US couple stranded in Cambodia after RM727,000 cruise retirement fails
A US couple who sold their house and car for a residential cruise-ship retirement are stuck in Cambodia with no refund and no guarantee from the operator.
What happened1/5 US couple stranded in Cambodia after 17 months on a residential cruise ship
Lynn and Paul Montoya sold their house and car in Wyoming to buy a US$179,000 (about RM727,000) cabin on the Villa Vie Odyssey, a residential cruise ship operated by Villa Vie Residences.
They paid roughly US$6,000 (RM25,000) a month to live aboard. After 17 months, the company suspended operations and told about 200 passengers to disembark at Sihanoukville, Cambodia, with only their pets and whatever they could carry out.
Paul told Reuters he does not expect a refund because the company ran out of money for fuel and struggled to pay crew wages.
The real numbers2/5 The numbers behind the RM727,000 cabin and RM25,000 monthly fee
US$179,000 (RM727,000)cabin purchase priceUS$6,000 (RM25,000)monthly fee to live aboard17 monthsbefore operations were suspendedThe couple sold their house and car to fund a single cabin purchase. Paul told Reuters he does not expect a refund because the company ran out of money for fuel and struggled to pay crew wages.
Paul said the company kept asking passengers for extra payments and even requested loans from them to cover rising fuel costs, according to Reuters.
Photo: Photo: CC0 via Openverse Why it matters3/5 Red flags: the operator asked passengers for loans to cover fuel costs
Before the suspension, Villa Vie asked passengers for additional payments and even loans to cover fuel costs, Paul told Reuters. The ship arrived in Cambodia without internet, and food quality had deteriorated for about three months.
In a Tuesday statement, the company said it was restructuring its finances and seeking new capital injection, but had not finalised any agreement. "Efforts continue and there is no guarantee of the outcome," it said.
Villa Vie did not respond to Reuters' email or phone inquiries. The company cited rising fuel prices as the reason for suspending operations. Paul told Reuters that as the Iran conflict dragged on and fuel prices climbed, passengers began noticing problems on the ship.
How it affects your wallet4/5 What this means for anyone putting savings into one product
The Montoyas sold their house and car for one cabin purchase. When the operator suspended operations, Paul told Reuters he does not expect a refund because the company ran out of money. The company said it is restructuring and seeking new capital, but "there is no guarantee of the outcome."
For Malaysian readers, the pattern to watch: a company that has already taken your money then asks you to lend it more, or to pay extra to keep the product running. That is a warning sign, not a partnership.
The couple now plans to use the money previously set aside for monthly fees to sustain themselves, and to spend time in Malaysia.
- 01/02
US$179,000 (RM727,000) cabin purchase price The numbers behind the RM727,000 cabin and RM25,000 monthly fee cabin purchase price
What to watch5/5 Villa Vie says it is seeking new capital but has no deal yet
The company's Tuesday statement said restructuring efforts are ongoing and it is looking for new capital, but no agreement has been finalised. It said it is trying to help affected passengers.
No court date, repayment schedule or regulator action has been announced. Villa Vie did not respond to Reuters' email or phone inquiries.
US$6,000 (RM25,000) 02/02monthly fee to live aboard The numbers behind the RM727,000 cabin and RM25,000 monthly fee monthly fee to live aboard
Questions people ask
Is a residential cruise ship a safe retirement plan?
F2 does not specify what regulatory framework, if any, covers residential cruise-ship cabins. Anyone considering one should ask who regulates the product and what happens to their money if the operator stops trading. Check with the Securities Commission (sc.com.my ↗) or KPDN e-Aduan for guidance on consumer and investment protections.
What should I do if I have money stuck with a company that suddenly stops operating?
Contact your bank first to see if any card or transfer chargeback is possible. Then report to the relevant authority: the Securities Commission at sc.com.my ↗ if it was sold as an investment, or KPDN e-Aduan if it was a consumer purchase. Keep all receipts, contracts and payment records.
Can I withdraw my EPF to recover losses from a failed product?
No. EPF withdrawals follow fixed legal conditions under Akaun Persaraan, Akaun Sejahtera and Akaun Fleksibel. Retirement savings are not a recovery fund for a bad purchase. Check kwsp.gov.my ↗ or the KWSP i-Akaun app for what you can actually withdraw.
Source: Harian Metro
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