Woman with S$8.8m takes bank to court
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SINGAPORE: An elderly woman took OCBC Bank to court on Monday because the latter refused to allow her to close her account containing S$8.8 million.
The bank rejected 94-year-old Madam Hwang Cheng Tsu Hsu's repeated requests as it had doubts on her mental capacity.
The dispute started on 12 May 2008, when Madam Hwang and her adopted daughter, Madam Amy Hsu, 45, applied to open a joint account.
The bank said "no" but gave no explanation, the women claimed.
On Monday, the bank's lawyers Adrian Wong and Jansen Chow told the High Court that their client was simply fulfilling its "legal as well as moral duty owed to an elderly customer, with whom (it has) enjoyed a long standing relationship". "It was only after Amy came into the picture in May 2008 that things took a drastic turn for the worse," they said.
Court documents said OCBC became uncomfortable because the younger woman was giving the instructions, not Madam Hwang. During a separate interview, Madam Hwang was also unable to lucidly explain why she was at the bank.
Even though the elderly woman had granted Madam Hsu the power of attorney, OCBC's lawyers said "this is but a red herring as ... such powers executed by a person of mental incapacity or subsequent incapacity is invalid".
However, Madam Hwang's lawyers Adrian Ee and Senior Counsel Michael Khoo countered that the bank's officers who had interviewed Madam Hwang were "incompetent" to have come to this conclusion based on two brief interviews. None of them were "qualified as psychiatrists".
Her lawyers produced two witnesses on Monday.
Dr Sitoh Eyih Yiow, who treated Madam Hwang in the last 18 months, told the court that, while her dementia has been more pronounced in recent months due to other conditions, her mental state will improve as her health gets better.
Another psychiatrist, Dr Lim Hsin Low, testified that he had examined her and found that she had the mental capacity to draw up a will.
The trial, which continues on Tuesday, is expected to run till February 12.
- TODAY/sc -
Suspicions raised by horror tales
SINGAPORE: When OCBC Bank encountered the request - involving an elderly lady's adopted daughter giving instructions on the former's finances - the bank's officers had to consider what they read in the media.
And, according to lawyers defending OCBC, there are many news reports about the elderly being cheated, with one thing in common: They involved a family member, usually armed with the power of attorney, plundering the bank accounts of their elderly and mentally incapable parents.
OCBC had no choice but to reject the repeated requests by the two women to set up a joint account, lawyer Adrian Wong said on Wednesday.
Madam Hwang Cheng Tsu Hsu, 94, and her adopted daughter Ms Amy Hsu Ann Mei, 44, had tried to do so on May 12, 2008.
Later that month, the pair went again to OCBC - this time to close Madam Hwang's account, which held $8.8 million.
This request was also denied by the bank.
As Ms Hsu took the witness stand for the second day on Wednesday, she again denied allegations that she was taking advantage of her mother's weakened mental state to gain access to her savings.
Madam Hwang was diagnosed with dementia in 2004 and is suffering from pneumonia and other medical problems.
During questioning, Mr Wong said the bank did the right thing by acting on its suspicions of Ms Hsu giving the instructions.
But Ms Hsu stressed that her relationship with her mother was far from strained and that she tried to open the bank account because of her mother's wishes.
Ms Hsu is expected to continue with her testimony until Friday.
Her mother had earlier sued OCBC for freezing her account. But she will not be testifying in the case, which started on Monday, as her health had worsened.- TODAY
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Two side of story.
1) Bank afraid old pple being cheated by close the account. Understable.
2) Supposing I bank in $10 million, bank welcome me with open arm. If I old, my money gonna stuck there, unable to close the account.
The best solution is to have a joint account.
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Originally posted by likeyou:
Two side of story.
1) Bank afraid old pple being cheated by close the account. Understable.
2) Supposing I bank in $10 million, bank welcome me with open arm. If I old, my money gonna stuck there, unable to close the account.
The best solution is to have a joint account.
No use. The bank can still freeze your joint account.
And also OCBC got 2 types of joint account.
2 person to get money or 1 person can get money.
Best if to have 4-5 bank accounts. These days banks run the risk of closing down. Garmen only insure $20,000 per account. Open all the banks! LOL...
OCBC
POSB
DBS
UOB
HSBC
Citibank
RHB Bank
Maybank
Singapura Finance
Hong Leong Finance
Standard Chartered Bank
Bank of China
ABN-AMRO Bank
RBS Bank -
Hm....just like cpf lah.
Put millions and cannot close liao.
To say it bad: Bank eat your money.
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dun put in bank
put in biscuit tin and put hide under the bed
no one else can have control over the money -
if house on fire the biscuit tin will be burnt and money gone.
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no money problem..
alot money also problem..
so how?
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Originally posted by SGporkz:
no money problem..
alot money also problem..
so how?
Tell her give some money to us. -
OCBC Bank's lawyers question 94-year-old woman's daughter in court case against bank
SINGAPORE: The case of the 94-year-old woman suing OCBC Bank for freezing her account continued on Thursday with Nellie Hwang's daughter Amy Hsu being questioned by the bank's lawyers.
Lawyers for OCBC Bank told the High Court that Madam Hwang suffers from mild dementia and would not have the mental capacity to make earlier financial decisions like transferring all her money to a joint account held with her daughter.
But Madam Hsu said this did not prove her mother was incapable of handling her finances and that she did not influence her mother in her decisions.
Madam Hsu was also questioned by the judge on why her mother was paying for so many of her expenses.She replied that those decisions were her mother's wishes.
- CNA/vm
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wah.. this case havent over ar?? knn.. by the time it's over she still alive or not...
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OCBC wanted to meet: Lawyer
SINGAPORE: Long before the lawsuit between Madam Nellie Hwang Cheng Tsu Hsu and OCBC Bank reached the courtroom, bank representatives initiated a sit-down to "address" her concerns and to "move forward", OCBC's lawyer Adrian Wong disclosed on Friday.
In return, it received "a slap in the face", two months after it froze the elderly woman's accounts in May 2008.
"We were accused of raising new issues and evasive tactics," charged Mr Wong to Mdm Hwang's only child, Madam Amy Hsu Ann Mei, 44, as she took the witness stand for the fourth straight day.
Mdm Hsu conceded that the bank's overtures were amicable but, at that time, she did not want her mother to be subjected to a grilling by bankers.
Mr Wong shot back: "The dispute was sufficiently serious, and lawyers from both sides would be attending ... so why didn't you agree to come?"
In response, Mdm Hsu - who maintained that she was only acting on her mother's wishes and had remained "passive" throughout the episode - said the intention might have been "miscommunicated".
On day five of the hearing, which involves Mdm Hwang's $8.9-million fortune, Mr Wong said the bank was told that Mdm Hsu had the power of attorney only after mother and daughter tried to close their accounts.
So, why did she not inform the bank of her authority, asked the lawyer? Mdm Hsu only replied: "I didn't know (I had to)."
The bank, the lawyer maintained, was trying to be prudent because of the suspicion that Mdm Hwang was being influenced.
OCBC then received a letter on June 10 from Mdm Hwang, "stating that the matter would be referred to a higher authority", said Mr Wong. The letter was not baseless, replied Mdm Hsu, since her mother "was entitled to express her view towards a service provider".
To which Mr Wong remarked: "Let me just say that if your mother was in control, I'm surprised she didn't carry out (the legal action against OCBC)."
Instead, all the correspondence initiating the legal action - although in Mdm Hwang's name - was signed by the daughter.
The problems between Mdm Hwang and the bank began when the pair tried to open a joint bank account, but were rejected. Bank officers became suspicious when Mdm Hsu gave the instructions, not Mdm Hwang.
During the court proceedings, OCBC lawyers have continually stated that Mdm Hwang, who has mild dementia, did not have the mental capacity to make any decisions on her finances.
Although Mdm Hsu maintained that she is "filial", it was also revealed in court on Thursday that Mdm Hwang's savings was used to pay for Mdm Hsu's mobile phone charges, Tanglin Club membership, National University of Singapore Society membership as well as salary for her and her husband.
The hearing continues on Monday.- TODAY
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still on the 18K mthly expenses claim?
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She couldn't tap cash for repairs
SINGAPORE: The four water heaters in her house were almost corroded beyond repair and water was leaking through the floor and walls. The door of a cabinet fell onto one of the maids because it was spoilt by the water leaks.
Although 94-year-old Madam Hwang Cheng Tsu Hsu had the money to repair the damage, she could not utilise it. Her adopted daughter, Ms Amy Hsu Ann Mei, told the court on Tuesday that she had to pay for the repair expenses which came up to $2,900.
Mdm Hwang is engaged in a lawsuit with OCBC bank because the latter had refused to let her close her account, which contained $8.9 million in May 2008.
Since March last year, the money has been transferred to the High Court to be kept in a special account, pending the outcome of the suit. Money can only be drawn out for Mdm Hwang's expenses with the court's permission.
When Ms Hsu tried to claim the repair expenses, these were not approved by the High Court, she said on the stand on Tuesday.
An agitated Ms Hsu said: "This is not even a luxury item ... In the end, I couldn't wait. I just paid out first. My mother's house is in danger."
OCBC claims it refused Madam Hwang's application to close her account, as she did not seem to have the mental capacity.
The bank was also suspicious because just weeks before she wanted to close the account, Mdm Hwang and Ms Hsu wanted to open a joint account together. The application was also rejected, as the bank was doubtful of Mdm Hwang's mental competence.
Mdm Hwang has dementia and is suffering from pneumonia, shingles and other medical problems.
On Tuesday, Ms Hsu showed pictures of her and her mother spending time together in 2008 to prove that the two had a close relationship.
A clinical psychologist who assessed Mdm Hwang in March 2008 also took the stand. Dr Zena Kang said that although Mdm Hwang had a deficit in short-term memory, she was "alert, lucid and responsive to all questions" and "did not appear to have cognitive disturbances".
The hearing continues.- TODAY
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Psychiatrist report on woman suing OCBC: 'Emotionally feisty elderly lady'
SINGAPORE: As the trial went into its eighth day, details emerged on Wednesday of the 94-year-old woman who is suing OCBC for not letting her close her bank account.
A former teacher, Mdm Hwang Cheng Tsu Hsu, was born in Mei Xian county, Guandong province, China. Her father was one of the founders of the Bank of China (BOC), and she had three siblings.
The family moved to Hong Kong when Mdm Hwang was six years old. After obtaining her university education, she went to Australia to teach Chinese in an English school.
She met her husband, who also worked in BOC, through mutual friends. When he was posted to Singapore, Mdm Hwang accompanied him and became a Chinese teacher at Chung Cheng High School.
In the 1960s, she adopted Ms Amy Hsu Ann Mei and retired from work to look after her when the girl turned four.
These details were narrated by Mdm Hwang to senior consultant psychiatrist Francis Ngui on Jan 15, 2009 when she was ordered by the court to take a psychiatric assessment.
Taking the stand on Wednesday, Dr Ngui told the court that Mdm Hwang, who has been suffering from dementia since 2000, was an "emotionally feisty elderly lady with a witty personality".
She told Dr Ngui that she was very annoyed that OCBC had locked up her money unreasonably. Mdm Hwang said she wanted to use the money to travel and buy property. She also wanted Ms Hsu to look after her money if her memory worsened.
She spoke clearly and had a knack for deflecting questions when she could not come up with the answers, said Dr Ngui.
For instance, when she was unable to name the Prime Minister and the President, Mdm Hwang said: "I can recognise his face. His name is 'President', that's good enough."
When Dr Ngui visited Mdm Hwang's house last August for a second assessment, the elderly woman was frail and her short-term memory was "significantly impaired".
Based on his interview with Mdm Hwang in January 2009, Dr Ngui told the court that she "had an independent mind of her own" and was "adamant" about closing her OCBC account.
He added that "the presence of dementia is not synonymous with being mentally incompetent to make financial decisions" and it must be severe enough to affect her judgement for her to be deemed incompetent.
Mdm Hwang wanted to close her OCBC account in May 2008 after the bank refused to let her open a joint account with Ms Hsu. The bank refused both requests because it was doubtful of Mdm Hwang's mental capacity to give instructions.
The trial continues.- TODAY
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Seriously, having $8.8 million in CASH is no joke.
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Looking at this case we must remember to withdraw all our money from local bank such as OCBC before they freeze all our money by giving us some "reason to believe" thing.
I do not understand how the bank could freeze a customer's account refusing her/his instruction to transfer her/his money or close the account without going through the court but simply "assuming" that the customer is not capable in making her/her own decision. Isn't there any law here that the local banks could just do what they like.
I am "assuming" that if that poor old lady died, the bank will benefit from the frozen sum and I am "assuming" that's one of the hidden reasons OCBC freeze the account?
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Daughter of woman suing OCBC sends complaint letter to psychiatrist
SINGAPORE: In her complaint letter about court-appointed psychiatrist Francis Ngui, she described herself as an "outspoken" person who is helping her ill mother to carry on the lawsuit against OCBC over its refusal to close the older woman's account.
But seemingly worn down by the trial - now into its ninth day - Ms Amy Hsu Ann Mei broke down outside the courtroom on Thursday.
Dr Ngui, a senior consultant psychiatrist appointed to determine Madam Hwang Cheng Tsu Hsu's mental capacity, had said that Ms Hsu hindered his work by being uncooperative.
Halfway through the hearing, Ms Hsu, 44, left the courtroom and cried uncontrollably for almost five minutes. Her husband and a woman tried to comfort her.
Questioned by OCBC's lawyer Adrian Wong, Dr Ngui related on Thursday that Ms Hsu had called him a day after his interview with Mdm Hwang on 15 January 2009, to complain about his having asked her mother how she wanted to manage her finances.
She also wanted to postpone a second interview to be conducted on video in Mdm Hwang's house in February.
When Dr Ngui wrote to Ms Hsu's lawyer to inform that he was unable to complete the interviews, Ms Hsu then sent Dr Ngui a complaint letter.
In it, she said she was only trying to speak up on her mother's behalf to ensure that the interview would be conducted properly. Her mother would never be comfortable with a stranger in her house and is upset with having to record the interview, wrote Ms Hsu.
But Dr Ngui told the court that Mdm Hwang had kept quiet when Ms Hsu agreed to his suggestion then of the video interview.
Asked by Mr Wong what he thought about Ms Hsu's character - based on her letter - Dr Ngui said: "It sounds like she is a very meticulous person, very careful and she covers every base".
He also said that Ms Hsu is "reactive emotionally" and gets upset about events, "especially those concerning her mother" and that "she is close to her mother and she feels for her mother's plight during this difficult time with the banks".
The trial continues.
- TODAY/sc -
The best option is to engage a lawyer and write a will.
8.8 million, no joke man!
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First witness testifies at OCBC account dispute trial
SINGAPORE - The clash with OCBC started after a bank staff member allegedly told Ms Amy Hsu Ann Mei that she should open a joint account with her elderly mother to facilitate the operation of the latter's account.
The application was rejected by OCBC and the bank also refused to allow her mother to close her $8.9 million account, citing concerns about Madam Hwang Cheng Tsu Hsu's mental capacity.
On Friday, OCBC's first witness in the court hearing, contract adviser to private banking Lim Sar Lee, said that the bank had never suggested to Ms Hsu that she should open a joint bank account.
Ms Lim said that, in February 2008, Mdm Hwang's relationship manager, Ms Chen Ching Ling, informed her that the 94-year-old lady had had a fall and had been hospitalised.
Her daughter, Ms Hsu, was worried that Mdm Hwang could not sign properly the cheques that were to be issued to pay her hospital bills.
Ms Lim and Ms Chen visited Mdm Hwang in hospital to verify the matter.
Ms Lim testified that, after seeing that Mdm Hwang had no problems putting her signature on paper, they left the hospital without making any suggestion about a joint account.
Mdm Hwang and Ms Hsu subsequently visited the bank on May 13, 2008, to open a joint account.
The bank staff who attended to them told Ms Lim that it seemed that Ms Hsu was "controlling Mdm Hwang and directing her to sign the account opening form".
Ms Lim told the court that she decided to visit Mdm Hwang's house to confirm if she wanted to open the account.
She also wanted to introduce Mdm Hwang's new relationship manager, Mr Chua Eng Leong, to her.
She related that Mdm Hwang did not seem to recognise her, although she appeared to be in high spirits.
Mdm Hwang told her she did not want to open a joint account and did not recall going to the bank to open one.
She also said she did not have a daughter. Later on in the conversation, however, Mdm Hwang said that she had a daughter who was on holiday.
Mr Chua and Ms Lim felt that, because of her incoherent answers, Mdm Hwang might be suffering from mental incapacity.
The court heard that they reported the matter to their superior officers.
A decision was later made to arrange a panel interview with Mdm Hwang to find out more about her, said Ms Lim.
The hearing continues.- TODAY
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Woman was under 'undue influence'SINGAPORE - When OCBC officers held a meeting with Madam Hwang Cheng Tsu Hsu to find out why she wanted to close her bank account, the 91-year-old woman seemed dazed and could not answer their questions coherently. This raised "a huge red flag" as to her competence to manage her finances, said OCBC head of private banking Olivier Denis.
When they heard what her adopted daughter Amy Hsu Ann Mei, 44, said to her in Cantonese, Mr Denis said the bank was convinced that Mdm Hwang, also known as Nellie, was under "undue influence" - and thus could not carry out her instructions.
"My staff translated what Amy said as 'if you don't close your account, you will lose your money'," Mr Denis testified yesterday on the 14th day of Mdm Hwang's suit against OCBC. Following that meeting in May 2008, all the letters from Mdm Hwang and her lawyers, according to Mr Denis, only conveyed one message: Give me my money.
Even then, Mr Denis said the bank repeatedly extended an "open invitation" to Mdm Hwang, who has mild dementia, to address their concerns about her mental capacity - by asking her to produce a doctor's report or to attend another face-to-face meeting, for instance. But the ex-teacher, now 93, took the bank to court in August 2008 for freezing her accounts containing $8.9 million.
Mr Denis also told the court he did not believe Mdm Hwang, whom he deemed a reasonable woman, would have sued the bank without any issue. "OCBC's relationship with Nellie Hwang has been very simple and very steady for more than 10 years but suddenly there are these instructions," he said.
Asked by OCBC lawyer Adrian Wong who he felt was "driving" the litigation, Mr Denis replied: "There's only one person that can drive this litigation and that's Amy." Both parties closed their cases yesterday.
OCBC has to file its closing submissions by March 15, and Mdm Hwang's lawyers have until April 12 to respond.--TODAY