Singapore Community warns global community to exercise caution and do due diligence when having any business dealings with Roger Hamilton and XL Results Foundation Pte Ltd.
Roger Hamilton is selling a Life Membership program to unsuspecting individuals who are unaware of the community petition, complaints, legal action, mass refund demands and negative press in Singapore and Australia.
Nov 25 - The Straits Times, Singapore
Unhappy with business network club
These members demand their money back
40 out of 69 vexed members gather outside club premises
By Tanya Fong
DISGRUNTLED MEMBERS: More than 40 life members of XL Results Foundation outside its Cecil Street office yesterday, including a 13-year-old Singapore boy (second from left in the foreground) representing his doctor father. — MUGILAN RAJASEGERAN
THEY saw it as a no-risk investment - a way to expand their business contacts and perhaps make some money.
Instead, 40 individuals who bought life membership in an exclusive business networking club gathered outside the office of XL Results Foundation yesterday to demand their money back.
They are part of a group of 69 disgruntled members who claim they were duped by the company's director, millionaire consultant and author Roger Hamilton, who they said promised them the company would buy back their membership at the same price, or at market value.
Instead, members who had bought into the club in order to sell their membership for a profit claimed they were unable to do so. The company, they said, also did not come through on its promise to help them resell their membership.
Although prices increased from US$3,200 in 2003 to about US$8,000 (S$12,400) today, 36-year-old Mr Lai Kum Loon, managing director of a car parts company, said: 'When I wanted to transfer my membership, I was told I had to find my own buyer.'
What is more, members also said they did not get access to the large network of business connections the company promised them.
Among the crowd outside the XL Results office yesterday were five Britons, a Malaysian who came all the way from Malacca and a 13-year-old Singapore boy representing his doctor father, who was at work.
They all wanted to withdraw their membership from the four-year-old operation, which was known formerly Competitive Edge.
The total value of these memberships is about $460,000, more than twice XL Results' reported net profit of $207,612 for the 2006 financial year.
One Singaporean member, Miss Sarah Kong, complained: 'They simply did not provide the contacts of the other members, or those from other countries.'
The club currently has more than 300 life members in Singapore, and about 900 others in 15 other countries.
Membership includes access to the company's training and mentoring workshops in South-east Asia, subscription to its monthly XL Magazine, as well as use of its worldwide networking website.
The complaining members may be on sticky ground, however. Copies of the life membership contracts seen by The Straits Times do not state that the company will buy back life memberships or help find buyers.
Nor is there any clause that says life members have to find their own buyers.
Mr Hamilton, 38, a Briton who is a Singapore permanent resident, is currently in New Zealand on a business trip.
The millionaire, wealth consultant and author of local bestseller Wink And Grow Rich, told The Straits Times on the telephone: 'Today's visit was a press stunt by a group, many are not our members.
'We are looking into this matter. Any member who has concerns can come directly to us and we will look into their request for a transfer and facilitate it.'
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