Pictures and videos of Saturday’s event below.
Andrew Loh / Deputy Editor
“Many investors have lost faith in their recommended approach,” Mr Tan Kin Lian said in a speech which was sent out to the media prior ot his appearance at Speakers Corner today. He was referring to the Government and the Monetary Authority of Singapore (MAS), which had advised that collective action by investors of discredited structured products should be avoided.
“Our Government leaders and MAS have advised that this should be avoided, and that other avenues are open for the investors to seek their redress,” Mr Tan said.
He hopes that the MAS will respond to his requests for a meeting to discuss how the matter can be resolved fairly and that a costly legal action can be avoided.
Pending such a meeting, Mr Tan said that his “committee is discussing with a few lawyers on the approach to take on a collective legal action.” However, he reiterated that he and his team are still keen to seek an outcome that is fair to the investors and preserve Singapore’s reputation as a financial hub “that can be trusted to take care of the interest of the ordinary people.”
In his fifth appearance at Hong Lim Park, which attracted an estimated 400 people, Mr Tan gave an update on the petitions which he has sent to the authorities so far. The first petition, which he delivered to the MAS’ Mr Andrew Khoo, on the 9 October, asked the authorities to look into “possible wrong-doings by the financial institutions”.
“I have not heard from MAS subsequently on the outcome of this Petition. I have sent two requests to Mr. Goh Chok Tong and to Mr Andrew Khoo for a meeting to discuss the progress,” Mr Tan said. “So far, I have not been successful in getting this meeting.” Mr Tan said that he has not heard from MAS if they intend to carry out an independent investigation into this matter either.
In the second petition, sent to the MAS on 17 October, it specifically asked the authorities to investigate the sales training and marketing processes of the financial institutions which distributed these securities. “I have not received any acknowledgment to this Petition. I have re-sent the Petition and asked for an acknowledgement for the record,” Mr Tan said.
He also asked the MAS, on 31 October, to set up an independent unit to receive the complaints from investors and to encourage the financial institutions to adopt a collective approach in offering fair compensation to the investors who were misled into investing in these securities. Mr Tan asked for a meeting with a senior official in MAS to discuss this petition but his request was denied.
“I reminded MAS that I am speaking on behalf of about 1,000 investors,” he explained. “If 1,000 voices are not loud enough, I wonder what will make our officials hear,” he said.
“I will continue with my effort,” the former Chief Executive of NTUC Income said.
At Hong Lim Park itself, angry investors of the structured products came with trash bags with the words “DBS High Notes” pasted on them, signifying that the notes were worthless. This week, the local media reported that most investors of these notes are most likely to have lost all that they invested in.
The strong sentiments were apparent when Mr Tan asked if it was fair that the MAS has denied all his requests for a meeting. The crowd shouted an empathic, “No!”. When he asked them, “Will we give up?”, again the crowd shouted, “No!”. “I will be here every two Saturdays,” Mr Tan told them. “This problem cannot just die away.”
Watch the videos of Mr Tan’s speeches here on TOC TV.
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Some pictures from Saturday’s event at Speakers’ Corner:
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There are several conclusions on why our beloved country ends up the way it is today:
1. No check and balances – history has always showed that a country being monopolised by one man or group will end up to the detriment of the country. Think Hitler, Amin and Deng Xiao Peng and you will know what I mean. Check and balances can be done outside of Parliament e.g rising up of interest groups such as the minibond protest, etc.
2. A politically apathetic population – when a country left everything to the govt this is what will happen. We over trust the authorities and became a country that has no more loyalty and ambition. How many of us are nationalistic to the point of dying for our country when there is a war? Many I fear may fled at the small sign of trouble. We ought to go back to loving of country more not so much to create trouble to our govt but to be more involved in how it is governed. The current state left much to be desired.
3. Materialism – we are too materialistic in our approach and life’s philosophy. We depend on our govt to deliver economically instead of rightfully and ethically. We allow in a casino without even a whimper of protest as our children and children children will suffer the adverse influence because of our apathy. We vote for our govt because they have promise goodies and upgrading for our constituency instead of what is rightful and good for us. We have become materialistic for our own good. The govt knows it and use it to their advantage. Vote for me and I will upgrade your ward if not your flat valuation will drop. Vote is tied to material gains.
4. Fear- we operate and live under a climate of fear originating from our forefathers. We came out of Malaysia and had nothing. Now we have everything. Do we want to go back to having nothing again? So vote for the ruling party who has given us propserity and stability. This is so wrong and many elderly voters still believe in this philosophy.
5. Lack of brave souls willing to stand up – there is a lack of die-hard souls who are willing to stand up and be counted. Besides radical CSJ we hardly have anyone daring enough to voice out in a logical and firm manner. I am glad TKL has stood up and I hope this will allow more others to come out and
speak out in unison.
Our country needs changes and badly. My heart aches whenever I think of my beloved country. Though I am in Sydney my heart is very much at home. Home is where the heart is!
47) smallvice585 on November 16th, 2008 1.50 pm If anyone wans to look up Teh Cheang Wan, please refer to:
(1987) Report of the Commission of Inquiry on Investigations Concerning the Late Mr Teh Cheang Wan. Singapore: Singapore National Printers.
http://app.cpib.gov.sg/newcpib/user/default.aspx?pgID=237
The above happened but what can we do, its already happened, what can we do, he is gone, so no more, finished, he is not one of us anymore, so cannot affect our party.
But as for the mini bond saga, what is actually happening behind, its not about the compensating of the money to the victims, they have all the monies to pay 10 or maybe 100 times more than what is lost by these victims, if they start to pay, it means that they admited their wrong doings and someone have to be responsible whom happens to be someone closed to who we all know, and they just can’t afford this to take place due to the coming GE. Just like the mas selamat case, these 2 persons can cause very bad effect on their party when the time comes GE. Get that?
To 51) Gilbert Goh Keow Wah
Hi Gibert, nicely done. Very good consolidation of the information =D.
Hi Panter,
I think you haven’t answered smallvice’s remarks about you calling Dr Chee in a negative light. Of course everyone is entitled to his or her opinion, but dun you think it’s better that you read more about the man from sources other than MSM so you can make a more informed opinion?
Dear Netizens,
I am much saddened by the unfair comments and sometime personal attacks of some netizens on Mr Tan Kin Lian. In the past I have negotiated with Mr Tan in business and he did came across as a tough guy representing the interests of NTUC Income.
In what Mr Tan is doing presently (and it is not easy) – and even though the aggrieved investors is relatively a small number, he is providing real help and mind you, he is not paid. His action may not be appreciated by MAS but his efforts have the effect of nailing the conscience of all the corporate umbrellas under which the financial institutions’ relationship managers, “sales people”, etc hide under. In legal terms of the black and white fine print, the value of all the invested structured products can be deemed as worthless now……..
Mr Tan’s action, and here I would also like to ask if any other netizen would voluntarily get into his shoes, is taking corporate social responsibilty to task – he is indirectly buying time for any adverse quick announcement on the mini-bonds,etc, One like that of Morgan Stanley (on the Pinnacles’ notes) has decided that the S$ 26 million invested has gone to dust. People have the right to ask questions and seek re-dress on where there money have gone ? Where are the people who sold the products ? What did they promise ? What are they saying now? etc
The Government and the MAS will try but their efforts will never match the passion
of a people’s class action, and here you do need a real leader and one with experience in corporate financial matters to see that justice is done no matter the fine print, and the Singapore court must ensure that justice is seen to be done.
Thank you Mr Tan Kin Lian for stepping up.
RE: Quo Vadis
To each his own. There always people who support the actions of Mr. Tan and those who choose to have a differing opinion. In “forcing” people who accept what you think, you are no different from a political party that we all know.
I for one think that, despite his effort, Mr. Tan, is causing more nuisance and complicate the resolution of the matter. Don’t you realise by now, there are a lot of noise and little action? And this is just my personal opinion and I don’t expect you or anyone else to agree with me. Feel free to disagree – I may not say what you want me to say but at least I speak my mind.
To 56) Onlooker
Hi, I totally, sincerely extremely agree with u tat Mr Tan is a Nuisance. Basically his a Nuisance to the Authorties. Since if there wasn’t any collective action on the part of the investers, likely the Standard Rejection Letter tat was sent to most investors would ve end the case.
Then with the famous quotes of
U walk in with Eyes Open
The Gov cannot Decide for u
And the long time no heard
Tat’s Life~~~
And then it would be case close already. Thus Mr Tan… tsk tsk…
But then again, i support wat Mr Tan is doing. =D There is action actually, his action is to try and move MAS to action. Sincerely, 1 person alone will be unable to slap the FIs awake nor is 1 person alone able to command a full spectrum of independent investigators to ensure a clean investigation. Thus Mr Tan is basically trying his best, to gather enough evidence, etc from the investors to try and convince MAS to move.
Who says there’s no action? =X
Did u see all the trash bags on Sat? Loads of Action + pple assisting to clear up the mess.
57) Daniel Ling
Well said.
I will take some action though. If these sessions going to be there for the next two months, I can do a part-time job of selling foldable chairs, mini-fans, umbrellas, newspapers, food and drinks, ice-cream to the attendees and make a quick buck for my next investment. If I can earn $4~$5 from each of the 400 ~ 500 attendees over the 2 hours, it’s good money!
I for one think that, despite his effort, Mr. Tan, is causing more nuisance and complicate the resolution of the matter. Don’t you realise by now, there are a lot of noise and little action? – Onlooker (#56)
And I thought MAS is being a nuisance to the Singapore’s livelihood as a financial hub.
(1987) Report of the Commission of Inquiry on Investigations Concerning the Late Mr Teh Cheang Wan. Singapore: Singapore National Printers.
http://app.cpib.gov.sg/newcpib/user/default.aspx?pgID=237
The above happened but what can we do, its already happened, what can we do, he is gone, so no more, finished, he is not one of us anymore, so cannot affect our party. – tiredsingaporean (#52)
This highlights the blind faith people put to the PAP brand. Someone commented on TOC that he will vote for any PAP candidate, claiming that PAP has a leadership scheme to groom PAP members into potential MPs and future ministers, believing only the very best will made it to MP and Ministerial level. We have an example of PAP’s very best commiting suicide over corruption.
If I had a chance to vote… well isn’t that disingeneous of the walkovers..
Chris
I find that voting is just one small part of the whole political game. Of course, one wants to use one’s vote to decide the fate on which candidate or party he wants to rule the land.
In politically apathetic Singapore, we need a complete rewiring on how we think politically. We often relate politics to candidates going to the polls. We have never thought of being more open to political discussion, how we are governed or how policies are created into law. Can we do something useful for our country? Politics is actually doing stuff that allow us to love our country more.
How many of us have go to the PAP forums for discussion? They are useful platforms to be plugged into our political bloodstream. Do we read and write on political stuff? It does not mean that we will need to join a political party to be politically in tune.
Joinging such discussion blog like TOC is already a big step in ebing politically involved as we all talk and discuss about issues that matter. Politics is really not just for the politicians it is for all who love their country too much.
“I mean, credit has to be given where it’s due. We ve clean places. We ve transport which runs. We ve clean water, We ve electricity. And many many more.” – Daniel Ling (#48)
When we eat hawker food at $3 a bowl, our expectation of the quality of the food is different from fine dining food at $300 a person.
Hence, if our politicians and civil servants are paid top dollar for their services, our expectation must necessarily be high. Good service, clean cutlery and hygenic food in a fine dining restaurant is a given. No undue credit should be given here.
In reply to: 13) PAP Anonymous on November 15th, 2008 11.25 pm
I think you are right. We need to increase our already out of the world salaries of our ministers to help them be more effective to shut Mr Tan KL for trying to help the needy. LOL
C’mon. Mr Tan is doing something which he does not need to do in order to help the needy. We should refrain from hitting him with personal attacks on things no one can prove he has done.
Just take a read at this and show how honourable the Belgium Govt is. They do know what is right and wrong, and accountable to their “honest mistake” by resignation.
Belgium Govt RESIGNED after being accused by HIGH COURT of intefering with court case
http://sgfrag.net/2008/12/20/belgium-govt-resigned-after-being-accused-by-high-court-of-intefering-with-court-case/
Look at how MM Lee, PM Lee and GCT abuse their power to quote Caveat Emptor and put the blame on the investors unfairly and to influence judge’s decision without knowing what is wrong with FI. Not only these elite people happily get away with their insensitive remarks, they even keep total silence when their remark backfire on the Town Council investment. Pay peanut to get monkey but we pay fortune to get monkey or worse fat idle gorilla that do nothing but pour cold water on the people they trampled. And to think that they continue to rule with such dishonourble attitudes and incompetency.