SAOL updates-31/05/11

Dear Speakasians,
We are very happy to announce the distribution of all the rewards achieved by Speak Asians under various reward programmes. The process for same shall be as per the schedule given below:

Provogue Gift Voucher's: Provouge Gift Vouchers for the reward program Direct'ly on the TOP ( worth Rs. 10,000 ) are being sent to the HVP Distributors who will help in distributing these Gift vouchers Area Wise. The list of achievers will be displayed on the site along with detail of the distributor from whom they are supposed to collect the vouchers. All achievers are expected to contact and collect their gift Vouchers from the respective Distributor in their area. These vouchers then can be redeemed at the nearest Provouge store. (Click here to download the list of stores where the gift vouchers can be redeemed)

TVC Gift Article: Majority of panellists have already received their gifts . Many panellists have not confirmed the new gift which has to be replaced due to non availability of the originally ordered gift. The delivery of the same shall begin from 3rd of June 2011. The gifts are being door delivered at the addresses given by you in your SAOL profile. In case of any non receipt kindly feel free to call up the TVC help line no. given on their website : www.tvcskyshop.com

Lenovo Laptop: The vouchers will be sent to all winner who will collect the Laptops from delivery points of Lenovo from 20th June onwards. The details of the delivery points will be communicated shortly.

Singapore Trip: The Trip has been planned in the First week of July. All the qualified panelists shall shortly receive a mail on their email id's as given on the SAOL profile. This mail shall have details of the documents to be submitted and the address. There after all interested panelist shall have to be prepared to send the passport to the travel agent by 15th June. This will help to obtain the VISA by 30th June 2011. Likely date of travel is 7th July 2011.

Mobile Phone: Google Android based touch screen smart phones shall start reaching the panellists from 3rd week of June. Kindly be informed that there are more than 50,000 phone to be distributed hence it is a time and effort consuming process. 4500 phones shall be door delivered on a weekly basis to assure completion . The panellists shall receive it in the order of qualification from the start date of reward programme.

TV Sets: As committed, the order for the TV sets have been placed. There is good news and we are sure the panellists are sure to appreciate that instead of 32" LCD TV the paneliests will receive 32" LED TV and the Distribution of TV sets will begin in the first week of July.

Cars: The car achievers are requested to forward the details of the nearest car distributors of the category achieved via their area managers.

Please note that the 'Send Me Cash' requests made during the period 13th May 2011 – till date have been reverted and added back to the Ewallet or Survey Ewallet of the ID .

Team SpeakAsia

RBI flashes red signal to MLM

The operations of shady multi-level marketing (MLM) companies — which operate what are popularly known as pyramid or ponzi schemes — have come under the regulatory scanner with shady MLM companies mushrooming across the country and duping investors. Many firms posing as MLM agencies for consumer goods and services have been actually mobilising large amounts of deposits from the public with promises of ridiculous returns of 120 per cent and repayment of prinicipal within a year.


In a circular, the Reserve Bank of India has alerted banks that in cases where accounts have already been opened in the names of the marketing agencies, retail traders and investment firms, the banks should undertake quick reviews. “Wherever large number of cheque books has been issued to such firms, the relative decision may be reviewed,” it said.


With many MLM companies recently using the banking technology to dupe investors, the RBI said, “banks should be careful in opening accounts of the marketing/trading agencies etc. Especially, strict compliance with KYC (know your customer) and AML (anti-money laundering) guidelines issued by the RBI should be ensured in the matter.”


The banking regulator also named seven MLM companies (Fine India Sales Pvt Ltd, Lakshya Levels Marketing, Eve Industries, Trident Advertising & Trade Links Pvt. Ltd, Super Life Link Distributors, Lue Brain Education Society and Manya Mantra Marketing). “These firms and their agents had reportedly promised very high returns on deposits and lured common people to part with funds in the name of certain investment/deposit schemes,” the RBI said.

Facility to payment request will remain disable till next week.

We are in process of updating the panel of bank profile update to enable us to receive all the correct entries. This will help us to process the payment request error-free and also to pay the respective amount without any delay. There is lot of payment requests where the entries are either incomplete or incorrect. For examples a) Bank names for say “State Bank of India” has been written in more than 50 types. b) IFSC code has more than 11digits value. c) Account numbers are not key in properly. d) Branch names are written with all the non-required details. To correct all the details to meet the specific format for fund transfers consumes much time. Even if we work on every entry, it is next to impossible to correct or mend every detail. Request your support to make this process error free, hassle free and time bound to serve you better.

SPEAKASIA'S CEO SAID TODAY

 Balance $482 Million UOB Bank, Rs.4800 Cr. Liquid and Assets of Speak Asia Pte. Ltd. Message from Co. : I can pay you survey income upto 2 years without new joining 2. $280 million will shift to an others banks and rest balance $200 million will be in the UOB bank. (it will handle the traffic of Tele Transfer income to India) 3. Last 4 lac panelist will get benefit first who joined our community that moment whenever all situations were against us. 4. E-Shopping going to start very Soon. 5. We have got already $10 million as Advance from clubbed companies 6. Launching Mobile telephony with British based co.(Very Soon) 7. From MONDAY 30.05.2011 every panelist will get breaking news messages regularly from the SPEAK ASIA 8. Speak Asia file a case of defamation Against Media News Channel of Rs. 3320 cr. Which Speak Asia is ready to deposit 10% of Claim(Rs. 320 Cr.) 9. Advertisements Survey is going to start in coming few days. Proud to be A Speak Asian

letter from Ms. Harendar Kaur

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