Monday, July 20, 2009

Petition to Prime Minister (3)

266 people have signed the online petition to the Prime Minister, asking the PM to help investors get the same type of compensation that is being offered to investors in Hong Kong.

Our target is to get 1,000 signatures by 29 August. Please pass the word around and get the other investors to help. For those who have already signed, please help to get other people to sign as well.

The petition can be found here.


Anonymous said...

I think as soon as 300 people sign on the petition, we should submit the petition to the PM, so that we can have early answer from the PM,hopefully!

Anonymous said...

Dear Mr Tan,

With the spate of “misrepresentation” cases lately, I am most concerned that majority of the “expert” opinions seem to be that buyers have to do their homework before they spend their money.

So, with Financial products, we hear this. With credit card losses, we hear this. With university courses, we hear this.

I am not saying that as consumers, we bear no responsibility in all our purchases. However, putting the onus on the consumer seems to me, a case of passing the buck around.

What next?

Are we now supposed to read up every time our GP tells us this anti-biotic is needed for our ailment, so we know the doctor is not trying to make more money by prescribing unnecessary medicine?

Are we now supposed to read up about the laws when we get into a traffic accident and our insurer insists that we should pay our share of the settlement?

Where does it end?

For those who still have a job, working 10 to 12 hours a day seems to be the norm these days (and still we get people saying that we are not hungry enough or that we are not productive enough). How does one possibly expect an average Joe to go through all these checks himself, before he makes a purchase of anything? It is just not practical. (Of course, buying with your eyes closed is also not advocated. )

My point is, if Singaporeans are so highly sought after in management positions worldwide because one of our qualities is honesty, why is it that we get so many such “dishonest” issues when we are the consumers in Spore?

Are we so trusting that we are easy prey? Are we so busy that we just don’t have the time to do thorough checks? OR are we as consumers, not getting our fair shake in getting protection in our own land, though I do acknowledge that anybody, regardless of nationality, will be cheated in such instances.

I am hoping that perhaps, you may want to point out in your blog that probably, the more practical way ahead in minimizing (I do recognize that this matter cannot be totally eradicated) such issues is tougher consumer protection laws, instead of expecting consumers to do their due diligence on everything and anything they buy.

I honestly feel so short changed as a Singaporean, when our small size, market, etc, is used against us when certain legislation is not looked into or passed. It is times like this when you understand why people just give up and migrate, if they can. The cost of being a Singaporean is just too high!
Just sharing my thoughts.

Kind regards.

Anonymous said...

Minister Lim Hng Kiang said in Parliament today that MAS did all that it could to supervise financial institutions that sold high risk structured products.

He also said that MAS role is not to judge the merits of products being sold but simply to ensure that the FIs disclosed the features and risks of the products and did not publish false or misleading statements.

Does above give cause for optimism for further actions from the authorities?

Anonymous said...

When I asked a bank officer to waive the late penalty charge of $60 for my monthly instalment of an amount of $270, I cited that it was exorbitant than illegal loan shark's interest. I was replied that borrowers were agreed when they signed the loan document. Therefore I think for those investor who signed whatever sales docs, please don't place too much hope on this pettion. You are no less a slave than me.

Anonymous said...

I am glas to see we have achieved 300 signatures target. Do we need to CC this letter to others? Eg, media Press, NMP?

Anonymous said...

Anyone read this story: "Fiasco Resolved Fairly".

If you don't agree, why not register your unhappiness by signing the petition.

It may be fair from the govt's perspective. Is it fair from the citizens and victims perspective.

One question to Mr Tan: What about those who did not invest but also want to register unhappyness as the govt is pro-business and not pro-citizen? The petition letter seems to draft for the victims only.

Anonymous said...

More news from Hong Kong. It is very frustrating when we compare with what the Singapore Government is not doing.

Banks facing China claims

Hong Kong bankers still trying to calm Lehman Brothers minibond investors are likely to face a second wave of claims - this time from mainlanders.

The Standard
Tuesday, July 21, 2009

Hong Kong bankers still trying to calm Lehman Brothers minibond investors are likely to face a second wave of claims - this time from mainlanders.
The banks are expected to reach agreement with the Securities and Futures Commission this week about their settlement with local minibond clients, sources said yesterday.

But a group of mainland accumulator investors will hold a press conference in Hong Kong this week to seek compensation from Hong Kong banks, according to Sing Tao Daily, sister publication of The Standard. "Some of the victims in our group have started litigation. We will fight against unscrupulous banks until the end," a representative of the group said in an e-mail.

Protection of Investors Association president Lui Chi-wah said Hong Kong banks have been promoting high-risk accumulator products in the mainland. Lui predicts the banks will face claims from investors who made losses.

State-run China Central Television ran two episodes recently on how Hong Kong banks sold accumulators to mainland investors. The investor group has set up a website to attract more people. Meanwhile, the 16 banks which sold Lehman minibonds have reached a tentative compromise with the SFC as they are reportedly willing to repay more of the collaterals sold. It was earlier reported that the banks agreed to pay investors 60 percent of the principal. On top of this they may now repay investors 30 percent of the value of collaterals sold, sources told Sing Tao Daily.

Assuming an investment of HK$100, banks will repay HK$60 plus an extra HK$21 if the collaterals are worth HK$70, taking the total settlement amount to HK$81.

A source said the Bank of China HK (2388) and Standard Chartered Bank (2888), the two largest lenders involved in minibonds distribution, were among the lenders seeking more time to agree on a compensation formula.

Tan Kin Lian said...

We have now collected 317 signatures. I like to ask those who have signed, to send an email to your contacts (who have also invested and were not compensated) and encourage them to sign the Petition.

We aim to achieve 1,000 signatures by 29 August (or earlier).

Anonymous said...

Have we forgotten that some town councils were also affected by these toxic financial products and nobody from our government have come out to defend or accuse?

Anonymous said...

Town councils are very rich. It is peanuts for them to lose a few millions. For all we know maybe they have been compensated since there is no transparency.

Anonymous said...

MAS as a regulator has a duty to make sure Toxic products are not sold to retail investor which are mostly the poor middle class.

MAS should also seperate the regulating & marketing arm.

New York & London allow toxic product to be distributed thus MAS following blindly in order to compete with major financial centre is not the way to go. As Singaporean money is cheated by these financial vampire!

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