Tan Kin Lian's Blog: Rally in Hong Lim Park

Tuesday, June 30, 2009

Rally in Hong Lim Park

Dear Mr. Tan,
Can you please organise another rally in Hong Lim Park (Speaker's Corner), so that the investors who were rejected by the FI or FIDREC can express their feelings? Many investors will like to attend. It has been too long since the last rally.

REPLY
If there is sufficent investors who are willing to attend, I will organise the gathering on a Saturday or Sunday in August at 5 p.m.. I also like some of the investors to speak and express their feelings. If you are interested to attend or speak, please complete this survey.

27 comments:

Singapore Short Stories said...: Hi Mr Tan,

Many Thanks for taking your time to speak up on behalf of the investors who hit by the economic crisis.; June 28, 2009 10:43 AM
A Tan said...: Hello

Why shld Mr Tan organise the rally?

There are two mini bonds gps, one each of Pinnacle, HN5 and Jubilee.

One or more or all of these shld organise a rally and invite him to speak.

Hey juz because he nice guy, don't expect him to do the work of organising. Those who lose money, shld be doing the organising.

If investors so lazy, they deserve to lose their money.; June 28, 2009 10:56 AM
Solomon said...: Mr Tan, I believe this is the time to have a gathering at Hong Lim Park. Many investors have exhausted their efforts with FIs and FIDReC. At this moment
you could help to pair investors wth appropriate law firms who could help to fight their cases. Thank You; June 28, 2009 11:04 AM
MAY said...: Yes, base on our Mr Goh yesterday's announcement that 2/3 of Lehman's investors are being compensated, many are puzzled. Does these include those who get calls like me by the FI to offer that miserable 10% less interest and rejected this offer ? S'pore bloated up the positive statistics and has helped HK to get better proposal by the Banks. How many are really being offered fairly ??? Hope Mr Tan can assist, as we are left with little option to turn only to Fidrec, where ultimately, results are not that better after stressing ourselves. Many above invested $50K and above are not able to proceed to Fidrec, is this FAIR system??; June 28, 2009 11:24 AM
Anonymous said...: I suggest we have a gathering after MAS release their investigation report.

Zhong; June 28, 2009 3:59 PM
Tan Kin Lian said...: Up to now, only 1 person replied to the survey and he/she did not give a real name.

If I do not get sufficient replies, I will not be organising this gathering. It is too much trouble for me to shoulder alone.; June 28, 2009 5:40 PM
A Tan said...: Sensible response, TKL.

Why bother to help people who cannot be bothered to respond to a survey on helping them?

They want everything to de done for them.; June 28, 2009 5:59 PM
Anonymous said...: Why not do a gathering to educate investors about importance of asking for prospectus, reading and understanding it. If not understand they should not buy.; June 28, 2009 6:37 PM
Anonymous said...: Read prospectus?
Then want advisers for what?; June 28, 2009 8:18 PM
Anonymous said...: Mr. Tan, appreciate your help.
But many were bound by non disclosure. Can they talk openly?; June 29, 2009 7:34 AM
Tan Kin Lian said...: Reply to 7:34 AM

If you do not provide specific details, it is all right to talk about your experience.; June 29, 2009 7:41 AM
Anonymous said...: Not quite sure what a rally at Hong Lim will accomplish. They have already gone into their "move on" mode and done all of the necessary spin to whitewash the whole affair.

As mentioned before, the only redress is a law suit, preferably filed in a jurisdiction outside of Singapore. These would of course require the aggreived parties to actually take action as opposed to sitting back and free riding off the efforts of others.; June 29, 2009 10:33 AM
Anonymous said...: Singaporeans need to stand up for themselves and take action. If you want a meeting, go ahead organize it and invite Mr Tan to speak. You should not expect him to organize it. He is not the one losing money and moreover he has organized many meeting in the past.; June 29, 2009 10:59 AM
Anonymous said...: The report says two-thirds are offered compensation, not compensated. Many who were offered did not take up because the offered amount is miserable. More relevant for MAS to reveal how many were actualy compensated.

Similarly, $105M is the total invested amount of those (3600 people) who were offered compensation, not the total amount they were offered. More relevant for MAS to reveal how much was actually returned to investors.

What a number game to fool people!; June 29, 2009 12:08 PM
Anonymous said...: 1. All aggrieved investors should lodge a formal compliant with the FIs which sold them the investments.
MAS's statistics on settlement are based on owners of about only $100M worth of investements who had done so. This constitutes something like only 15% of the total $800M to $1B estimated to have been bought. This low percentage makes the stats look more good than the true situation because the bulk of the 1000+ investors who received full compensation are presumably in the category of aged/uneducated investors. If you exclude this group from the stats, the extent and coverage of settlement of the rest is rather moderate. This gives MAS and the media a wrong optimistic perception that the problem has been largely resolved. Regardless of any intent to take legal actions, all unhappy investors should lodge their compliants so that the world will have a full blown picture of the scale of the problem and grief.

2. I have and my grouse is now also lodged with FIDReC. For those who are wary about the process, it is not technically complex. The FIs have compliant forms which they will assist to fill up and will at least kick start the process. Also FIs are known to increase the FIDRec cap of $50k upon appeal if the claim exceeds the cap. Finally FIDReC will only take up cases which have gone through the complaint process with their FIs. Don't worry about the final fate of your complaint. Put a foot in first. Perhaps the various interest groups for the various investments can organise themselves and provide assistance for the groups to lodge the complaints. This will also provide a 2nd wind to the cause which seems to become rather passive now.

Gotong royong, ie., help yourself first, if you want others to help you. Otherwise your lips shall forever be sealed.; June 29, 2009 12:56 PM
A Tan said...: If people not willing to file complaints to FIs, that is their problem.

Fear or apathy or sloth have a price.

So right to exclude them from calculations.; June 29, 2009 5:26 PM
Anonymous said...: Mr. Tan,
Dont waste your time and others time as the meeting will not bring any changes.

Thank you for volunteering anyway.; June 29, 2009 9:13 PM
Anonymous said...: If someone were to speak, it is likely that a very big crowd of unhappy "victims" will go and listen.; June 29, 2009 11:17 PM
Anonymous said...: Those who get no compensation from FIDReC can speak up now if you think your injustice is not redressed by FIDReC. Other than joining legal action, there is no other effective alternative.; June 30, 2009 12:45 PM
Anonymous said...: Lazy, Kiasu and Kiasi investors deserve to lose their money. Only greed motivates them and not the sense of justice. This is the only reason why so many investors did not proactively seek redress. They expect others to speak up for them, organise rallies for them, seek redress for them. When times are good and they are making money, they forget about you. There is a parallel between these investors and the voting public. The reason they want Mr Tan to organise is so that when something happens, they are not to blame. Selfish and self-centered, they deserve what they get, just like the voting public deserve what they get when they are passive and do not want to take risk and vote to make a difference to their lives and that of their loves ones and worse, hurt the interests of the minority who dare stand up and want to make a difference.; June 30, 2009 1:53 PM
Anonymous said...: Rally and talking are no use. Govt and MAS are not listening. We need actions. What happen to all the legal (class) action groups? The group leaders should rethink their strategies and hit hard on the FIs. Plse do not let conmen walk away scot-free.; June 30, 2009 4:01 PM
Anonymous said...: These people deserve to be fleeced by the RMs and the insurance agents.
They know how to make noises. These investors are bunch of kiasi boneless chicken; June 30, 2009 8:12 PM
Anonymous said...: SG has the best psychologist in the world.
They told no compensation. Then suddenly they told u they want to give u 10% or 15%, everyone are so happy.
In HK, even give them 60% they still don't want.; June 30, 2009 8:37 PM
Anonymous said...: It will be another walkover in few years time if no one dares to stand up and make a difference.; July 01, 2009 12:56 AM
Anonymous said...: The FI's will not be serious offering compensation to you unless you are serious taking them to court.; July 01, 2009 9:37 AM
Solomon said...: Please do not forget to complete the survey; July 01, 2009 10:43 AM
Anonymous said...: My mom is retired, uneducated and don't understand English, yet FI only compensate half the invested sum. We're not accepting this!!!; July 01, 2009 6:51 PM