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“Non-vulnerable” deserve a chance at pay-out

Investors unhappy with being left out. By Liyana Low.

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Liyana Low / Writer

Investors who do not fall under the “vulnerable” group should have a chance at getting their money back from the financial institutions. This was the sentiment at Speakers’ Corner last Saturday where about 500 unhappy investors had gathered.

They were questioning the financial institutions’ decision to give priority to “vulnerable” investors. The event, organised by the former CEO of NTUC Income, Mr Tan Kin Lian, is the third to be held at Hong Lim Park.

Among those in the crowd was 49-year-old Kevin Lim.

He said: “Why should the “vulnerable” group get payment when all of us were clearly misled by the banks and the relationship managers who sold us the products?”

The issue of contention here, according to Mr Lim, was that both the non-educated and educated groups of people were equally misinformed by the banks.

Both groups of investors were assured that the structured products were “safe” and “low risk”, and is a good alternative to “fixed deposit” as they offer higher returns.

And since the educated people do not fall under the “vulnerable” category, they are worried that they might be left out by financial institutions in the pay-out.

During his speech, Mr Tan said that heunderstood many investors were unsure about how they will be treated, as they do not belong to the “vulnerable” group.

He is hoping that a fourth petition will help those who do not belong to the “vulnerable” group to get their money back. “The forth petition will be addressed to the chairman of MAS to ask MAS help find a collective solution to the mis-selling of products by the financial institutions,” he said.

But Tan also cautioned that it could be a long time before investors know if they would be compensated, as there are about 10,000 cases to be handled and the financial institutions will take a “case-by-case” approach. Furthermore, many of those affected have still not lodged their complaints.

Mr Tan hopes that MAS will advise the banks to deal with investors’ complaints collectively, rather than go through each case individually.This includes grouping the investors together according to the financial institutions that sold the products and requesting that the institutions hold an open forum with them to discuss how the investors were misled by the information and how they can be compensated for their losses.Taking these steps will reduce the stress on the individual investors in making the complaint and will ensure that fair compensation is given to all the affected investors.

Mr Tan also advised people to be honest when lodging a complaint with the financial institution.

“The most important point is to state how you were misled, and what you were told by the sales representative,” he advised.

“I think I have a case against the financial institution because I fall under the vulnerable category,” said a lady in her 50s who declined to be named. The secondary school graduate was there at Hong Lim Park to find out more about what she could do to get her money back.She said that the relationship manager from Maybank who sold her the product did not tell her that she was buying Lehmann Bonds.

She lost the money that was supposed to fund her son’s education, who is currently doing his ‘A’-levels. In addition, the single mother was diagnosed with stage three breast cancer last year, further worsening her financial situation.

When interviewed, she said, “I do not want any sympathy from anyone. I just want my money back.”

Forms were given out to the investors after Tan’s speech so that they could fill in the necessary information to lodge their complaint.

Volunteers, stationed at various parts of Hong Lim Park, were available to assist with explaining the information needed to fill in the forms.

Michelle,who works as an accountant, was at Hong Lim Park to volunteer and to help fill up the forms for those investors who could not fill them up in English.

She said that most of the people who approached her were lowly-educated people who went to the banks alone when they bought the products.

“So can you imagine how scary it is for them, to be alone in a room, without any mental preparation for all the complicated terms that a relationship manager might be giving them?” she said.

In addition, Mr Tan suggested that investors, who are unable to get a satisfactory compensation from the financial institution, could bring their cases to the Financial Industry Dispute Resolution Center (FiDREC), at the cost of $50.

FiDREC, which has the authority to pass judgments that are binding on the financial institutions, will form a panel to consider the complaints. At present, FiDREC can decide on claims of up to $50,000. It can hear larger cases, subject to agreement from the financial institutions.

He added that the decision is not binding on consumersand that consumers will still have the right to take their case to court, they were dissatisfied with FIDREC’s decisions.

But to those investors who wish to take collective legal action, Tan advised them to consider it as the last resort as it could be costly and risky. Investors should measure the cost and the chances of winning the case.

“If you lose the case, not only do you have to pay your lawyers, you might even have to pay the banks for the cost of legal action as well,” Mr Tan cautioned.

According to Mr Yong S.C., 57 – a volunteer in charge of helping investors from Hong Leong with their complaint forms – people now at least have a better understanding of what they can do to get their money back as compared to previous weeks.

Through these sessions, he hopes that both the vulnerable and non-vulnerable groups of investors will be able to get fair compensation.

The fourth gathering at Speakers’ Corner will take place next Saturday.

Pictures by Ma Xianrong.

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Indonesia

Miss Universe cuts ties with Indonesia chapter after harassment allegations

The Miss Universe Organization severs ties with Indonesia franchise due to harassment claims. Malaysia edition canceled.

Women allege body checks before pageant. Investigation launched. Safety prioritized.

Indonesia winner to compete in November finale. Height requirement controversy.

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WASHINGTON, UNITED STATES — The Miss Universe Organization has cut ties with its Indonesia franchise, it announced days after allegations of sexual harassment, and will cancel an upcoming Malaysia edition.

In the complaint, more than a half dozen women said all 30 finalists for Miss Universe Indonesia were unexpectedly asked to strip for a supposed body check for scars and cellulite two days before the pageant’s crowning ceremony in Jakarta.

Their lawyer said Tuesday that five of the women had their pictures taken.

“In light of what we have learned took place at Miss Universe Indonesia, it has become clear that this franchise has not lived up to our brand standards, ethics, or expectations,” the US-based Miss Universe Organization posted Saturday night on social media site X, formerly known as Twitter.

It said that it had “decided to terminate the relationship with its current franchise in Indonesia, PT Capella Swastika Karya, and its National Director, Poppy Capella.”

It thanked the contestants for their bravery in coming forward and added that “providing a safe place for women” was the organization’s priority.

Jakarta police spokesman Trunoyudo Wisnu Andiko said Tuesday that an investigation into the women’s complaint has been launched.

The Indonesia franchise also holds the license for Miss Universe Malaysia, where there will no longer be a competition this year, according to the New York-based parent organizer.

In a lengthy statement posted to Instagram, Indonesia franchise director Capella denied involvement in any body checks.

“I, as the National Director and as the owner of the Miss Universe Indonesia license, was not involved at all and have never known, ordered, requested or allowed anyone who played a role and participated in the process of organizing Miss Universe Indonesia 2023 to commit violence or sexual harassment through body checking,” she wrote.

She added that she is against “any form of violence or sexual harassment.”

The Jakarta competition was held from 29 July to 3 August to choose Indonesia’s representative to the 2023 Miss Universe contest, and was won by Fabienne Nicole Groeneveld.

Miss Universe said it would make arrangements for her to compete in the finale, scheduled for November in El Salvador.

This year’s Indonesia pageant also came under fire for announcing a “significant change in this (year’s) competition guidelines” with the elimination of its minimum height requirement after it had crowned a winner.

In its statement, the Miss Universe Organization said it wanted to “make it extremely clear that there are no measurements such as height, weight, or body dimensions required to join a Miss Universe pageant worldwide.”

— AFP

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Malaysia

A Perodua service centre in Kuantan, Malaysia went viral for its strict dress code, Perodua responds

A dress code for vehicle servicing? A Malaysian car brand’s service centre dress code signage has puzzled netizens, raising queries about the need for attire rules during a routine service.

The manufacturer responded with an official statement after a flurry of comments, seeking to clarify and apologize.

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MALAYSIA: A dress code signage positioned at a service centre belonging to a prominent Malaysian car brand has sparked bewilderment among Malaysian netizens, who question the necessity of adhering to attire guidelines for a simple vehicle servicing.

The signage explicitly delineates clothing items that are deemed unsuitable, including sleeveless tops, short skirts, abbreviated pants, and distressed jeans.

The car manufacturer swiftly found itself flooded with comments from both inquisitive and irked Malaysian netizens. This surge in online activity prompted the company to issue an official statement aimed at clarifying the situation and extending an apology.

In a post that gained significant traction on the social media platform, politician Quek Tai Seong of Pahang State, Malaysia, shared an image to Facebook on Monday (7 Aug).

The image showcased a dress code sign prominently displayed at a Perodua Service Centre in Kuantan. Within the post, Quek posed the question: “Is this dress code applicable nationwide, or is it specific to this branch?”

The signage reads, “All customers dealing with Perodua Service Kuantan 1, Semambu, are requested to dress modestly and appropriately.”

Adding visual clarity to these guidelines, the sign features illustrative graphics that explicitly outline clothing items deemed unacceptable, including sleeveless tops, short skirts, short pants, and ripped jeans.

Delineating the specifics of the dress code, the signage stipulates that male visitors are expected to don shirts accompanied by neckties, opt for long pants, and wear closed shoes.

Conversely, female visitors are advised to don long-sleeved shirts, full-length skirts, and closed-toe footwear.

Perodua’s dress code sparks online uproar

Following the rapid spread of the post, Perodua’s official Facebook page found itself inundated with comments from both intrigued and frustrated Malaysian netizens, all seeking clarifications about the newly surfaced dress code policy.

Amidst the flurry of comments, numerous incensed netizens posed pointed questions such as, “What is the rationale behind the introduction of such regulations by the management? We demand an explanation.”

Another netizen expressed their dissatisfaction, arguing against the necessity of the rule and urging Perodua to take inspiration from the practices of other 4S (Sales, Service, Spare Parts, and Survey) automotive dealerships.

A concerned Facebook user chimed in, advocating for a more lenient stance, asserting that attempting to dictate customers’ clothing choices might not be in the company’s best interest.

Someone also commented in an angry tone, “Oi what is this? Going there for car service, not interview or working, right.”

As the discourse unfolded, it became evident that while some inquiries carried genuine weight, others chose to inject humor into the situation, playfully remarking, “If I wanted to buy a Myvi, I should buy or rent a formal attire first.”

“I sell economy rice at a hawker centre, I have never worn a long sleeve shirt and a tie… I guess I will not buy a Perodua car then.”

“I guess they will not serve those who wear short pants.”

Perodua addresses dress code controversy

As reported by Chinese media outlet Sin Chew Daily News, the manager of Kuantan’s Perodua Service Centre had acknowledged that the images on the dress code signage were misleading.

In response, the manager divulged that discussions had transpired with the head office, leading to the prompt removal of the signage to prevent any further misconceptions.

The manager clarifies, “We do encourage visitors to adhere to the dress etiquette, but we won’t go to the extent of restricting their choice of attire.”

He also revealed that currently, no complaints have been directly received from the public.

However, feedback from certain customers was relayed through Perodua’s agents.

Perodua also released an official statement by chief operating officer JK Rozman Jaffar on Wednesday (9 Aug) regarding the dress code on their official Facebook page.

The statement stated the dress code etiquette is not aligned with their official guidelines and they are currently conducting an official investigation on the matter followed by corrective measures to avoid the same incident from happening.

Perodua also extends its apologies for any inconvenience caused.

 

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