It is important for our society to be operated on the principles of honesty and fairness. The minibond crisis has raised many issues of deep concerns to me, and many other people in Singapore.
When I organised the Petition last September, it was very clear that the financial institutions had failed in their conduct as required under the Securities and Futures Act and the Financial Advisers Act. The Petition, signed by more than 1,000 people, asked the authority to carry out an investigation and take appropriate actions under these law.
After a protracted period, which left many investors in deep anguish, the investigation report was published. The punishment meted to the financial institutions was light. Many investors, who lost large sums of money, were not compensated. This raised serious doubts on the question of fairness and justice in our society. It seems that the ordinary people are at the mercy of the powerful people and institutions.
Hong Kong took a different approach. The authority exercised its power and influence to get the financial institutions to make compensation of 60% or more, to the investors. The amount that is being compensated is many times of the compensation in Singapore. The situation is similar, in respect of wrong doings by the financial institutions.
The Hong Kong settlement is scantily covered in our local media, although it is a matter of great importance, not only to the investors who are affected and their families, but to the other people who are not affected. It shows two different approaches taken by two states on a similar issue.
This raise another serious issue of honesty and transparency. Why is such an important issue being swept under the carpet and not reported in the mainstream media? People are not blind. They can read the news in the internet and the blog. They have ears and can listen to gossips in the coffee shops and elsewhere.
I hope that the authority will reflect on this matter and re-approach it on the principles of fairness and honesty. It concerns the future of our country, the people and our children.
Tan Kin Lian
- ► 2019 (1587)
- ► 2018 (1406)
- ► 2017 (1258)
- ► 2016 (828)
- ► 2015 (691)
- ► 2014 (144)
- ► 2013 (501)
- ► 2012 (1269)
- ► 2011 (1873)
- ► 2010 (2369)
07/26 - 08/02
- Re-build the trust in the integrity and reputation...
- Major US financial regulation initiatives
- TKL Sudoku - Challenging Puzzles
- SCMP:Mainland investors claim HK$500m loss on 'mis...
- The Asian Banker:SFC, HKMA and 16 banks reach agre...
- Travel Picks: Top 10 cities to visit with children...
- FISCA Website
- NYT: In search of competent (and honest) advisers
- Great Eastern Life shows the way
- Great Eastern Announces One-time Redemption Offer ...
- SCMP:Investors set for legal fight over lost milli...
- Features of life insurance policies
- Coops in focus in US healthcare debate
- Aging, inequity and poverty
- Expensive car park in Singapore
- Health care realities
- The Health Debate: At a Fever Pitch
- Permits required to appeal to the public for funds...
- Petition to PM on credit linked note (6)
- Pelosi lashes out against insurance companies
- Promote the use of car sharing
- No parking space in HDB estates
- Online Donation towards Gathering on 22 August
- Waiting for the stockmarket to bottom
- BBC; Car insurance premiums rising
- Are you sure democracy cannot help you financially...
- 50% compensation for Minibond
- Company Y not wanting to pay out my insurance clai...
- Gathering on 22 August at Hong Lim Park (2)
- Books and puzzles
- The Standard:Bank wiped out my $260m
- NJ sues Merrill Lynch over $300 mln stock purchase...
- Work near your home
- For the benefit and welfare of the people
- Honesty in Politics
- What is the future for this country?
- Free market - success and failure
- Reuters: Investors dump brokers to go it alone onl...
- NY Times: Of banks and bonuses
- Lehman victims international/ planning for Sep. 15...
- Why markets can't cure health care
- The Standard:61pc of minibond investors undecided ...
- TODAY:We should follow HK's example ; Protect indi...
- Honesty and fairness
- SCMP:Monetary Authority director clarifies minibon...
- Advice on individual shares
- Pensioner Health Benefits
- Interest rate on 25 July 2009
- Winners of Intelligence Quiz and Name The Shape co...
- ▼ 07/26 - 08/02 (49)
- ► 2008 (2104)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)