Thursday, October 16, 2008

Impact of an offer to settle

Dear Mr. Tan,
If there is a settlement, does it apply to everybody or only those who signed the Petition?

REPLY
If there is a proposal from the distributor, it will be offered to those who fit into a certain category (e.g. who have been misled into the investment). It is subject to acceptance by the offered party.

Some investors may not be offered the settlement, e.g. they were not misled, or may not accept the offer (e.g. it was too low).

The offer for a settlement will have no unrelated to the signing of the Petition. Any party offered can accept or rejected the offer, regardless of whether they sign the Petition.

So far, none of the financial institutions have responded to my suggestion for a mediation. So, this question is premature.