Wednesday, July 22, 2009

The Petition is NOT a futile effort

Another blog described my effort to help the investors get a fair settlement as "futile". It is a sad state of affairs that we have a government that ignores the plight and appeal of the people. It is equally sad that we have many cynics who stand by and pass discouraging remarks.

Many signatories know that the petition may be ignored, as it has happened in the past. But, they are willing to come forward to have their voices heard. It is important that their signatures be placed on the record.

The situation has now changed, and it may warrant a re-consideration by our government. All investors in Hong Kong are being compensated at a minimum of 60% to 70% of the invested sum. I believe that the investors in Singpore should be treated on a similar basis, as the systemic mis-selling is similar in both territories.

I hope that everyone will take a positive approach and help to pass the message to all investors to sign the petition.

The petition is intended to include all investors, including those who have bought from the security firms. They have also been advised, either directly or indirectly, by the sales representatives who acted for the security firms. I hope that these investors will read the Petition more widely and come forwqrd to sign it.

Tan Kin Lian


Anonymous said...

no,it is not futile. it is a way of saying "hey, no matter how harsh you treat us, how unfairly you portray us as investing with your eyes wide open, we are not going away." And we are going to fight until justice is done.

Anonymous said...

Fully agreed. Pent up frustration and anger cannot be kept for long.Keeping silence is just like accepting defeat.

Anonymous said...

You have our support, Mr Tan

Anonymous said...

To the naysayer:

They came first for the Communists, And I didn’t speak up because I wasn’t a Communist;

And then they came for the trade unionists, And I didn’t speak up because I wasn’t a trade unionist;

And then they came for the Jews, And I didn’t speak up because I wasn’t a Jew;

And then... they came for me... And by that time there was no one left to speak up.

Martin Niemöller.

Anonymous said...

Your effort is not futile. It only reflects the futility of those whose hands are stained by denying justice.
Its really a profound anguish and shame being Singaporean.


Anonymous said...

This will not be a futile exercise. Let this be the sign to the authority that we are not pushover. Starting from this one.

Anonymous said...

The naysayers are probably selfish people who were not invested in the minibond products. These people do not realise that they will not have anyone to speak up for them when it is their turn to get cheated.

Anonymous said...

Again, our garmen is side-stepping the issue and trying to distract facts that credit-linked notes (CLN)is toxic and deadly; the FIs in S'pore and MAS did not do their part in evaluating the products at all. The very fact that the banks in HK offer compensation is testimony that CLN is like melamine.....MAS must be held responsible for allowing CLN!

Anonymous said...

Be deaf to the noises of sabotage . Jia yu, Mr. Tan. Persistence and perseverance will wear them down.

Anonymous said...

"SINGAPORE'S model of governance is one that tries to achieve a balance between delivering quality leadership and giving people the opportunity to voice their dissatisfaction with Government policies"

""allow them to voice their dissatisfaction "" - so got soome hope???

Anonymous said...

There are two types of people who bought from securities firm.
a) buy directly
b) buy through an adviser.

The security firms tried to treat both groups the same.

It is very unfair to use FA to solict business, and then say they come to me. They are just like those who bought directly from the broker.

Wonder why people bought from broker in HK can get 100% back.
Then those bought from broker thru FA in SG should also be entitled to 100% or slightly less.
Why so unfair?

Anonymous said...

Wonder no more. This is reality of a uncaring highly paid million dollars authority who sits high on their throne and enjoying high life.

Anonymous said...

victim: police, I got robbed.

police: go complain to the robber.

victim: robber, you robbed me, give me my money back.

robber: I did not rob you, you gave me the money when I wielded a knife at you.

victim: police, I complained to the robber, but he said he did not rob me.

police: then, listen to him. he said he did not rob you, then he did not rob you.

after a while, the police did investigate the robbery, and found the robbery did occur.

police: hey, robber, you robbed the poor man. I will have to punish you.

robber: how are you going to punish me? Are you going to shoot me?

police: No, the punishment is, you cannot rob him again.

victim: police, that is not a punishment.

police: it is. his reputation is tarnished.

Anonymous said...

If Minister Lim is right, we wouldn't need a police force, a court or prosecutors. People who commnit a crime don't need to be punished, because, as Mr. Lim puts it, "their reputation is tarnished."

Anonymous said...

I cannot believe that our Government and MAS can sit around and do nothing and let banks like ABN AMRO that have operations in both Singapore and Hong Kong compensate all Hong Kong customers and ignore Singapore customers! What on earth are they doing!! How can they let Singaporeans customers be discriminated against. Going ahead, if they are other similar case of mass cheating, foreign multi-nationals will take the cue from this and not compensate Singaporeans because we are easy meat. Are they so scared of offending the banks that they dare not ask for justice for Singaporeans! So scared that they are willing to sit around and do nothing and let the banks bully their Singaporean customers while they compensate their Hong Kong customers. Hong Kong is also fighting to be the financial capital in Asia but look at their government and authorities. They stand up to the banks for their citizens and got compensation for all of their citizens. As a Singaporean I say this is utterly disgusting and ridiculous! I take off my hat to the Hong Kong goverment and authorities for fighting for their citizens.

A Tan said...

I hope you all notice this in HK reporting

Chan said the problem is the settlement agreement does not apply to so- called ``experienced investors,'' defined as people who had invested in leveraged or structured products five times in the three years before buying minibonds.

Anonymous said...

For HK to come to this conclusion , it shows that there is something very wrong with the MB product and the way they sold it. Had it been a clean product, do you think there will be a compensation. Likewise, MB in Sgp & selling process is no different with HK. So why is ABN compensating HK and not Sgp? Answer: MAS is not asking them to.

Anonymous said...

To rub salt into the wound, the FIs are even allowed to keep the commissions they have earned despite their wrongdoings and investors bear all the losses!

A Singaporean said...

Mr. Tan,

Although I did not sign the petition, I do not consider this a futile effort. Keep up the good work!

Anonymous said...

Now 470 people signed.
Well done, Mr. tan

Anonymous said...

Maybe their strategy is the same old tag line. "Well, let them complaint and after awhile, everyone will forget about it. When economy get better, we can even ask them for a raise in pay"

Hey, you have already lost 10,000 votes and with the HK outcome, the public can ask themselves why are you paid $millions a year and come out with such a bias conclusion which the majority of the investors took the blame i.e. very little compensation or no compensation at all even though everyone knows the product was very toxic and FIs sold it discrimately.

Anonymous said...

Lost 10,000 votes ? Multiply that with the spouse and grown up children, siblings and friends whom agrieved can shared the tally will be many times more.,
Lets wait and see.

Anonymous said...

If it can happen to Malaysia, it can happen to Singapore. This time round, I hope they get <50% votes. The Minibond Saga really showed their true colour....

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