Tan Kin Lian's Blog: Meeting at Speaker's Corner 18 Oct, 6-7 pm

Friday, October 17, 2008

Meeting at Speaker's Corner 18 Oct, 6-7 pm

All investors in credit linked securities are invited to attend. There will be two short speeches by Tan Kin Lian (in English) and another speaker (in Mandarin).

Tan Kin Lian will also speak on how three laws could have been breached:
> Securities and Futures Act
> Finaancial Advisers Act
> Trustees Act

The investors can meet with other investors in similar situations.

28 comments:

Betsybug said...: We are going to set up an "official" register of DBS High Notes investors to facilitate creation of proper mailing list. This way, we can be certain of the bona fide nature of participants.

So we are asking all DBS High Notes investors to bring your Investment documents as proof of your ID to the meeting on Saturday.

Pls note this is an opt-in exercise - if you do not want to do this, we will simply not include you in the mailing list.

Hope to see you all there tomorrow.

bb; October 17, 2008 3:19 PM
Anonymous said...: I hope more will turn up. Have persuade my kiasi friends to go but they are non commital.; October 17, 2008 3:57 PM
Anonymous said...: If they have breached all three laws, then what is next? Who is going to enforce these laws? The banks might fight back because they have financial capability.

Could we get our investment back intact?; October 17, 2008 4:46 PM
Anonymous said...: Can we hang this banner?

"挂羊头买狗肉"

THis is exataly the case and this is the word from the mouth of the sales guy who sold these toxic product to us.; October 17, 2008 5:13 PM
Betsybug said...: To lsk

Unfortunately in life nothing is guaranteed. We can but fight. The alternative is to lie down and let the banks roll over us.

The question for all investors is do you step up and do your bit (and therefore increase your own chance of getting redress), or are you waiting for something to happen? I can assure you nothing will if you don't contribute.; October 17, 2008 5:31 PM
Anonymous said...: Of course the banks will fight back if they face a legal challenge. But justice will prevail if this is really a case of folks being misled and lost their money. Also no politics or political personality (TKL is not, or not yet a politician) is involved.; October 17, 2008 7:55 PM
Anonymous said...: I am a fervent Tan Kin Lian Supporter
even if he were to speak at the Gobi Desert

I will be there !; October 17, 2008 8:07 PM
Anonymous said...: I wrote my email, and contact details on the papers that were passed around last Saturday amongst the group of High Notes investors and handed it back to a guy called "Ken". I thought Ken was going to use those information to create a mailing list? Anyone received emails from him? R we going to go through all that exercise again tomorrow? It would be good if those who volunteered to help organise identify themselves.

hc; October 17, 2008 8:34 PM
Anonymous said...: Dear Mr. Tan,
Parliament will sit on Oct 20 Monday and the following have been tabled by legislators on structured deposit.

*5. Dr Lily Neo: To ask the Senior Minister (a) to what extent are Singaporeans
affected by the collapse of American financial institutions such as Lehman
Brothers; (b) how many Singaporeans are losing their savings as a result
of this crisis; and (c) what are the safeguards, if any, to protect
Singaporeans' savings in financial institutions and insurance companies
from similar financial turmoil.

*11. Mdm Halimah Yacob: To ask the Senior Minister (a) how does the
Monetary Authority of Singapore (MAS) supervise financial institutions
operating in Singapore to ensure that they fully comply with the regulatory
framework requiring disclosures and proper business conduct when they
market investment products to retail investors; (b) whether the existing
laws and regulations are adequate to protect retail investors against such
high-risk investment products; (c) whether MAS will be initiating any
investigations into the conduct of financial institutions to ensure that they
have conducted themselves appropriately when marketing and selling to
retail investors; and (d) what more can be done to enhance safeguards for
these investors.

*12. Mdm Cynthia Phua: To ask the Senior Minister (a) how does the Monetary
Authority of Singapore (MAS) (i) safeguard the interest of the man-in-thestreet
to ensure that they are aware of the complexity and high risk nature
of the financial products they are investing in; and (ii) regulate banks and
finance companies in the sale of high-risk and complex structured
financial instruments so as to safeguard the capital sum invested by the
man-in-the-street; (b) whether MAS will be able to provide the number of
Singaporeans who lost their high-risk investments following the closure of
the Lehman Brothers in the US; and (c) whether MAS will require banks
to determine the risk tolerance and ensure that the contracted terms and
conditions are understood by potential investors before the sale of such
products.

*13. Mr Low Thia Khiang: To ask the Senior Minister (a) whether the Monetary
Authority of Singapore (MAS) will investigate how structured products
linked to Lehman Brothers were marketed; and (b) if there is any
misrepresentation, whether MAS will assist the affected investors in
negotiating with the banks to ensure fair treatment for these investors.

*14. Er Lee Bee Wah: To ask the Senior Minister (a) what are the terms of
reference for the three independent consultants appointed by the financial
institutions to look into the investors' complaints; (b) what are the
procedures to ensure that future investors are not misinformed about high
risk financial products; and (c) whether he is able to provide the
information on how many of those who invested in these structured
products linked to Lehman Brothers were elderly people or retirees.

*15. Mr Siew Kum Hong: To ask the Senior Minister in view of the public
concerns on the sale of structured products (a) what are the principles
followed by the Monetary Authority of Singapore (MAS) in regulating
financial institutions; (b) whether MAS is investigating the allegations that
financial institutions have misrepresented and missold structured products
to the public and, if so, what is the status of such investigations; and (c)
why did MAS not appoint the three individuals reviewing certain financial
institutions’ internal processes, instead of leaving them to be appointed by
the financial institutions and thereby permitting possible perceptions of
conflicts of interests.

*16. Mr Gautam Banerjee: To ask the Senior Minister whether more can be done
to (i) improve the level of communication and disclosure particularly on
credit and market risk when complicated structured investment products
are sold to ordinary investors; and (ii) provide comprehensive product and
ethics training to those marketing complicated structured products to retail
investors.

Lets see what would the response.; October 17, 2008 8:41 PM
Anonymous said...: I am a DBS investor, but currently overseas. Will not be able to attend the meeting on 18 Oct. However, i am interested to be included in the register and in the email list. Please let me know if this is possible.; October 17, 2008 9:35 PM
Anonymous said...: Meeting is at 5-7pm or 6-7pm?; October 17, 2008 10:13 PM
Anonymous said...: Looking at the list of queries by MPs for parliament session, posted by "8.41pm anonymous", it seems to be like formality questions.
No mention of any mis-doing of products approval by MAS is highlighted.
All only pointed to the reponsibility of FIs. I feel the root cause of all this episode is the influx of such products. MAS must have approved these products for sale to domestic investors in the first place. Which I think is a slip-out in MAS role.
I have come across some good quesions in this blog, which are much better questions to be tabled at parliament. These questions come from a group of great minds in this blog.
Wondering whether possible to get this list of questions to send straight to an MP to raise up in parliament?

Pathetic; October 17, 2008 11:09 PM
Anonymous said...: why my marine parade grc mp not going to ask mas on monday. i complained to her already but instead she is going to ask quesiton to minister of national devleopment only. why? very disappointed, waste my time complaining !!!; October 17, 2008 11:45 PM
Anonymous said...: We will continue to press for answers on breaches of the 3 laws
by FIs and the salespeople and MAS also.; October 18, 2008 12:18 AM
Anonymous said...: The most important question & the most straight forward & honest question not asked by the MPs: Did MAS make a mistake in allowing this dangerous toxic product to be packaged as a safe product and be sold to the retail investors? And SM can answer in a very straight forward and honest way - yes or no. Like the earlier person said, just a list of sanitized, formality, going-through-the-motion type of questions, for show. No one, including the opposition dare ask SM who is the Chairman of the MAS this simple, honest question. How to respect all our MPs? Where is the "we will do what is right and represent you honestly without fear or favour, letting our conscience guide us. You elected us and we promised you this is the very least we will do. We have your interest at heart & do our best to protect your interest?". All our politicians, MPs & Ministers should do well to remember this motto borrowed from the United States West Point Military Academy : Duty, Honour, Country. Perform your duty honorably, do what is right for the people who elected you, always guided by your conscience. As the highest elected governing officials of our nation, you have a high & honorable calling. You owe it to the citizens who trusted and elected you to govern to do what is just & right, regardless. Don't let them down & don't let yourselves down.; October 18, 2008 6:24 AM
Anonymous said...: I am also overseas and would be interested in being included in the list. How do I do that ?; October 18, 2008 7:16 AM
Anonymous said...: When you run for President you have my vote cause you stand for us people. Please do think seriously when this crop up.; October 18, 2008 9:20 AM
Parka said...: I bought Minibond from OCBC Securities. They said they don't advise product suitability in relation to its customer's risk appetite.

Basically, any retail investor can walk in grab a brochure, read and be misled in seconds and sign something.

How is that different from dispensing drugs from a pharmacy without prescription?

Is that even legal?; October 18, 2008 11:30 AM
Anonymous said...: I agree with BB. Please DON'T SIT BACK AND WAIT for something to happen.

Some people did not find going to the Speaker's Corner very productive or were afraid when the police were called in at DBS on Wednesday. Let me say this:

1. If you believe there is strength in unity and you know you have been misled by the bank and you want to be heard, we must keep this in the spotlight and in the media.
People pay attention when there is a crowd.

2. You meet other investors like yourself and, if you choose, you can be involved in a collective group. When you are alone, you may feel that you are up against all the odds and feel overwhelmed. That was how I felt when I approached this individually.

We're in this together and we must persevere. Speak up for your own rights. Individual efforts have failed and collective action is necessary.

Be there tonight or get trusted friends and family to go if you can't make it. Don't sit back and wait for something to happen.; October 18, 2008 12:44 PM
Anonymous said...: OCBC securities claimed that their remisier/TR don't advise or analysis the structured products available for sales. I believe regulator (MAS) must have allowed it if security firm claims so. Is this approved by MAS? Is it proper and questionable if so?

Pathetic; October 18, 2008 12:52 PM
Anonymous said...: Pls refer to the excellent comments made by ming in CNA Forum:

.........Why has there been no mention of potential misrepresentation?

What role does criminal deception have in our society? In a free society, we make choices and either reap the benefits or suffer the consequences. The basis of this system of reward and punishment is the law. It is the law that guarantees the rights of investors and allows capital to form. Without the law, financial assets would not exist for no one would have any confidence in them. It is therefore of utmost importance that the law be upheld. If there is evidence of wrong-doing, or in this case allegations of fraudulent inducement, then it is not in the interest of the people of Singapore to allow such serious crimes to go uninvestigated. We must ensure that persons in position of public trust, be they ministers, members of parliament, civil servants, directors and managers of public companies or even bank employees, are brought to account if they violate the sanctity of our laws for otherwise our republic is doomed.

To throw the veil of secrecy because the matter is politically sensitive smacks of cowardice. Why have investors been asked to conduct unequal private negotiations when their collective interests are best served if a settlement is reached via representative action in a public arena? What are they afraid of? They ask the financial institutions to do the right thing when criminal allegations have been made against these same institutions. Would urging all robbers in Singapore to do the right thing solve the problem of theft? The people of Singapore need to know which financial institution has done what for how else can we make informed decisions in the future? Let me remind you that it is these same choices that we are held accountable for.

Without the disclosure, no investor can know if the deal offered by the banks is fair. It will be dictated to them that getting something back is better than getting nothing back. Take it or leave it. Since you have no idea what others are receiving, and the government has placed its authority on forcing a resolution, you would have no choice but to accept what you know is an unfair outcome.

I view with grave apprehension this decision by the Monetary Authority of Singapore and I am deeply disappointed with the self appointed heroes who sycophantically support such an unequal decree. Fraud has been alleged by numerous individuals and a complaint has been filed with the Commercial Affairs Department. Now that the government has made its policy clear, it becomes even more important for investors to come together to enforce their rights. Do not accept this insulting attempt to palliate your feelings without a substantive admission of wrong doing or any concrete compensation. We owe it to ourselves to defend our country. Fraud must be punished or none of us are safe.

http://forum.channelnewsasia.com/viewtopic.php?t=187581&postdays=0&postorder=asc&start=10; October 18, 2008 2:11 PM
Anonymous said...: To anonymous 12:44

Well said. I think there are people who just expect to put their names on a mailing and expect others to do their work for them. Please do not shirk from carry your share of the load. We shall fight for those who are fighting beside us. We cannot expect Mr Tan Kin Lian to do everything.; October 18, 2008 2:15 PM
Anonymous said...: very well said. The disturbing thing is the police came to enforce the "no protest" law against investors who gathered at DBS on wednesday. I read that only 11 investors were there but there are suppose to be several thousand investors in all. If these investors do not have the courage to stand up for their own rights than perhaps they deserve it. I'm sorry to sound a bit harsh but that's the fact of life. If you are weak than you'll be eaten up by the bigger fish!; October 18, 2008 4:40 PM
Anonymous said...: Dear Mr Tan,
I would like to suggest that you reproduce the posting by 2.15pm in your main board for all to see. It refers to excellent comments made by ming in CNA Forum. The points raised are important.

Thank you again for showing the authorities by your example what they should have been doing.; October 18, 2008 8:25 PM
Anonymous said...: You think the MPs dare to ask in Parliament if there is any mis-doing of products approval by MAS ?? The reason is obvious ! If they dare to ask, they might not be in Parliament at the next sitting, so you think they will risk their neck for the investors ?

So their list of questions to Senior Minister is just a show, a big wayang.

If the MPs are really sincere in helping the investors, they should ask the Senior Minister to investigate why did the MAS approve the structured products to retail investors in the first place. If MAS had done due diligence, this sad state of affairs would not have happened today. MAS is the root cause of all the pain and suffering of the victims.; October 19, 2008 12:43 AM
Anonymous said...: Sad to say that my kiasi friend dare not turn up!; October 19, 2008 11:46 AM
Anonymous said...: 2.11PM,
Thank you for the article. Now I am clearer on the difference between mis selling and mis representation. The Brochures and sales materails and prospectus definitely belong to the mis representation category from my viewpoint.; October 19, 2008 5:40 PM
Anonymous said...: MAS and DBS are run by government, so sorry I am the kiasi type, don't want to kena summon at midnight by ISD for questioning ... like trying to topple singapore's stability. I still have a job, a career, my children and aging parents to think for.

But i think you all doing a great job and wish you the best when you deal with the government. show them the power of the people, the unity of unjustly treated, it's time for justice!; October 20, 2008 12:40 AM

Friday, October 17, 2008

Meeting at Speaker's Corner 18 Oct, 6-7 pm

28 comments:

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