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Speak Asia And Agents Bank Accounts Frozen?

So says the news from Business Standard:

Online survey company Speak Asia said today it would move court against banks, which have frozen accounts of its agents.

Ashok Saraogi, legal adviser of Speak Asia, told Business Standard, "The actions have been done following all the media noise. We have a Bombay police directive against this action. We will challenge this legally."

Earlier, in a letter posted on its website, Harender Kaur, chairperson and CEO, Speak Asia, said some banks had temporarily frozen accounts of its India-based agents. He said the banks had taken this ex-parte action, which amounted to breaching of natural justice principles. The company didn’t name the banks.

Oh, but they HAVE named the banks. From their Speak Asia site:

Due to the media noise, on 25 May’11, UOB Bank at Singapore has also pressed us, for closure of our 2 Bank accounts within 2 days, without giving us the chance to present our case or even listen to us. Please note, in order to set up a seamless International Banking Gateway like the one at UOB Bank, takes at least 6 to 8 weeks of interbank and managed IT infrastructure coordination and implementation.

IMPACT: 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 enquiring urgently, they provided us with a closure letter dated 25 May 2011.

Please be assured, that the Account Balance at Speakasia’s UOB Bank accounts, is for and behalf of our Panellist, Vendors and Staff.

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 ;

Due to these banking account related actions we have been FORCED to temporarily delay our normally prompt payout cycle, pending set up of new banking operations and clearance from the authorities.

They are planning to appeal to the Indian Supreme court. But since I’m assuming UOB is the UOB Bank, Singapore, what help will that be? They won’t have a Singapore account very soon, it looks like. Note that they have not produced a copy of the letter, and given that I don’t believe anything they say, it might be a blatant lie to allow them to not pay out. I don’t think this is going to end well.

  • Raj says:

    A couple of things about the Speak Asia circular perplex me:
    1. Why would the UOB bank tell them to close their account in Singapore?
    2. Why would it take 6-8 weeks to open a new account with another bank?
    3. What Supreme Court are they talking about? You cant just approach the Supreme Court unless you are appealing an order or have a Public interest Litigation….
    They need to be upfront with their subscribers/panelists/investors and start paying them quickly and in whichever manner possible.
    If they are done with the scam just say it wave and exit, why all thhe drama?

  • Hatyogi says:

    Oh man thank god somebody took action against this madness called Speakasiaonline. It seemed to me as if everybody was being “zombified” by this plague of madness. Yes, and I mean madness. People were being duped into throwing thier hard earned money in this ponzy scheme. Moreover crores and crores of our forex was being transfered to foreign accounts. People throwing their money in this scheme were so brainwashed that they forgot even to use their deligence and common sense. I pity those duped in his scam. Atleast I expect people to accept that they have been duped and expect them to stay away from more online frauds promising lucritive profits with minimal efforts schemes.

  • sahil says:

    What is this, why SAOL is not clear with all the things…
    If they did not show that their bank account closed by the bank, that time all the panalist will remove their fund because of their mis publicity in indian news cchennal.
    Why company is not taking any action against indian news if all news chennel are wrong. But they show that bank account closed in singapore, and new account will take 6 to 8 week so no one can withdraw his fund untill new account is setup meanwhile speak asian staff can also be set for underground…Now I am loosing faith in SAOL

  • SAOL’s 2 Bank accounts at UOB Bank in Singapore were suddenly shut by the Bank (2 days notice) and the balance handed over to our singapore office, to set up a new account with another Singapore bank, without giving us any specific reason for closure.Unfortunately its not just a matter of opening a new account Singapore; ALL our IT systems have to be reset and integrated with the new account which takes a minimum of 6 to 8 weeks after the new account is set up.We feel this action was possibly prompted by the negative publicity which was started in India by unfair competition on 12 May 2011, along – with all the misleading allegations about the company and its operations in India