I received more than 100 e-mails. Many contained detailed and difficult questions that I am not able to answer with my limited time. I am now in Dubai, and can only spare some time to reply to your many questions.
I hope that the investors understand the situation. Please read the postings in my blog. And remember that I cannot spend time to attend to your questions individually.
The first step that you have to do is to lodge a formal complaint with the financial institution that sold the product to you. You can state that you were misled about the product, which is actually risky.
My colleague, Peter and Andrew is trying to find a place to hold a meeting. Please be patient and wait for announcement on this blog. We are not able to answer your questions individually.
I have written to a very senior person in MAS to outline the concerns of the investors in these products. Please wait for further development.
it appears that up to date MAS still deems this as so called "Financial Dispute", therfefore it always instructs victims to respective FIs for settlement by usual procedure, as if an isolate case.
ReplyDeletehowever, since so many singaporeans are affected by minibonds etc. mis-sold in such huge amounts by foreign FIs through their local agents, MAS should understand that this has NOT been a simple Financial Dispute anymore, IT NOW BECOMES AN ISSUE OF PUBLIC INTERESTS. where public interests are affected, or even somehow related to an offence (as the case may be), the government, in particular, MAS should and is obliged to exercise its administrative power and do something compulsory to protect people and sociaty. protending as commercial cases of financial dispute will add no marks to the government. people would ask: if NY Attorney General has the capacity to take actions, if HKMA has the capacity to take actions, why MAS cannot but only direct ants to fight with elephants on their own? i am affraid our government good image will be damaged due to MAS' poor reponse to the public so far. people may lose their confidence and trust to the government as well as our social system. this is not only a money talk.
Hi Mr Tan,
ReplyDeleteThanks so much for helping us in one way or another, despite your busy schedule.
Jasmin
Dear Mr Tan
ReplyDeleteI am glad that there is a special Tan Kin Lian among us. I only happen to read your blog last week and realise that you have advised others against buying minibond last year.
My family belongs to the quiet type and even if bully by others, I will suffer quietly. If MAS were a political party, we wish to quietly vote it out of power. Too bad if its leaders are good people but its working folks dont bother.
Thank you Mr Tan for your time, energy and concern. Singaporeans like the silent types need good people like you who cares.
I am one of the fortunate ones who refusd to buy the minibond series although my relationship manager approached me 3 times. Mr Tan, I salute you for taking some much time to help people in distress.
ReplyDeleteMay God bless you!
Mr Tan Kin Lian for the next President of Singapore! :D
ReplyDelete