I find a Gandhi quote very apt here : " This is a post dated cheque on a failing bank ! "

Originally posted by Ravenrage I find a Gandhi quote very apt here : " This is a post dated cheque on a failing bank ! "

Nice man, Simply awesome :)

From a news letter on their website :

Dear Fellow Speakasians,
Together we have worked very hard, night and day, to build a Brand, which has positively transformed the lives, of Lakhs of families across India in less than ONE year. There are so many heart-warming stories of personal triumphs and financial successes amongst the 19 lakh panellist community all across India already and we are poised to take the Brand into its India based operations phase.

This was achieved by our investments in IT systems/Infrastructure along with the pride and passion of Panellists and our Sales and Support staffs in India and Singapore, who are inspired with the Big Vision of creating a Global online business model FROM India and very soon becoming Asia's largest sovereign panellist community of empowered consumers.

The vicious media disinformation campaign, prompted by business rivalry, started at the closure of the successful and unique GenX Bazaar, on 11 May 2011.

We responded by proactively reaching out to the various Indian Govt. authorities, including the PMO on 15 May 2011 by email, requesting a thorough investigation into our business. This is to satisfy the authorities that the company was properly looking after the interests of all SpeakAsians, be it our Panellists or hardworking staff in the field. Our proactive action, is keeping in mind YOUR business interests, forever in the days ahead.

It has been brought to our notice, by our banking contacts, that despite the fact that authorities, have not replied to us formally or responded to our emails/letters of 15th till date, unfortunately, some Banks have temporarily frozen accounts of our India based agents.

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 ;

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)

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.

NEXT STEPS:

We are moving to the Supreme Court against the govt. Authorities and concerned Banks, for taking this SUO MOTO (without asking for clarification) action, without paying any attention to the interests of our Panellists, Vendors and Staff and their families;

We are prepared with all records, for submission to the authorities, if and when they communicate their requirements to us. Also we have written to them asking for an appointment to explain our case.

This has been a most disrupting experience for us ALL and we are MOST concerned about the disruption to your bank accounts and/or finances, that these actions prompted by the malicious media activity, thereby forcing the authorities have caused to us.

We will update you with progress daily, through our website, our staff and Helpline. Please DO NOT pay attention to any other sources of Dis – information, which are designed to mislead and upset you and your families.

We request all the panellists; to be with the company and have faith during these troubled times. We reiterate, that when the company had proactively gone ahead in order to submit the facts in front of the Govt. of India and authorities, then all the false allegations raised against us by various agencies, some of whom are competing unfairly with us, should not be allowed to prevail.

As already committed by the untiring management team in India, in the press conference of 15th May 2011, we have initiated the setting up our PE (Permanent Establishment) through a Branch office in India, so that the wrong allegations about our being suspect because of our Singapore origin, will be silenced once and for all time to come.

The entire company and its management is HERE TO STAY and are fighting, for our Panellists, Staff and Vendors and their families.

We are sure to win this battle together!!.

We understand that there is an online petition at the URL:

http://tinyurl.com/speakpetition

We request EVERYONE connected with Speakasia to sign the online petition and appeal for once and for all time clarity from the authorities.

Ms. Harendar Kaur
Chairperson & C.E.O

Link