge of the business proposal, if it even exists. They work hard to sell you their good will and gain your trust, even making you feel awkward and embarrassed sometimes to pressure you into committing to the business proposal.

But fret not, because at the end of the day it all boils down to THE plan. Ask yourself a few questions: Is there actually a systematic plan? Have you given your trust already? Do you actually understand the plan? Are you going to make more than 10k from the business? And if you are, is it worth it to take the risk of a possible scam? Chances are, you may be told that this new plan is out to “penetrate new business markets” and that it’s pointless to check out for existing information because it has not been out there yet. When such things happen, take a step back, and always seek to get more information (refer to part 1). If you think it is worth it, get a third party opinion, because a thirty party will always see a clearer picture. KX-Unit will have the necessary experience to help.

3) Contractual agreement
Last but not least, the fine print in the contractual agreement. Even if there appears to be a coherent and sound plan, what will matter is also ultimately what you put your signature to Ideally, the best course of action is to get a lawyer who deals with commercial transactions to vet the contract. In this way, whatever loopholes in the contract will be surfaced. That said industry experts and consultants with the relevant experience are able to provide you with a holistic assessment. This includes not just looking through the contracts systematically, but also the track records of the individual and company.

Generally, based on the cases that KX-Unit have undertaken, there is a tendency for most people to look at a contract and get a sense that they can be protected by a “black and white”. But this may actually be a façade. This is because the contract may actually include clauses that state that that the dealing is more of a “loan rather than investment” and also that there will be “no liability that will be borne by them”. Some cases involve contract that must be signed overseas so they cannot be enforced in Singapore. There are simply too many different tactics employed by scammers out there.

KX-Unit hopes that this short edition has provided crucial information for SMEs with who may have plans to expand. Ultimately, business propositions are no small matter, and if you consider that some information (which is not known to you then) can potentially avert a grave corporate disaster, it might actually make more business sense to seek a professional opinion.
KX-Unit warmly extends our professional services to you, our expertise and exposure to countless complex cases of Debt and Scam Cases have provided us with a critical understanding on various trends typical to a particular industry. Objective analysis on business owners and their temperaments through various sources are also part of our KX-Consultancy initiative, of which Anti-Scam Assessment is a part of. So, feel free to contact KX-Unit at 8112 7790 or drop us a mail at enquiries@KX-Unit.com. Alternatively, you can visit our website at http://www.KX-Unit.com for more information.

Operational Insight – The Founding of KX-Unit 1st July 2015

admin

A special message by our Director, Winston Chin, on KX-Unit 1 year anniversary.

1st July 2015, is the faithful date where a group of people from all walks of life and of different backgrounds and skills, came together under KX-Unit to serve an important purpose for the local economy.

Setting up a business/company is easy, if you were to just focus on revenue/profitability or even just money. But building an organisation with a sense of belonging, purpose and a focus on benefitting the society would never be easy. I’m glad KX-Unit has transformed from a 1-man business, into a start-up company, and into a young organization within a span of 1 year period. To a lot of fellow business owners and the public, this may appear to be a rather quick transformation and growth on the company. Indeed it is, but a lot of hard work had also been put in by the staff of KX-Unit who believe in the course of recovery of our client’s hard-earn money, and also the trust and support given by the public. I, Winston Chin, would like to express our utmost gratitude to the 3 groups of supporters that have been an encouragement to our meaningful purpose and mission.

Clients
Customers are the fundamentals of every organization, without customers, businesses would not be able to survive. But in this current challenging economic and the constraints facing the Debt Recovery industry, it is not easy to maintain customer focus. In this challenging first year for a young organisation like KX-Unit, we have managed to help a lot of businesses to recover their hard-earn money. But at the same time we acknowledge that there were minority number of cases that we are unable to crack despite maximum effort. In such scenario, we might face clients that blame us for not being able to succeed in their expectation, and at the same time we also have clients that appreciate our utmost effort. For such situation, I would like to apologize if we are unable to devise the best of strategy at that moment to resolve the case. Nevertheless, no matter how aggravated the situation might be, we would in still in our heart with the motto of “NEVER FALTER NEVER CAPITULATE”.

Staff
Working in a Debt Collection Industry will always stay as a challenge, as every case is unique and at times highly complex. From the Sales Consultant who goes out of his way to understand the needs of the client and advise them with integrity, to the administrative support who facilitates the strong communication and preparation for the company’s day to day activities, to the MARCOM Officers whom maintain good publicity for public understanding and engagement, to the operation Negotiators who braves through the storm for our clients. The staffs of KX-Unit, each performing its unique set of responsibility and commitment not just for the company and also for its customers. I would like to thank every staff who contributed their best of effort. “Without you guys, I’m just Winston. But with you guys, I’m KX-Unit” Thank you for all the support and effort, with your endless contributions of effort, it gives the management the greatest capability to achieve its growth. Let us work closer than ever, to conquer greater heights, and to serve more people in need.

Family, Friends and Associates
Debt Recovery is a niche industry in Singapore, and the general public would probably not have much encounters with the industry. Nevertheless, a lot of people have misunderstandings about Professional Debt Recovery, which requires varying methods of negotiations to attain a win-win situation for all parties. As such, a lot of Friends, Associates and family members are usually quite sceptical at the start of hearing our work. But as days goes by, with strong effort and hard work put in, we deliver results and assist different businesses and individuals to recover their hard-earn money. People acknowledge the positive productivity achieved by us, which is a heartening recognition and affirmation of our endless efforts. I wish to thank the Family Members and Friend and Associates of KX-Unit staffs, for placing faith in them and giving them the support they need to perform in their course of duty and work. Your faith in KX-Unit Staff is their strong pillar of support against their daily challenges.
At this moment, we are happy to achieve some positive results within our 1st year mark, but at KX-Unit, we know this is just the beginning of everything. We would continue to strive on and deliver the best of effort to assist all our clients. And once again, a BIG, THANK YOU.

Winston Chin
Director
KX-Unit and Associates Pte Ltd

Debtor’s Spotlight – Money Romeo

admin

In this week’s Debtor’s Spotlight, KX-unit will be sharing a romantically related case. Our client is a lady in her 40s, while the debtor is a married man in his 40s. The debtor is a married man with children. Our client first got to know the debtor at a business conference. As both of them are business owners, they initially saw potential for business collaboration and partnership. Their interactions slowly evolved into a romantic relationship. Little did our client know, then, that the debtor was in this for her money. In fact, the debtor hid his marital status from our client and continued his charming tactics on her – which explains our title.
The debtor has a few businesses, most of which were conceived and supported by our client. He has managed to use our client’s business network to source for investment and in some sense our client has become a vouching voice for him, whether or not she was kept in the loop.

During the time they were together, our client would support him with whatever amount he needed. This continued throughout the time they were together, until our client came to a realization that he was not actually in love with her. In fact, he may well be out to fool her. It was from then that our client requested that the debtor provide an acknowledgement that he took money from her, and that acknowledgement should show how much was taken.
While the debtor was not sincere or true about the relationship, he did agree to our client’s request initially and eventually provided a working sum of $200,000. This was the sum that was taken from our client, and the sum that he would return the money in installment.

For the past one year, the debtor has made some payment month by month. He pays about $1000 to $2000 to our client. As such, there is still a sum of about $180,000 that remains to be returned. Realizing the amount of time it will take for the debtor to repay, and hoping to get this ordeal behind her, our client agreed to waive half of the initial sum and told the debtor that he only needed to pay half of the $100,000.

When he heard this, the debtor immediately agreed but said that he would not be signing any document. In other words, all that our client had was some Whatsapp messages as a proof, without any IOUs or agreement. But at this point we would question: why was he unwilling to sign a document that states that he only needs to pay back half of the sum he owes? This was supposed to be good news for him, but his actions raises some question. How long did he intend to take to pay off the entire debt by installment if he was paying a one to two thousand dollars a month? Was he even sincere about following through with the payment if it meant that it would take years? If he was sincere, why would be flatly refuse to sign an agreement that was to his benefit?

Perhaps the only reason was that he had no intention of fully repaying the sum. Payment by installment was a stalling tactic. After all, a sum of one to two thousand dollars for a business owner like himself was not exactly a challenge.
KX-Unit advised our client that without an IOU or agreement, this case would become a Claims and Dispute Management. Nonetheless, we represented our client to engage the debtor to seek negotiation for our client’s best interest. The debtor was informed of our involvement and he initially signaled his intent to negotiate with us. In fact, he set up the first meeting with us at our office saying that he had “confidential” information to pass to us. He even requested that our Senior Negotiator personally negotiated with him.

However, on the actual day of the meeting, he denied everything. He denied that he owed our client money or that he took any loan amount from her. In fact, he turned the tables around and claimed that our client owed him money! This was supposedly the confidential information that he was referring to. In view of his claims, our senior negotiator calmly asked him for proof that our client did owe him money. After all, the purpose of our meet up was to clarify and have a mutually stable ground for a settlement. However, he was unable to provide any information. In other words, he was making baseless claims either to stall the development of the case or to simply not cooperate.

Just before we agreed to have a second meeting to have another round of negotiation, he served a lawyer letter to us for our client in our office. While we fully respect his right to serve to pursue the matter with legal means, we find his actions and intention highly doubtful and suspect. From getting with our client for his business, to paying by disproportionate installments, to not agreeing to sign an agreement for a discounted debt, to calling us to personally speak to our senior negotiator, to actually sitting down with us to negotiate before nonchalantly throwing the lawyer letter at the table (when he could have mailed the letter to our client). It almost appears as if the debtor was orchestrating a grand show so he can enter with pomp and leave in style. And obviously these would tell us a lot about this person’s character, his disposition and his tactics. This egotistic charm that he sought to feed was eventually clear to all parties.

As the case is on going, we continue to provide our client with necessary guidelines and procedures before she decides her next course of action. At KX-Unit we believe strongly in the principles behind what we do. At a particular place and time, within our means, and in our own ways we will continue to uphold the professionalism and integrity of our work in getting our client’s best interest. Our service extends even beyond our operations for our client. KX-Unit will continue to remain fully committed and support the consultative needs of our client.

KX-Unit remains true and committed to our principles and creed. We service with utmost professionalism and integrity for the best interest of our client. We train our staffs and negotiators to be mission focused and alert. Our service does not stop even when a case has taken a new turn. We at KX-Unit pursue the principles behind what we do for our client, and we will provide that after support for our client to achieve their best interest. The many cases that KX-Unit has undertaken have provided us with the procedural foresight that could be time-critical for our client. Feel free to contact KX-Unit at +65 6291 3656 or +65 8112 7790 or drop us a mail at enquiries@KX-Unit.com if you have any quries about the above case or about the services we offer. You can also visit our website at http://www.KX-Unit.com/

1 4 5 6

@ KX-Unit 2018. All rights reserved