Some people have argued that the public should be alert and be careful of being cheated by crooks. We should not expect the Government to be able to stop all the crooks from operating.
I agree with this reasoning, up to a point. If a crook has been going around to cheat people and and complaints have been lodged to the "authority", it is the DUTY of the "authority" to take pro-active measures to stop the crooks from continuing their operations, especially as their identity is already known. It is NOT ACCEPTABLE for the "authority" to sit by, do nothing and let other people be cheated by the same crooks.
There are so many cases where complaints were lodged, and the crooks were allowed to continue their operations for a few more years. In the process, more people were cheated.
I do not understand why some people want to speak on give excuses on behalf of the "authority" which is neglecting its duty.
It is for the same reasons why MAS is taking steps to stem out the rogue insurance agents and to provide a level playing field for all players. The FAIR review is sieve out the good advisers from the salesmen and the incompetent.
ReplyDeleteSeem like someone, a long time ago, (actually not so long ago) decided that every department, every Authority, every Ministry, every Board, every Council need to have clear mission statements.
ReplyDeleteWell & Good except that they forgot about
gaps and undefined areas.
Many who had NS training in the Army would know about the "field of coverage/fire" in a dug-in defence situation.
In commercial situation, a good analogy would be the "next customer" concept.
Somehow, in Singapore the mindset regarding Governance appeared to be a patch work with apparent disregards for holes.
The PMO with numerous Ministers without Portfolio seem the ideal solution, but the outcome had been less than satisfactory.
That is my honest take of why the "Authority" be it the MAS or the LTA or the SPF are always behind the curve and in many instances, just plain "bo-chap" .
ReplyDeleteSomehow, in Singapore the mindset regarding Governance appeared to be a patch work with apparent disregards for holes.
Legal Shield review
Talking about investment scams, let's have a good look at listed Olam that the American short seller is targeting. This is a serious and unnerving precedent for our SGX listed Companies.
ReplyDeleteFirst he attacked Chinese listed shares on NYSE, made a big pile, forcing the Chinese Companies to take action to block financial records from public view.
Now this short seller turns his attention on Singapore stocks, and the first and easiest target is Olam, who is a highly leveraged Company who borrows to buy very expensive plantations, and then booked the biological assets as profits.
Booking biological assets is booking future assets' earnings now, but these very expensively paid plantations most probably would take 10, 15 or 20 years to yield profits. Presently agricultural lands are hot, meaning selling at obscene prices.
Now this Olam saga is propelling our Singapore listed stocks to the attention of the world's predatory short sellers, focussing on other SGX vulnerable, fast expanding Companies, the 2nd, 3rd Olams.....,
jeopardizing our prized financial status, meaning our SGX would be under attack.
Let's see the Authorities would still maintain their steadfast bochap attitude, when an avalanche of other Olams get hammered.
Agree with commentator Veronica. Never pay attention to MAS so called "Investor Alert List", put on your thinking cap, analyse and make own judgement.
You dun need rocket science to tell you Olam can't be part of your portfolio, with its highly leveraged plantations thousands of kms away.
Commodity Companies are very dangerous Companies, dun follow Temasek Holdings, they are known in the international investment Community to be "idiotic" investors,
"always behind the curve."
Pity Olam's bondholders, their money has been used to buy over valued, maybe infertile plantations in God forsaken places like Africa, with so many acquisitions of such assets, how is Olam going to manage and keep tract. The management failure is so glaringly obvious.
ReplyDeleteMotto here, go up fast, fall just as fast.
Muddy Waters have done their homework well, heard they went to Olam's plantations to investigate, took them 6 months to check.
And our Singapore anaylists think they could analyse Olam just by sitting in their comfortable aircon offices right here in Singapore.