Dear Mr Tan KL,
Here are the comments posted by Ming Thu Oct 09, 2008 7:25 am on Channel News Asia -forum- Market Talk
'Finally, the CAD is involved. The MAS only has powers over civil matters. Crimes such as financial fraud would have to be referred to the CAD as they are the ones who are empowered to act on the criminal provisions of the relevant statutes.
Tan Kin Lian has been quite selfless and I would urge any stragglers left to contact him about joining up and forming a group, but petitions are probably insufficient if you wish to motivate an investigation into the matter.
Evidence is needed to demonstrate, even if only on a prima facie level, that the financial institutions have misrepresented their products. To do so, the oral testimony of the various affected parties must be collected. If a large number of people say that DBS for instance represented their offerings as essentially risk free or had the equivalence to capital protected products, then that becomes evidence which cannot simply be brushed aside.
To make the case even stronger, the testimony of former relationship managers could be added. DBS is known to have a high staff turnover and it may be possible to find former employees who are willing to step out and speak the truth. If the protocol had been to say whatever was necessary to close the sale, then the so called ‘ironclad’ contracts can be called into question.
Do not just sit back and hope that someone will help you. More than ever, you need to be active citizens who are willing to stand up for your rights, and in protecting your interests, fulfill your duty as citizens of our republic. Everyone needs to take the initiative, find the courage and be a leader.'
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