Interview with Sunday Times

1. At what point did you decide to take action and act for the investors?

Reply: I was shocked to read in the papers about the failure of the Minibonds, High Notes and Jubilee Notes, due to the collapse of Lehman Brothers. I did not like these structured products, but but I was not aware (until the collapse) that it could be so serious. I believe that there is something seriously wrong with the creation and marketing of these products, and that there is some possible wrong doing. I decided to organise a Petition to ask the Government to investigate if there were any wrong doing. This was done about one month ago. The Petition attracted 983 signatories.

2. Why did you decide to act for them, especially since you're not a victim yourself?

Reply: I consider it to be a public duty. If I find that there is something wrong and some many people are affected so badly, it is my responsibility as a citizen to help them to find redress. Actually, this is the resonsibility of the people in the Government. Perhaps they are too busy or not aware of the seriousness of the problem. I hope to raise their awareness, so that they can come forward to use their immense resources to do what needs to be done. After that, I can take a rest.

3. What incensed you the most about this whole saga?

Reply: Occasionally, I get angry. Most of the time, I am quite calm, in spite of the tremendous pressures that I faced in dealing with many distressed investors asking desperately for help.

I am angry that these structured products were allowed to be marketed to retail investors and that they were pushed by the financial institutions who has the responsibility to make the appropriate recommendation to the retail investors. I am angry that, even now, these parties are still not coming forward to do "the right thing". They are adding to the distress of the investors.

I appeal to them to act:
http://tankinlian.blogspot.com/2008/10/act-honourably.html

4. Do you personally know anyone who has bought these failed products?

Reply: I get to know many, many people who have bought these failed products, after the Petition was launched. They told some many heart rending stories to me. I passed their particulars (with their consent) to many journalists from the various mainstream papers, to interview them.

5. Many have hailed you as a hero in this saga. What are your thoughts on that?

Reply: I understand from history that many heroes died in the battle. I hope that I can survive and live to an older age.

6. What is the most heart rending story you've heard from any of the investors?

Reply: There are too many stories that fit into this category. I do not wish to degrade any of them, by singling out one story.

7. How do you think MAS has dealt with this crisis? Are you satisfied with what they've done?

Reply: I do not wish to pass any judgement on MAS. I have suggested in my Petition and in my blog, various actions that MAS could take to resolve this crisis. I hope that they will invite me for a dicussion on some of these suggestions. I also hope that they will adopt some of these suggestions to help resolve the crisis.

8. How do you think the petition and affidavits will help?

Reply: The Petition ask the Singapore Government to investigate if any of the laws had been breached. They are the Financial Advisers Act (section 27), Securities and Futures Act (section 199) and the Trustees Act and to take the appropriate action (if these laws have been breached).

The statutory declaration (previously referred to as the affidavit) allows the investors to give their honest statment under oath, regarding the assurances and explanations that they have received verbally from the sales representatives. They need to have a sworn statement as these statements may contradict the standard forms that they have signed (where the contents were not properly explained to them). We need the statutory declarations of hundreds or maybe thousands of investors to confirm that they were indeed given the wrong information to make their decisions.

9. What do you hope to see happen?

Reply: I hope that there can be a fair settlement. I hope that the financial institutions will offer to compensiate the investors for 50% to 80% of their loss.