City Harvest Church

Title: Minister Shanmugam said that investigation on City Harvest Church when “a complaint was received”. What about the thousands of complaints that were made against structured products?


I refer to the report made on 12 June 2010 on Today newspaper by Alicia Wong. It was reported that Minister Mr Shanmugam said "One shouldn't look at this (City Harvest Church investigation) from the perspective of churches or mega-churches. The way this has been approached is, a complaint was received - a complaint about how funds were used - and the Commissioner of Charities (COC) called in CAD (Commercial Affairs Department)."


It is laudable that government would start an investigation upon “a complaint was received”. The government should use the same resolve on the investigation of structured products.


The government should investigate the financial institutions that are responsible for the issuing and distribution of structured notes (such as Minibond, Pinnacle Notes, High Note etc).


There where thousands of written complaints, as compared to only “a complaint” in the case of City Harvest Church. There are many who are still not satisfied even when partial compensation is made. I hope the government would extend the same assertion to investigate the issuers and distributors of these structured products. In fact its effect is even more far reaching than City Harvest Church or Ri Ci Hospital’s issues. It affects the banking institution and the thrust of banking system at large.


Straits Times should provide coverage of the individuals who are behind these financial products.


In the case of Abbot Min Yi and Pastor Kong Hee, there was extensive coverage of their personal life and works prior to conclusion of the investigation. We have not seen any coverage of the individuals who are behind these structured products who brought anxiety and pain to many Singaporeans.


Cashew Nut