Sunday, November 23, 2008

Plea to MAS - investors of Pinnacle Notes

Managing Director,
Monetary Authority of Singapore

82 individual holders of Pinnacle Notes arranged by Morgan Stanley Asia (S) Pte Ltd have co-signed a self-explanatory Plea to MAS on their plight in their investment in the said Notes. On their behalf, I am handing over herewith the Plea together with their signature sheets and details as stated therein.

We hope that MAS will respond positively to our Plea as we are at our wit’s end as to how to protect whatever good values that remain in our investments. We have also enclosed Morgan Stanley’s latest indicative valuation of various Pinnacle Notes which one of us had obtained through his broker. As you can see, many of these have devalued down to barest values. We understand that these devaluations had occurred rapidly in recent weeks. On top of that, we are in the dark as to the timing and exact root causes of the devaluation. Morgan Stanley is also not providing such information to us even though some of us had asked for them through our brokers.

We will be most happy to take your response in any form you deem appropriate, be it directly to me on their behalf, through a press statement or any other means.

As a matter of courtesy, I wish to advise you that I will shortly be posting a copy of the Plea, in a website which the signors have agreed, to enable them to access a copy for their records as most of them did not get one for keeps at the time of the signing at Hong Lim Park due to lack of photo-copying facilities at the site.
Thank you.



Anonymous said...

I really want to witness the outcome of this Plea

This is poised on opening a series of Pandora Boxes' on many latent socio-political administration for the inaugural time.

The only problem I see is I am not sure EVERYONE wants that.

wordofmouth said...

Dear Mr Tan

You have actually open the eyes of many lawyers and professionals in Singapore,who are just simply don't bother about anything in this country.No social responsibility at all.Just thinking of making money.
Without you knowing,you will definetly be an inspiration for the coming generation to stand for their rights.Hats off to you Sir.

You are "ONE IN 4.8 MILLION"

Best Wishes.
G Jayakandan

Anonymous said...

Count me in, I want to see justice!

Anonymous said...


4.8 million people? You have just included every maid, foreign labourer, foreign student, study mama, etc, and I salute you.

Anonymous said...

Lawyers out there, how about helping the consumers aggrieved by RMs, insurance agents and financial advisers, to get redress for mis-selling and inappropriate advice.
This can be a lucrative business, helping victims and yet get paid.
Common mis-selling and inappropriate recommendation by insurance agents are wrong products and inadequate solution resulting in victims' dependents having insufficeint money to carry on life.This is due to conflict of interest.
Lawyers should visit funeral wakes or contact deceased's young spouse with many children to ask whether the deceased has left enough legacy to take care of them.
Evidence of mis-selling and conflict of interest can be found in the fact finding form aka KYC. Perhaps , lawyers can work with qualified financial planners to check recommendation without reasonable basis. This is rampant and committed by product pushers/sellers who willfully disregard the buyers' needs.
Helping the victims' spouse/family to get redress and justice against errant and unethical practice by insurance agents is a noble job and it is a very popular practice in US and UK. There have been too many malpractices and it is time that this social ill be eliminated.
You lawyers can play this important role by bringing life back to single parents with children to recovery.
You may want to visit the Association for single mother with children to get the story and feel of these people.Their life devastated by the irresponsibility and the unscruples of insurance agents because of their greed, dishonesty and incompetence.


Anonymous said...

yes, it is time insurance agents pay for their malpractices. Indeed they have caused untold suffering to ignorant consumers who trusted them.
FUNERAL WAKE IS A GOOD PLACE TO START WITH to help widows and widowers to make insurance agents pay
for their ill advice and mis -selling.

Anonymous said...

Lawyers and insurance agents are human too

I mean they also want to earn quick bucks and drive big cars.

So expect as much.

Anonymous said...

Organiser of plea - Any reply from MAS yet?
Send it on to all media to pressure MAS. These talented guys failed us badly this time, and will again next time

Anonymous said...

"Anonymous Anonymous said...

Organiser of plea - Any reply from MAS yet?

Send it on to all media to pressure MAS. These talented guys failed us badly this time, and will again next time

12:38 PM"

I was thinking to quote this down somewhere

Certainly makes it easier to copy and paste after asking the same thing again and again say a year or so down the road

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