27 May 2011

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Speak Asia's Singapore UOB bank accounts frozen Payments will be delayed

Speak Asia's Singapore UOB bank accounts frozen
Payments will be delayed

The Ministry of Company Affairs has ordered a probe into the company and its practices.
Speak Asia has said it will approach the Supreme Court against the action.

CNN IBN in a report said that
“ the Government sources, however have said that Speak Asia is not registered in India and there is no question of taking any action against the company. Speak Asia is registered in Cayman Islands, sources said.”

As Bank Accounts are closed Speak Asia will not be able to pay the money people who were eligible to receive the payments.

Speak Asia in a letter to its customers has declared that some Banks have temporarily frozen accounts of our India based agents.
On 25 May'11, UOB Bank at Singapore has also pressed us, for closure of our 2 Bank accounts within 2 days
All the payments processed by Speakasiaonline between 13 to 20 May 2011, have been held up because the TT's have not been sent from Singapore to India, by the UOB Bank.
On 25th May 2011 the accounts were closed by the Bank.

Now Speak Asia has said that Whilst ALL the payments due to our Panellist community, is banked at UOB Singapore, nevertheless we have also urgently requested the UOB Bank and our law firm, to move the UOB Bank balance on the closure date, into a new Bank account or a Client Escrow account, to be held on behalf of the Panellists, Staff and Vendors of Speakasia ;

An Escrow account would ensure certainty along-with the law firm's supervision that the panellist money is kept for your benefit and stand the scrutiny of any authorities.

(An Escrow account is an arrangement where an independent trusted third-party (bank) receives and disburses money and/or documents for two or more transacting parties, with the timing of such disbursement by the third-party dependent on the performance by the parties of agreed-upon contractual provisions)

Reality views by sm –
May 27, 2011

Keyword Tag – Speak Asia Singapore Bank UOB Bank Account Frozen