OCBC won't let 92-year-old teacher close $8.8-m a/c

last SG · 2008-11-24T01:57:14+00:00

Yong Pung How was OCBC chairman.Dr Cheong Choon Kong is OCBC chairman.that explains... maybe got conspiracy behind

Cram SG

http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_304699.html?vgnmr=1

maurizio13 SG

Someone who is always concerned that accountants make alot should revamp their entire perspective. It's the teachers that make big bucks here. Maybe you can reconsider taking up teaching as a career.

dukedracula SG

the money was largely from the late husband, a banker....

lionnoisy SG

The bank manager is right.

If the bank lose the case,the bank has to pay its legal fee and even

the woman's legal fee.How much will it cost?

Sure the bill will be much less than 10 million plus!!

read below.

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if somethings happen after the account is closed , the bank

then may be sued for neligience by allowing the woman take out the $$.

Then it will a bigger headache of 8 million plus !!

The bank will not pay 8 million plus so easy.Right.

So u have to add the legal cost to defend the claim.

If the bank lose,the bill will come up to more than 10 millions--8.8 million

plus legal cost of both sides!

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OCBC is right to refuse!!

Let the court decide!!

yamizi SG

My goodness...own monie in bank also cannot be taken out?

Even that the psychiatrist had proven that she has the capacity?

Or the bank wants to delay till she is fully dementia then the bank can swallow the monie or what?

Weird Weird Weird!

anonymous_dickhead SG

The bank is right. The situation by which the retiree is trying to close her account is suspicious.

If you have more than $500,000 in a bank and you want to close it, the bank managers will want to speak to you to ascertain if there is anything they can do to keep you as a customer.

In this case, her step daughter has refused to let the bank speak her directly which is suspicious.

The bank will release the fund but in this case, there is reasonable doubt not to do so unless proven otherwise. In any case, this will not be the end as if she pass away, her will (if made recently) may be contested given this case as a historical background.

stupidissmart SG

Tis is not a simple case actually... on one hand the adopted daughter may really wanna treat tis dementia girl well and use the money for her favour... on the other hand tis adopted girl is a cheat and wanna conned tis helpless 92 woman of her last saving. I can "become" the step son of tis 92 year old woman if i intentionally wanna cheat her.

U can consider it like a will... tis person has the right to give her money to whoever he want in his will. However if he does not have a clear mind when he write the will, the will is not valid. Tis is to prevent people from cheating people under drug influence or having reduced mental prowess.

The best thing is to really let the court decide

yamizi SG

The bank is right. The situation by which the retiree is trying to close her account is suspicious.

If you have more than $500,000 in a bank and you want to close it, the bank managers will want to speak to you to ascertain if there is anything they can do to keep you as a customer.

In this case, her step daughter has refused to let the bank speak her directly which is suspicious.

Contest by who? The bank? So that the bank can keep the monie for themselves?

anonymous_dickhead SG

read up on Singapore's estate and inheritance law; under intestate. bank does not have the authority to hold the money, it goes to whatever surviving relative she has.

Evangel SG

If need money, can just withdraw from ATM, why need to close the whole account or have a joint account? If Mdm Huang has dementia how is she able to consider suing the bank? Must be her adopted daughter doing it on her behalf right?

4sg SG

This case sure got hidden dirty linen, not for the public to see.

That is why we are puzzle, seeing bits and piece here and there.

If in HK, you can be sure the hound dog press will seek and tell. But here, it is the opposite.

googoomuck SG

Is this a conspiracy to transfer the money to the state's coffers instead of to her step-daughter after the old lady dies?

This old lady probably has no other close relatives.

skythewood SG

Is this a conspiracy to transfer the money to the state's coffers instead of to her step-daughter after the old lady dies?

This old lady probably has no other close relatives.

what talking you, this is proper protocol, and OCBC is not state bank...

googoomuck SG

what talking you, this is proper protocol, and OCBC is not state bank...

The govt may inherit the money if the person dies without a will or an heir.

charlize SG

Someone who is always concerned that accountants make alot should revamp their entire perspective. It's the teachers that make big bucks here. Maybe you can reconsider taking up teaching as a career.

Better to deal with dead numbers than alive rowdy kids.

alfagal SG

smart move by e bank..

maurizio13 SG

Better to deal with dead numbers than alive rowdy kids.

Dead numbers can return to haunt you, kids can only torment you during school hours.

deathmaster SG

think they are too broke.

skythewood SG

The govt may inherit the money if the person dies without a will or an heir.

How will that help OCBC? the money will always go to the living relative.

maurizio13 SG

Sharpe accountant gets life ban for tax scams that failed

Controversial Sydney accountant Jeffrey James Meads, whose firm has advised dozens of clients to invest in tax-driven agricultural and hotel investment schemes that have left them with up to six-figure tax bills, has been permanently banned from providing financial services by the Australian Securities and Investments Commission.

Mr Meads, who was bankrupted in October, has also been prohibited from managing a corporation for 2 years.

Until his second bankruptcy last October, Mr Meads held directorships in 20 companies. His financial position has been the subject of investigation by his bankruptcy trustee and the Tax Office after Mr Meads claimed that he earned $52,000 in 2003, had assets of $10,000 and owed creditors $28,779,644.

http://www.smh.com.au/articles/2004/07/20/1090089159700.html?from=storylhs

This accountant is cash rich and asset poor.

See what I mean about those dead numbers.

They can implicate you, turn you into a bankrupt.

The most the kids can do to you is turn you into a manic depressive, or a raving lunatic.