Speak Asia gets funds from Singapore bank

Multi-level marketing company Speak Asia on Tuesday said it hasreceived funds from Singapore-based United Overseas Bank, which closed theentity's account last month.

"We wish to also inform that more than $16 million isavailable for use and disbursal as soon as a new account is opened and thebanking partner is identified," Speak Asia said in a statement.

"We have begun preparing for disbursal of these fundsto our panelists once the strictures put by some banks on transfer and paymentare withdrawn," it said.

The company, whose membership fee is Rs 11,000, claims thatit has 19 lakh members in India.

It allows its members to conduct some surveys online for thefirm. Members are paid for conducting the surveys and it is believed that Rs11,000 investment could be recovered within three months.