Definitely not a good news for Speak Asians. All bank accounts of Speak Asia have been frozen by UOB Bank of Singapore in India and Singapore. The company is facing serious allegations of fraud and running ponzi operations. The reason for freezing of bank accounts was done due to the financial irregularities and foreign exchange violation.
Speak Asia has issued a statement on its website that payment will be delayed as Singapore’s UOB Bank has closed its account on May 25. Speak Asia also claimed that it is not able to pay back panelists as bank accounts in Singapore and India have been frozen. The company also stated that it will take around six to eight weeks in order to make these frozen accounts functional. The company also alleged that the action has been taken against it without giving any opportunity to explain its position.
The statement said, “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.”
Speak Asia said that due to this the company is not able to process the money that has been sent to India from Singapore between May 13 and 20. The company also said in a statement that they will move to the Supreme Court against this action of the bank and government authorities.