Someone sent a warning to me that I may be a risk of being sued for defamation - because I organise a petition to ask the Government, especially the Commercial Affairs Department, to conduct an investigation into the credit linked securities.
He reasoned that this petition implies that there were wrong doing by the parties involved in the credit linked securities, and they may consider that I have defamed them.
I rejected this reasoning. But a few other people seem to think that this is a possibility and advised me to "be careful".
This reflects a very sad state of affairs in Singapore. There is a climate of fear, even of speaking out against injustice and wrong doing. It is so easy for big business and powerful people to intimidate the weak with the threat of lawsuit.
Politics of fear are widely practiced here in Singapore. Some influential people rely on lawsuits with huge fine to stop those people who oppose them.
ReplyDeleteThis is nothing new here. Somehow many singaporeans still fall for it. Very sad for Singapore.
It's the Commercial(not Criminal) Affairs dept.(CAD)
ReplyDeleteMr Tan, you have 1000 people behind you in the petition and a lot more in the internet and at Hong Lim Park tomorrow.
I think there is nothing to fear. In law there is such a thing as fair comment (not defamatory) and fair action (like what you did). The only fear is that despite all these investors may still not get anything back.
Dear Mr.Tan ,
ReplyDeletePeople in Singapore are well known for being "kiasi",not speaking out against any injustice, fearing about all these shitty being sued issues .
Shame to admit that i am one of them too.
But the products that we bought are clearly misrepresented by using the words "MINIBONDS" , which to people on the street simply means "Mini-Sized Bonds".
Does it goes to say : The big business have all the rights to mislead consumer in buying their products & then sue the buyer for defamation once the buyer request for a refund for the wrongly marketed items.
Where is "JUSTICE"????????
Answer : In The Hands Of Those BIG CRAPS !!!!
The recent Newsweek carries this quote from robert reich. "There are still only two kind of capitalism. There's authoritarian capitalism as in China and singapore, and there's democratic capitalism, as in US and Europe."
ReplyDeleteThe people still hold hopes for MAS and the government, trusting them to do something. We hope for a fair trial. Fair enough for them to see the pattern that how this minibond fiasco was carried out.
Many of us are waiting, without your help and the blog, the FI and MAS will be facing direct constant fire from the investor since day 1. They should be glad that singapore has yet to evolve to another Hong Kong or taiwan in regards to the minibonds.
When you are facing a group of angry investor who lost a combine of hard earned $500mil in one day, it is better think carefully before they act.
My call to all the investors here is to keep political agenda out, focus on the money issue.
What kind of a country are we living in? More than 8000 people are at risk of losing a total of SGD 500 million thru a kind of investment which bears a common characteristic weaving thru several parties.
ReplyDeleteInvestors want to know if there there is a fundamental flaw in the system, and hence request an independent investigation. Should the investigation reveal weaknesses and loopholes, they must be plugged. This is to ensure that a repeat of this mess does not recur.
In first world countries eg Scandinavia, Australia etc, they have "ombudsman" who does this job. Unfortunately sg does not have one.
This is the reason why DBS in Hong Kong is willing to do a full refund to investors who have been misled. Simply because the people stand up for themselves. In Singapore, they are afraid of this and that, and stand by idly to watch when others are in trouble, then by the time they themselves are in trouble, nobody is left to help. But, you, Mr. Tan, has changed all that. You have stood up for them and showed your leadership. This is the turning point in Singapore's history. If they dare to sue you for defamation, make a police report for harrassment or countersue them for intimidation.
ReplyDeleteInTV today, minibond series offered to retail investors totalled around 375 mn.
ReplyDeleteIt's chicken even if compensated in full compared to billions of dollars made by banks yearly.
Mr Tan - CDS on lehman payout 90cts on the dollar...
ReplyDeletehttp://www.bloomberg.com/apps/news?pid=20601087&sid=aiMj9KoKg_CM&refer=home
if CDS payout is 90cts, means investors get back at most 10cts for every dollar of capital..
ReplyDeletethis leaves the retirees and middel class investors in a terrible state..
Get ready to go into the slammer!
ReplyDeleteDear Mr. Tan
ReplyDeleteI like and support your last statement.
I might not be directly "burnt" in this Mini-Bond issue but respect your cause in helping those affected.
It would be very miserable if people still remain as mere spectators even though they are directly affected and just wait for people like you to fight their for their cause.
Great effort.
I support you, even though i do not have minibonds, etc. I will stick out my neck and my full name for your cause.
ReplyDeletePS: The people who are warning you, could it come from the "minibonds gang"? hmm
Whatever is the case, IGNORE the noise, concentrate on the matter. Voice of the people will NOT be ignored.
I urge all who are duped by FIs into buying into Minibonds or anything that is Lehman related to be united and stand up against the wrongdoings or even ignorance and complacency on the part of distributors of toxic investments to the victims. FIs have to answer to their investors' losses for misleading them.
ReplyDeleteMr. Tan,
ReplyDeleteMay I suggest that you script your talk today and have lawyers vet your speech in order not to get into trouble.
Let's all be very honest here.
ReplyDeleteI think all those greedy people are the ones complaining. Low risk does not mean no risk. You go in with your eyes open. Ignorance is not an excuse. Like that, if make money from investment, happy happy. But if the investment sours, then can claim ignorance and then go to Court, go appeal MP, go sign petition? Totally ridiculous.
Surprisingly, only 680 formal letters to the FIs. Taking out the retirees, there should be 6,800 formal letters.
ReplyDeleteNow that the timeline for minibond is out, it will be all over in 2 weeks time. Lets learn the lesson and move on. Nothing more can be done.
ReplyDeleteMr Tan,
ReplyDeleteIf there is any hint of trouble, let us know and we will support you.
I have lost my trust with the FI and confidence with MAS and government is evaporating fast. If this is how the government protect me, then don't expect my vote next time. ANGER!!!
"Listen to your heart". I believe that you have done very much for us even the NTUC annual bonus cut was not in our favour. Your assistance and time presently shown to these affected people should be applauded and not threaten by lawsuit against you.
ReplyDeleteThe big business and powerful people should FEAR because their reputation and their wealth accumulation are severely slashed.
Keep up the spirit to do right for us to emulate, Mr Tan... jia you...
Anonymous 7:46am. I am wondering where you are from.
ReplyDeleteDo you notice that there are many people are trying to withdraw their investment in other DBS High Notes or Jubilee Series that have not been in trouble yet? (It's bad these series are priced so low and DBS even does not quote on their website anymore). Some even insisted on getting back their money with a lost of more than 10%. How come they are not greedy anymore? the interest of fix deposit is so low lah...
They bought these product by ignorance, but now gradually recognize the real face of these products and the FIs.
Yesterday, my friend showed me an advertisement for a fixed deposit product, pointing at the small printing saying that the bank may delete, or modify the terms and conditions any time, and asked me "does it mean that they may someday give us a negative interst or even refuse to return us the principal?"
Hi
ReplyDeleteOnly 680 people have file a complaint to the financial institution in Singapore.
The remaining investors do not know what to do.
I suggest that they spend $120 and get a lawyer to write an affidavit for them. Read my blog for more details.
They can use this affidavit to file their complaint to the financial institution that sold the product to them. This affidavit will explain how the investor were misled.
The affidavit can be used in loging the complaint with FiDREC (www.fidrec.com.sg) after 3 weeks.
The affidavit can also be used, if the investors decide to take legal action.
We exchange our Life for the Savings but end up in Risky Investment and NOT KNOWING! Hey, how to come to term with this?!
ReplyDeleteI think there are alot of people yet to know what happened because they did not get any letter/call from FI. Some may buy, keep in safe and forget (even the name "Minibond", etc). They will get a rude shock soon.
For those of you who are lucky you are not suffering this fate, keep your mouth shut if you have nothing positive to offer. This new precedent of getting justice by organized masses via internet has a bearing on future cases and you who are being sacarstic about victims' greed now may find you need help in similar situation. Remember the wheel of fortune can turn against you! Be Kind.
ReplyDeleteI think Mr Tan you should just record any conversation these people who warned you and publish it on the Internet. Let the power of transparency destroy them. People are not blind and can see for themselves.
ReplyDeleteDear Mr. Tan,
ReplyDeleteI do not support taking legal action aginst the FI because I just dont think we can win.
However, if you are in trouble because of this issue, I will be more than happy to contribute finacially to your legal defence within my financial capability.
At the end of the day, this is YOUR MONEY. If you don't take action yourself, nobody else would.
ReplyDeleteAlthough I'm also a banker (pls note, NOT from CONsumer banking), I feel the conduct of these CONsumer bankers really put the industry to shame. They are mere bank tellers, upgraded to a title of "Relationship Manager" or "Investment Counsellor", in order for them to prey on the uncles and aunties.
Mr Tan
ReplyDeleteThis is my case, i lodge a complain according to fidrec direction to the FI. They did not provide a email at that time, i had to call verbally. FI say they log my case. 2 weeks pass, no news, no official statement. Manage to get an official email address and send a email to them. This time, they officially say they log my case and given a case no and will reply 7 days later. If most of people only call to complain and there was no reply. Please start to send an official letter or email to the FI. Keep the letter to send to Fidrec later.
Dear Mr Tan
ReplyDeleteI commend your effort & courage. It's encouraging to see someone like you standing up for Singaporeans who've fallen prey to misrepresented financial products & selling tactics.
It's really disturbing to see how little MAS & the government're doing to defend & protect victimsed Singaporeans, especialy many're losing their hard earned savings & retirement funds. Look at what HK Regulators're doing....it's really sad for Singaporeans!!
10:34 Greed simply does not pay. Want to earn 5% to 8%, when everybody else earning just a quarter of 1%... now lose everything. You should have left the hard earned monies in FD.
ReplyDeleteI support and appreciate your help wholeheartedly. It is a sad that the authorities in Singapore should feel threatened by their citizens speaking up.
ReplyDeleteTo Anonymous @ 8:45am,
ReplyDeleteYou know why only 680 investors filed their complain to the FIs. The reasons are (as I realised after yesterday's Speakers' Corner event):
1) Many of them are seniors and are not IT savvy, inaccessible to the internet. They asked me how to go about it.
2) Quite a number of them are 'OLD' & 'SINGLE'- for unknown reason either not married, w/out children or widowed.
3) About 4 out of 10 that i spoke with are 'OLD' & chinese educated whose only source of news info is the chinese dailies - which hardly inform the investors that there is such a thing as 'Petition'.
4)They were not informed by their RMs about the present situation of their investment. They 'happened to be informed' by people they met at the coffeeshop & neighbors about yesterday's event.
5)Many are even 'OLD' illiterate but have only less then $50,000 of 'Blood, sweat & tears - COFFIN MONEY' with weathered hands to invest in this blood sucking BONDs.
6)More are not aware that there agencies or organisations that they can approach for help.
So these factors and many more, which i didn't have enough time to "kaypo" around and ask, contributes to the low figures of only 680 as compared to the total of 8000 investors. After I came home I ponder over what I heard & saw during my 3 hours there - am really sorry for these pathetic lot of folks.
Just wondering are there any way/s to reach out to them. Otherwise they will be TOTALLY left out.
I saw you last saturday at hong lim complex. I saw your sincerity in helping these people up, and not stiring trouble. Some of these people i saw are just totally helpless and lost, they definitely need help.
ReplyDeleteHi Mr Tan,
ReplyDeleteI strongly commend you for your selfless effort to help these distressed investors.
However in the media interview on youtube, you said that these financial products should not be sold. You did not qualify it. It implies that those who sold them are unscrupulous and of ill repute. These are too strong to be used. Remember, if some of these snr vp wants to sue you, they do not have to come out a single cent. They will just use their corporate counsel who may be a senior counsel like davinder singh. Hence if you loses the suit, you will also have to pay costs and this could be hefty because of the snr counsel.
Please be careful. This is singapore and since you are a grandfather, you know what it is like in singapore. So please be careful. There aren't that many like you around.
Mr Tan. I seldom meet people who are so brave and selfishless like you..I do support you..Hey people, if anyone dare to lay a hand on Mr Tan's strand of hair, I sure do something about it. And, i'll make sure ALL the universities and schools know of the affair. banks dark side.That's precisely why people want migrate overseas.Here, everything cannot say or comment.No freedom.Like prisoners but given food.As a student of NTU, I really condemn banks of their despicable behaviour.similarly,my frds all lose confidence in banks (esp local banks because we trust them).So disappointed! Guess I should have studied overseas rather than see the ugly side of greedy and selfish singaporean bankers.
ReplyDeletetake one step at a time.
ReplyDeletestay cool, do not act rashly.
brainstorm for a good solution.
good luck.