Speak Asia's bank accounts were frozen yesterday, following numerous government investigations launched last week. The company and its members immediately accused critics of lying, questioned their motives, and claimed unfair persecution. They position themselves as the sole reliable source of information about company operations, despite millions of dollars and over two million members being affected.
Harendar Kaur, Speak Asia's CEO, published an open letter yesterday on the company website. Kaur claimed Speak Asia was "poised to take the Brand into its India based operations phase." No indication or proof of this move has appeared.
A press release from Speak Asia last Friday stated the company was "approaching and evaluating various other banks in Singapore" to disburse payments. The company has made no attempt to source an alternative in India after its Singapore account freeze. Instead, it tries to establish new financial operations in Singapore.
No evidence suggests Speak Asia plans to relocate to India. The company's Singapore base has slowed investigations into its business operations. A move to India would remove this barrier, creating significant problems for Speak Asia under the current regulatory climate.
Kaur then addressed media reports containing negative information. She called it a "vicious media disinformation campaign prompted by business rivalry." This rivalry, she claimed, stemmed from an initial expose by Star News TV channel's "Headlines Today" show. Speak Asia stated that Star TV's recent entry into the market research sector with "Star Panel" directly fueled Star's investigation.
While a business decision could motivate Star TV, Speak Asia's own business model provided the core material for the "Headlines Today" report.