Prove you can handle $8.9m
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Dec 10, 2008Prove you can handle $8.9m
By Selina Lum 
Madam Hwang challenged OCBC's move and appealed against the decision, as well as an earlier decision rejecting her request for summary judgment - asking the court to decide without a full trial. --PHOTO: SPHA 92-YEAR-OLD woman who sued OCBC Bank for freezing her $8.9 million account has been ordered by the High Court to undergo an independent psychiatric test.Madam Hwang Cheng Tsu Hsu took the bank to court after it refused to let her touch the money, on the grounds that the bank had doubts about her mental capacity.
Last month, a lower court granted OCBC's application for Madam Hwang to be examined by an independent psychiatrist to evaluate whether she was mentally fit to handle her finances.
Madam Hwang challenged OCBC's move and appealed against the decision, as well as an earlier decision rejecting her request for summary judgment - asking the court to decide without a full trial.
On Tuesday, Justice Tan Lee Meng dismissed her appeal on the summary judgment issue. Her lawyer Andrew Ee then withdrew the appeal against the issue of appointing a psychiatrist.
At the hearing, OCBC's lawyer questioned if Madam Hwang was the one driving the lawsuit.
Why is she vigorously resisting being examined by a court-appointed expert if she is indeed mentally fit to handle her financial affairs, asked Mr Adrian Wong.
'This makes no sense unless the plaintiff (or the true engine behind the suit) is afraid that she will fail a re-examination.'
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so what will happen if she fail the re-examination?
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OCBC will use the money to bake a $8.9m pizza and eat it up deliciously lor.
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why is OCBC vigorously resisting giving her back the money?
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Oversea-Chinese Banking Con-People Limited
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it's money.
'Nuff said.
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Originally posted by youyayu:
Oversea-Chinese Banking Con-People Limited
I agree -
WTF!!!!!!
So when I'm old, before I can withdraw my money, I must prove I can handle it??
hello!!! It's MY money!!
Like that, I better put my money in tin cans at home (like what old people do).....
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Originally posted by kopiosatu:
why is OCBC vigorously resisting giving her back the money?
why is there even a need to prove??it's her money, even she wants to withdraw and spent it all is also her problem!!
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She's not trying to withdraw the money. She's trying to close the account...
Is OCBC running into any trouble??
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If I am the caregiver of the 92 year old, I too would be angry with OCBC.
I am not the caregiver, therefore I am not angry with OCBC.
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wad the fuck..
den can ocbc prove to us, they wont be the next lehman brother?
tat not ocbc's money in the first place...
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Of course what the bank did was correct.
It is to prevent the elderly from being defrauded and abused.
If you read the article, and maybe also the print edition, u can see the bank have some suspicion regarding the caretaker. It seems to me the bank can see that someone else/ a caretaker is using an old person as a convinient ATM.
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Originally posted by Shotgun:
She's not trying to withdraw the money. She's trying to close the account...
Is OCBC running into any trouble??
most probably... -
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No seriously, I think there is genuine concern over OCBC's standing as well. With so many bank collapses, people can't help but wonder whats with OCBC's reluctance to allow the woman to closer her account.
8.9million is not a huge sum for a bank even if its going through trouble of this scale, but people withdrawing such large sums could spark panic.
Still, I think there is good reason for people to be suspicious. Heck, I've got my money with them too... and I'm keeping my fingers crossed.
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Bottomline, withdrew all your money before 80, since 80 is the age your cpf payout starts and with the peanuts the government give you will need your saving for sure.
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seems that all the things that are being done is by the caretaker adopted daughter, not by the person in question.
in the pyschological test to determine the old lady is mentally fit to set a will, there was some discrepencies in the test as she fail some simple ones, but passed the high difficulty one with full marks.