About the Case

MADAM Hwang Cheng Tsu Hsu, 93, has sued OCBC Bank for freezing her accounts containing $8.9 million.

This arose from an attempt by Madam Hwang and her daughter, Ms Amy Hsu Ann Mei, to open a joint account in May 2008 that was rejected by the bank.

OCBC's position is that it was merely acting as a prudent banker.

The bank said its officers had suspicions about Madam Hwang's mental competence to handle her finances, as the situation at the time raised many red flags.

Now, Madam Hwang claims that as a result of her money being locked up, she was deprived of the chance to invest in properties during the economic downturn early last year.

Since April last year, OCBC has transferred all the money in Madam Hwang's accounts to be managed by the Supreme Court.

Madam Hwang's monthly expenses of $11,300 is also being paid out from this account.

<< Her Humble Beginning Continued

This article was first published in The Straits Times.