KA / Appropriation of money
I am not sure if this will yield any result but I sincerely hope someone will. The headline is a bit misleading, its not bad business partners but more deception by a friend. I am a Malaysian whose mum held shares in Singapore listed companies. When you are a non-resident, you are not entitled to participate in rights issue of shares unless you have a postal address in Singapore. Recently, Parkway Holdings carried out one such exercise and I sent some money to my friend who agreed to help me as a favor to attend to the necessary.
When she said she won't be able to get the funds in time, i sent her another lot of money and this is where the problem began. I sent her the money on the 6th June 2008 and its been almost 2 months and she has on the 25th August 2008. sent me back RM3, 000 but she is till holding back RM3, 800. Yesterday, she sends me an sms saying, How much do you want!
I was gob smacked, she has no right to retain my money, she was doing this as a favor to me and also she never asked for any money and I told her that you can charge me for disbursements if you want and she said its ok. Now she is saying, what about my time, bank charges for the draft, phone calls etc.
She is retaining RM3800 and she is holding that back for something we never agreed beforehand. I am so disappointed as I considered her a friend. When I asked her last year if she minded receiving and having her office as the postal address, she agreed to it as being a company secretary, she said all the rights issue, company reports, circulars and guidelines would increase her knowledge of the market and so I thought she was going to benefit anyway and after all, I hardly subscribe for rights issue for my mum and this is only the 1st time.
I am concerned about antagonizing her but at the same time RM3800 is a lot for me and what she is doing is unfair, morally and ethically. She is a Chinese and actually sent me a sms, saying, you are too much hassle and this is what happens when you are dealing with an Indian! I took offense at that but what can I say, she has got my money and I need to be patient. I sent her SG2850 and RM6800. I do not know which money she used to pay for the rights issue which was SG2847. but she has sent the rights issue through as my mums account is credited with that so all she has to do is return the RM6, 800.
Is there any way that i can complain about her and get my money back without resorting to court proceedings. Singapore must have laws preventing this kind of breach of trust and acting in bad faith.