Not a happy time for me

26 October, 2008

Editor
Today Paper

I refer to your article entitled “Finally, a Change on Friday” (Today, 25 October 2008).

I thank your editorial director P N Balji for an excellent article in tracing the developments in Singapore on the structured products affected by the collapse of Lehman Brothers.

I also welcome the decision by the Monetary Authority of Singapore to help resolve the complaints of the investors in these structured products. Like the saying goes, “better late than never”.

The MAS has asked the financial institutions to give priority to the “vulnerable” investors, who are defined to be elderly and lowly educated. Many investors who fall outside of this category are worried that their claims may be ignored. MAS has since clarified that their complaints will also be attended to.

You made the following statement which I need to correct, “… they should not have maintained silence …. thus creating a vacuum which people like Mr.Tan filled happily”. I wish to say that it was not a happy time for me.

For the past one over year, I have advised visitors to my blog www.tankinlian.blogspot.com to avoid these structured products. I was horrified to learn, following the collapse of Lehman Brothers, about the extent of the losses incurred by the investors and how they were misled into investing in the structured products.

I decided to organise a Petition to ask the Government to investigate if there were breaches of the law and if so, could the relevant authority take relevant action to help the investors to seek fair compensation. I decided to hold a meeting at Speaker’s Corner to give an update of the Petition.

The past three weeks have been very stressful for me. I have to deal with more than 50 e-mails and postings to my blog each day. Many of the investors were lost and needed guidance. I am grateful for the large number of volunteers who came forward to help, but the main burden fell on my shoulders.

I wished that there was no vacuum that needed to be filled. In an earlier statement to the media, I express the wish that MAS could provide the appropriate assistance to the investors so that I do not have to “work so hard”. I hope that it is possible for me to step back soon to attend to my normal routine.

Tan Kin Lian