Which group do you belong to?
Group 1- Positive
I wish to thank you for your tireless efforts in helping the investors to voice their anguish. Although, I am not optimistic about recovering my savings, given the lack of support from the authority, I nevertheless appreciate what you and your team is doing. Regardles of the outcome, you have my deepest appreciation.
Group 2 - Negative
You advised us to recover the investment from the financial institution. In my opinion, its a not a useful way to do it. It will only sapped our energy and hope and once we make a mistake, we can end up in jail for defamation or for lying. You said be truthful, so be truthful. Please do not give false hope! There is nothing we can do.
Which group do you belong to?
Dear Mr.Tan,
ReplyDeleteI have not lodged a complaint yet because while I believed that the whole minibond thing is mis representation, if I put that in writing to the FI, they may have ground to sue me for defamation. I dont have the money to fight the FI in court.
But if I dont state that, what is the ground to seek compensation?
I would rather group in class action suit then face the FI alone.
I was informed by a PAP person that this matter would likely be discussed in Parliament this week. I urge Singaporeans to have faith in their leaders, and wait patiently for them to gather all the necessary facts of the case before the appropriate measures could be studied and the best solution offered.
ReplyDeleteThe present uncertain climate makes it difficult to see clearly where the other pitfalls are going to be. We must also avoid excessive and unfair losses to the banks too, otherwise they may take very drastic steps like retrenchment of bank staff, which would create more hardship for many innocent souls.
By RTA
I agree we should unite and fight in a group.
ReplyDeleteIt is stronger.
It is no use going to face the FI alone.
It is just like the Police(MAS)asking the robber(FI) to talk to the victim(investor).
Is it not silly?
Nothing good will come out of it!
Dear Mr Tan
ReplyDeleteI really appreciate your tireless help to us. No matter what the outcome is, you have done so much for us already. At one point, I also felt quite disheartened but your blogs are so positive and encouraging, so it made me stronger and feel there is still some hope to recover our hard-earned money.
I definitely belong to Group 1- POSITIVE.
Thank you!
Hi, 11.34 am
ReplyDeleteI did not realize that by writing a letter of complaint to the FI, we can be sued? I thought we are complaining that we are misled, hence, we want compensation from the FI?
I would think that so long as we do not 'wrongly' accuse the FI, we should be 'safe'?
I belong to Group 1 - I cannot just sit there and do nothing and just see my mum's hugh life savings go down the drain because we have been told to park our money in a "safe" instrument.
ReplyDeleteI appreciate Mr Tan for his help. No words can express my appreciation sufficiently.
I also still put my faith in the government we voted in and believe that end of the day, they will still help us in time of need. I understand they might not be able to publicise everything they might be doing right now.
KSH
Group 2 and first replier deserve to lose their money.
ReplyDeleteWant everyrhing to be done for them.
On day of first meeting at Hong Lim, friend told me that another insc expert said Mr Tan and others wasting their time. MAS will not do anything.
Well this expert is wrong. MAS doing something. In fact for the "vulnerable" more than HK authorities.
My understanding is that if the contents of the letter alledging mis-representation is not made public, there are no grounds for defamation
ReplyDeleteWhat ever group that you may belong to it does not matter. But I strong believe that all should take the appropriate action as recommended by Mr. Tan. All this while the retail investors are at the mercy of the FIs, who motives are to make as much money as they wish without due regards to the specific need of the retail investors.
ReplyDeleteAll must also thank God that at least Mt. KL Tan has the courage and the time to come up with useful suggestions for all to follow. Every one should take their part to participate by spending a bit of your time and effort. Other wise FIs will never learn the lsesson. Please do not give out please fight for your rights.
Is this what Singapore's education system has created: a people so fearful they dare not complain even when they have been wronged?
ReplyDeleteTRANSLATION:
ReplyDelete乐观或悲观？
您是哪一组？
第一组 – 乐观
我要感激您不辞劳苦的帮助投资者们提出他们的苦恼。虽然，我对取回我的储蓄不太乐观，尤其是有关当局不太支持，我还是要感谢您和您的团队所做的一切。不论后果如何，我要深深对您感谢。
第二组 – 悲观
您告诉我们向金融机构取回我们的投资。依我之见，这不是有用的方法。这只会耗费我们的净利与希望，而且一旦我们犯错，我们可能会因毁谤或欺骗而要坐牢。您说要真诚，那就应该坦诚。请别给我们幻想！我们实在无计可施。
Thank you Mr Tan. I am positive because i still trust the government and believe there is justice in Singapore. I cannot imagine being sued by telling the truth. Many elites will leave the country if that is the case.
ReplyDeleteMrs Foo, a minibond victim
Most in the 2nd Group probably voted for the PAP in the last elections.
ReplyDeleteKiasi more than Kiasu!!!!! No backbone to fight what has been wrongfully committed against them! What a GREAT example for their children to follow!
Jim.
Hi Mr TAN,
ReplyDeleteYou are GOD SEND. To put in so much effort and time to help people who appreciate you is one thing but for those who are both kiasi and kiasu and do nothing but just typing in stupid comments should break their own hands and seal up their xxxxx mouths.
May GOD be with you and yr family, Mr. Tan Kin Lian.
Just a housewife.
I think for those who open their moutm without thinking, you may be in bigger troble than you think.
ReplyDeleteIn this world, truth is not waht you believed or make u to be. It is up to the court to decide when there is a different view. Dont think most investors have the money to substantiate the truth.
12.34pm is reading it correctly but 12.48 and 1.20 do not understand well enough and I fear you would get into trouble if you write.
Reply one did not state not to complain but seek strength in class action.
Dear RTA,
ReplyDeleteYou sounded like a PAP grassroot member. Without strong oppossitons, you thinks this issue is going to be discussed objectively and in the interest of the victims? Aiyah.
I belong to group 1.
ReplyDelete1. I quote betsybug who wrote: BE TRUTHFUL, NOT FEARFUL.
How we, as individuals and as a group and how the FI and leaders of this country, approach and handle this case will help determine the kind of Singapore our future generations will live in. A dynamic society where intergrity and justice thrive.
2. I too have faith that our government and leaders will act with integrity and fairness to help investors who were grossly mis-sold this toxic product.
3. I would like to believe that the FIs want to restore the confidence of their customers and do what is right for their customers in a proactive and transparent way. No customers, no bank, no job and no shareholders.
4. I am hopeful and I am positive.
It is easy to get negative and disillusioned but I choose not to be. And to quote betsybug again, at the same time I am not sitting back and waiting for something to happen. I am also realistic.
5. Thank you Mr Tan.
CC
I think I belong to Group 1 and I try to stay away from Group 2 in general.
ReplyDeleteYou can't get any meaningful conversation/actions from Group 2. They will always say this cannot, that cannot, blame this, blame that, complain this, complain that.
And the most serious flaw in group 2, after all their rantings, they do not sit down and introspect on themselves. Is there any tasks within their control/influence that they can improve or act upon, so as to improve the situation.
That is generally why I don't like to stick around Group 2.
Apparently all the protest, petitions and media attention does not help.
ReplyDeletehttp://www.mas.gov.sg/news_room/parliamentary_questions/2008/Reply_to_PQs_on_the_Sale_of_structured_products_to_retail_investors.html
It is the MAS who asked us to complain to FIs. We are just following instructions.
ReplyDeleteWe are just writing based on the best of our knowledge. If you don't complain, you will get nothing.
I belong to group 1, word for word.
ReplyDeleteTo add on, it's a great time to see people and businesses for who they really are.
12.34 and 12.48, you have brains or not? U know how serious if you loose court case?
ReplyDeleteU certainly not going to be there to provide for him and his family other than shooting comments from your butts!