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Any one can advise on some business law?


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sgconnection

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Jul 24, 2006
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#1
Hi all,

Not sure anybody know about business law. Currently my friend g company credit an amount into his account wrongly.

Now they are asking him to pay back the amount, He refused and bank freeze the amount in his bank account.

Understand from my studies days, he has no right to use the money and need to pay back the amount to the company.

Anyone can advise otherwise?


ps.. haha take the money to BBB...
 

KNIGHT ONG

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Dec 18, 2003
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#2
ya, since is credit wrongly then have to pay back lor.

I have tried used AXS machine to pay my bill and keyed in the wrong account number, took me time to recover back from AXS. Can be done .. :)
 

sgconnection

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#3
ya, since is credit wrongly then have to pay back lor.

I have tried used AXS machine to pay my bill and keyed in the wrong account number, took me time to recover back from AXS. Can be done .. :)
But recently if you transfer the amount wrongly into someone account, you will not be able to get back the money unless the other party agree to return. Bank can only issue letter and help you..

So i think there is a conflict here..
 

Nisa

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Aug 13, 2004
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#4
But recently if you transfer the amount wrongly into someone account, you will not be able to get back the money unless the other party agree to return. Bank can only issue letter and help you..

So i think there is a conflict here..

Yeap, if u transfer the amount wrongly, then you will not get the money back unless the other party agree to return, and bank can only issue letter to help you.

However, i think a Lawyer letter would scare the person into returning the money ;)
 

sgconnection

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Jul 24, 2006
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#5
Yeap, if u transfer the amount wrongly, then you will not get the money back unless the other party agree to return, and bank can only issue letter to help you.

However, i think a Lawyer letter would scare the person into returning the money ;)
But if the person know his right, even the lawyer letter will not scared him.

But understand from my fren that he say the bank told him they can freeze the amount in the bank account but not able to debit his account till he agree...

thus i an trying to find the law which states this.. so many law.. so difficult to find.
 

#6
Aiyah, just return the $ lor, it's not your friend's anyway, why try so hard to keep it?

The trouble is that your friend refused to return and is trying to keep the $ thus you have so much headaches with the law and the company.
 

V

vince123123

Guest
#7
In the absence of any law on this, ask your friend to check his T&Cs to see if the bank has the right to do this. If not, tell the bank so and that what they are doing is a breach of contract.

However, I think if you try to enforce this breach, the judge would not look favourably upon your friend not returnign the money. The question will surely be asked - why dioesn't your friend want to return the money?
 

KNIGHT ONG

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#8
But recently if you transfer the amount wrongly into someone account, you will not be able to get back the money unless the other party agree to return. Bank can only issue letter and help you..

So i think there is a conflict here..

It work both ways, if your friend transferred money into wrong account, do you think not your friend will not want the money back and credit into the right account ?

It is a mistake, then should find the right remedy.
 

Nisa

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Aug 13, 2004
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#9
But if the person know his right, even the lawyer letter will not scared him.

But understand from my fren that he say the bank told him they can freeze the amount in the bank account but not able to debit his account till he agree...

thus i an trying to find the law which states this.. so many law.. so difficult to find.
Of course he cannot keep the money, if the party wishes to seek legal action.
It happened to me before mah!! then I calculate the cost legal actions and the money i paid... i just let it go.
 

Jan 29, 2007
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#10
Keeping the money that doesn't belongs to you is already wrong.
 

kitkat

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Mar 5, 2005
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#11
But if the person know his right, even the lawyer letter will not scared him.

But understand from my fren that he say the bank told him they can freeze the amount in the bank account but not able to debit his account till he agree...

thus i an trying to find the law which states this.. so many law.. so difficult to find.


It is unethical to take something that does not belong to you. Even if you go through the legal means, I am sure your friend will be ask in court why he wants to keep the money that does not gainfully belongs to him (which is transacted wrongly as an honest mistake).

The bank has every right to freeze the account. I rem reading that in T&C as I have requested that before. You have to read up the fine prints.
 

sgconnection

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Jul 24, 2006
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#12
I know. He mentioned that the HR was mean to him and he just want to delay the process.

the bank has freeze the amount but not able to debit the amount till he agree.

Already told him to return the money when the bank call again. also provided all your feedback.. thanks..
 

waileong

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#13
Don't understand the question. Is it a moral question or a legal one? You know the money is not rightfully yours, yet you want to keep it?
 

kitkat

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#15
I know. He mentioned that the HR was mean to him and he just want to delay the process.

the bank has freeze the amount but not able to debit the amount till he agree.

Already told him to return the money when the bank call again. also provided all your feedback.. thanks..
Then your friend is not right, even if the "HR was mean to him and he just want to delay the process".

He may be sued, if he deliberately withhold the monies that is proven not rightfully his.

Morally wrong. Legally he may be bringing himself to trouble.
 

ricohflex

Senior Member
Feb 24, 2005
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#17
Oh, it is quite simple.
The company can sue him and expose it to numerous newspapers.
You friend's face will be in the front page.
All will read the case, remember his name, etc...
His boss, colleagues, relatives, friends all will know.
His career will be immediately cut short and he will never be able to be employed again for the rest of his life.
So his financial loss is not small.
In addition, he will lose the court case and he will have to pay costs, meaning both the lawyer's fees.
If the company employs a Senior Counsel, your friend may have to pay $100,000 or more just for the legal costs.

(edited)
 

V

vince123123

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#18
I seriously doubt a case like this warrants senior counsel and warrants S$100k in legal fees.
 

catchlights

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Sep 27, 2004
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#19
back to the topic, this issue really don't need to know about the business law at all, just need little common sense, and the morality, your "friend" should know what to do.
 

reachme2003

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Oct 6, 2003
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#20
did not read the entire threads. i recalled from memory(having read somewhere) that if one retains or uses the money wrongfully credited in one's account, it amounts to a criminal offence. pls do not ask what the specific offence or quote the relevant Act. action to take: seek bank's assistance to recover the amount. one should not use a lawyer to act because the bank will never reveal account details.

But if the person know his right, even the lawyer letter will not scared him.

But understand from my fren that he say the bank told him they can freeze the amount in the bank account but not able to debit his account till he agree...

thus i an trying to find the law which states this.. so many law.. so difficult to find.
 

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