Asian 'Panel' Firm Denies Crisis

Speak Asia, a company recruiting respondents for paid participation in market research projects, has defended itself today against allegations in the online press that its bank accounts have been frozen and that it is under investigation by the Indian Ministry of Corporate Affairs.

Some sources said the firm has ceased paying its vendors, clients and staff, stating that its accounts at Singapore's United Overseas Bank have been frozen: but Speak Asia today said it wished to clarify that the account was not frozen and it was merely moving to another bank. CEO Manoj Kumar said he wished to reassure panellists their money was safe, adding: 'We are approaching and evaluating various other Banks in Singapore from where we will soon be able to disburse the payments to all panelists.'

Speak Asia asks panellists or 'members' to pay to register for participation in surveys from which they can then gain a lucrative income - a system described by some critics as a pyramid or chain marketing scheme where new members act as the return on investment for older members.

The company has already admitted to misleading its audience by associating its market research activities with a number of leading brands, several of whom have since disassociated themselves from it. Speaking at a press conference in Mumbai last week, Kumar said: 'I apologise to those brands whose names were taken out of context by my management team or my sales team. I am sure it would have caused them anguish. We owe them an unconditional apology.'

At present, the facts of the case seem far from clear. Some Indian publications have quoted government officials suggesting the firm is under close scrutiny, but on the record Government sources have said that since Speak Asia is not registered in India there is no question of taking any action against the company. Speak Asia itself says that no notice, letter or questionnaire has been received by it from any Government agency or authority; and that it has proactively approached the Ministry of Corporate Affairs and the Economic Offences Wings (EOW) of both Delhi and Mumbai Police and offered its fullest co-operation.

Web site: www.speakasiaonline.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.