Wednesday, November 19, 2008

OCBC is NOT on the verge of bankruptcy.


90 years old retired female teacher, already certified mentally sound by two medical professionals - a psychiatrist with 30 years of professional experience, and a clinical psychologist - wanted to withdraw $9,000,000 from her bank account.

The Overseas Chinese Banking Corporation (OCBC) refused to comply!

The poor teacher wrote a lawyer's letter to OCBC.

OCBC still refused to return her, her money!!

She then wrote a letter to MAS chairman Goh Chok Tong.

OCBC still refused!!!

She then wrote to OCBC Chairman.

OCBC still refused!!!!

She commenced law suit.

OCBC froze her account!!!!!

The case is now in high court.

You can read about it here (link valid for next 6 days).

I shall not speculate on OCBC's action.

But one thing I do know for sure - OCBC is NOT on the verge of bankruptcy!

If OCBC would rather go to court than to return 9 millions, it certainly must have had a very good reason that far outweighs the bad publicity and the legal fees that will be incurred...

...and this reason, of course, most certainly and most absolutely has NOTHING whatsoever to do with imminent or not-so-imminent bankruptcy.

I am absolutely confident that OCBC has some other reason for insisting in its court document that the woman be examined - yet again! - by a doctor (after having already insisted on, and obtained 2 medical reports from the psychiatrist (30 years of experience) and the clinical psychologist)

But if I were you, I will not put any money in OCBC any more!

Not because OCBC is going bankrupt (It's not! Trust me! I am a very trust-able member of Young Pay-And-Pay, as are all my fellow members!), but because it is a little bit/ slightly cumbersome to withdraw money from OCBC.

Try DBS instead. DBS, I am sure, will return you your millions any time you want. DBS is owned by our number 1 (as ranked by us in Young Pay-And-Pay) government. And as we all know, our government will never, ever, withhold any of our hard-earned money...


Your money is my money said...

近900万存款取不出 九旬老妇怒告银行

























Ghost said...

I agree that OCBC should return the money but the implication of 'the verge of bankruptcy' is false. OCBC is in a stronger position than say...DBS. IF OCBC go down, it wouldn't matter where u park your money, the whole of Singapore will be in trouble

nofearSingapore said...

I just read about the story in the English papers today.

I think it is more complex than what you wrote.

Reading between th lines ( of the news story), there is an elderly woman who is arguably of diminished mental capacity; an adopted daughter; a bank who is also arguably trying to do the right thing.

It is one thing to say that OCBC should not care if the elderly lady knows what she is doing or if she is not totally in control of the situation and another to say that OCBC is hoarding the money because if that money is withdrawn it will go bankrupt.

Personally I feel that OCBC is doing the right thing.

It wants to make sure that no one is manipulating any one else and the elderly lady is not "short-changed" by her actions of withdrawing the $9m.

Others will argue ( with some justification) that OCBC should not be a nanny or a busy-body.


young-pap said...

Hi Huang,
The female retired teacher in question has already been certified mentally sound by not one, but two(!!) colleagues of yours from the health-care profession - a psychiatrist with more than 30 years of experience, and a clinical psychologist!

While a clinical psychologist does not have an MBBS, I do regard him as a respected member of the health care profession with equal standing as a doctor but with diff area of responsibility. A psychiatrist is a medical doctor from your medical fraternity, with specialised training in the diseases of the brain (and in this case, the doc has 30 years of professional experience after passing his M.Med or FRCS or whatever) - I don't think I need to elaborate more on this to you, though :)

Their reports were submitted to OCBC at OCBC's request. But, after finding that the reports were in the woman's favour, OCBC is now demanding that the woman be subjected to a 3rd medical exmination.

- Is this reasonable? Is this right?
- Does this ring an alarm bell in your mind about OCBC's standing?
- Were these reported in the English papers, or perhaps contrary to what you said, the English press had instead been subjected to greater censorship and had over simplified the matter compared to the true complex situation that the Chinese press reported?

May I know your positions:
1. Do you doubt the medical reports and hence the professionals competencies of your two health-care fraternity brothers?

2. If yes, why? Do you have any evidence to substantiate the implied inference (in fact, the only inference one can draw from your statement) that these are two charlatans who have committed professional misconduct, or are otherwise somehow professionally incompetent, in certifying that the woman is mentally sound?

3. If no, why do you think OCBC is "doing the right thing" to request for a 3rd medical examination? How many examinations do you think the woman should be subjected to, before OCBC's action can be deemed as the wrong thing?


P.S.This is the first time I sign off myself as "Mr. so-and-so". Usually, I prefer to call myself "so-and-so", and leave it to others to confer titles on me, when they address me. It's more satisfying that way, I think :)

nofearSingapore said...


Please note that terms like “charlatans” and phrases such as “professional misconduct/professional incompetent” are yours alone and cannot be ascribed to me. As a member of the medical profession it is our honour code ( Hippocratic oath) never to cast aspersion on my other professional colleagues.

In view of the tone of this conversation and my opinion that meaningful exchange is only possible if one is willing to hear both sides of the story, I will end this conversation here.

But not before saying that it is common when there is dispute regarding medical opinions eg medico-legal cases about who/how much should be paid to accident victims etc, it is extremely common for both sides to get their own medical experts’ opinions without casting aspersions on the different doctors’ professional competence or conduct. The judge ( or arbitrator) will decide what is fair and right.

Thank you.


A 60 year old with little money left said...

To Dr. Huang>

Did OCBC hired you?

When people such as myself lost money to wrongfully sold investments, did banks like OCBC or DBS cared?

How could they now claim that they have the best interests of the 92-year old lady at heart?

I'm closing my account with OCBC today!!!

Mr. YOYO said...

I have two questions.

In Singapore, why do people always have a noble excuse when doing something criminal?

And in executing the criminal act, why do the same people accuse the innocent victims of being the criminal?

Two doctors already certified that the 90-year old lady is in good mental condition.

I pity all Singaporeans.

Anonymous said...

mr huang, why u dun answer the questions mr ypap asked you? dun siam by using excuse of "tone" of msg leh, just focus on the msg.