MAS has asked the financial institutions to give priority to the vulnerable investors. These are the elderly, low educated and the first time investors. The financial institutions have agreed to take full responsibility for these vulnerable investors who have been mis-sold. The full responsibility includes compensation for part or the full amount that they have lost. This is a an encouraging first step.
I wish to ask the other investors, who do not fall into the “vulnerable group” to be patient and to strong. If you have been equally misled into investing in these structured products, and it seems to be clearly the case, you have a strong case to ask for compensation. But, you have to be reasonable in your expectation and may have to accept partial compensation that is lower than the “vulnerable investors”.
Let us take this at the next step. In the meantime, you should lodge your complaint.
Friday, October 17, 2008
Statutory declaration - Glenn Knight
Mr. Tan,
We have approached Glenn Knight to do statutory declaration and show him our complaint letter to Hong Leong and MAS. He was patient, listened and jotted down notes. Glenn told us that some victims from Maybank are also meeting up with him.
Glenn highlighted that for the class suit against HONG LEONG to be strong, we should gather more victims. This would be a good case to show that there was a certain pattern of behaviour by the bank to mislead the customers.
Those who have been mis-sold and heard similar things from their own RM during the sales pitch such as:-
1) This is a low-risk product.
2) The principal is protected.
3) Minibonds is a BONDS.
4) Lehman Brothers not mentioned.
5) bankruptcy of Lehman Brothers not mentioned.
If you are interested, you can book an appointment with him. To save precious time, do DO YOUR HOMEWORK! Those victims from Maybank can also contact him.
To prepare this declaration, you have to provide the answers to the following questions:
1. Your name, NRIC, address, telephone
2. How did you get involved in the investment?
3. Which financial institution, branch, amount invested, date
4. What happened when you purchased the investment?
5. Were you alone or accompanied by another person? Who?
6. What did the representative (who sold the investment to you) tell you about investment?
7. Did the representative tell you about any guarantee on your investment?
8. Did they make you sign any form regarding the investment? Did you understand the content of the form? Was it given to you before or after you agreed to make the investment? Did you read the form? Did you understand the content?
9. Did you rely on the advice of the representative in making the investment? Which were the important aspects of the advice?
10. Do you have any other statements to make regarding this matter?
The lawyer fees include the fee payable to the Commissioner of Oath.
Fee $120 plus GST
Bernard & Rada Law Corporation
50 Robinson Road #08-00
VTB Building
Singapore 068882
Call Mr. Glenn Knight or his secretary, Ms Ivy Goh (Tel: 68999888)
Julie
We have approached Glenn Knight to do statutory declaration and show him our complaint letter to Hong Leong and MAS. He was patient, listened and jotted down notes. Glenn told us that some victims from Maybank are also meeting up with him.
Glenn highlighted that for the class suit against HONG LEONG to be strong, we should gather more victims. This would be a good case to show that there was a certain pattern of behaviour by the bank to mislead the customers.
Those who have been mis-sold and heard similar things from their own RM during the sales pitch such as:-
1) This is a low-risk product.
2) The principal is protected.
3) Minibonds is a BONDS.
4) Lehman Brothers not mentioned.
5) bankruptcy of Lehman Brothers not mentioned.
If you are interested, you can book an appointment with him. To save precious time, do DO YOUR HOMEWORK! Those victims from Maybank can also contact him.
To prepare this declaration, you have to provide the answers to the following questions:
1. Your name, NRIC, address, telephone
2. How did you get involved in the investment?
3. Which financial institution, branch, amount invested, date
4. What happened when you purchased the investment?
5. Were you alone or accompanied by another person? Who?
6. What did the representative (who sold the investment to you) tell you about investment?
7. Did the representative tell you about any guarantee on your investment?
8. Did they make you sign any form regarding the investment? Did you understand the content of the form? Was it given to you before or after you agreed to make the investment? Did you read the form? Did you understand the content?
9. Did you rely on the advice of the representative in making the investment? Which were the important aspects of the advice?
10. Do you have any other statements to make regarding this matter?
The lawyer fees include the fee payable to the Commissioner of Oath.
Fee $120 plus GST
Bernard & Rada Law Corporation
50 Robinson Road #08-00
VTB Building
Singapore 068882
Call Mr. Glenn Knight or his secretary, Ms Ivy Goh (Tel: 68999888)
Julie
Lost the sense of bonding and togetherness
Dear Mr. Tan Kin Lian
I am a retiree in my sixties and, like you, my heart sentiments and empathies are for the man-in-the- street, ordinary Singapore citizens, and the senior citizens, who are not able to express themselves on their plights and miseries, for lack of ability, education, literacy, IT skills and media know how.
The plight of the poor misguided uncles and aunties, and including my wife and I, who laboured all their lives trusting in the government's promise of a better life, when they can retire with their CPF nest eggs, have just had their dreams shattered and crumbled by the latest chain of events from the financial collapse from around the world. Some of us may be in the same age bracket as a few of our longstanding national leaders, some of whom have passed on, and some who are still giving counsel on the affairs of state. How does one compare the earning of a poor cleaner or bus or taxi driver, with that of those whose monthly salary income is 2000 times as much, or whose lifetime savings is not even one fifth of one months salary of some.
It is not my mission and agenda to protest against the establishment, just for protest sake. But we are now talking about retirees and hardworking citizens who have saved diligently and conscientiously for nearly all their working lives, and as they now walk into their sunset years, they have just suddenly seen the sun go down, without being sure whether it will rise up again the next day.
This is a very sad and human tragedy for Singaporean leaders to address quickly. There is no point in building more of the asset rich Singapore hardware, when the national heartware is in tatters. We have to offer a temple of hope, in order to create a real sense of community belonging in this small so called ' Red Dot island paradise'
Whilst we are shut out our city to entertain and accomodate our foreign guests, as they pop champagne and feast on caviar and veal, whilst they watch some silly machine zooming by, our taxi drivers, retailers and restaurants are hurting from lack of patronage and support. Whilst Rome burns, we are makiing sport.
It is paradox, and an irony, when well qualified and able young Singapore born sons and daughters, leave this 'island paradise' for greener pastures in Australia, NZ, the U.S., Canada, and may not come back home, and we then encourage new alien migrants from neighbouring feeder countries, offering them PR or Singapore citizenship after two years, because they can play better ping pong, or badminton, or football to add to our talent pool.
On the one hand we have full born and bred political opposition members who risk and sacrifice all they have and owned to speak up for the silent Singaporeans, but they are crucified on our court altar, for their their defiance and different points of view. Are we supposed to behave like obedient Singaporean sheep that goes "baa baa, yes sir, yes sir, you're right again,
all the time" .
What has happened to the days of the "gotong royong" when we were more kin and kind as near equals with 'cangkuls and poon kees' in hand, to re-build track roads and clean up the beaches. That was a time when we truly felt the kampong community spirit of collective self help, and we could relate and identify very strongly with our MPs and national leaders fighting for this country's survival. What has happened to the recognition and memories of some of our surviving pioneer old guards like Toh Chin Chye, Goh Keng Swee, Othman Wok, Ong Pang Boon, Jek Yeun Thong? Are they forgotten, because they have now become irelevant today? What about those who have also contibuted but are no longer with us - Devan Nair, S Rajaratnam., E.W Barker, Howe Yoon Chong, George Bogaars, Hon Sui Sen, Lee Siew Choh, Lim Chin Siong, J.B. Jeyaretnam and others.
This country and this nation's progress in the last 40+ years has been one of miraculous transformation, if we judge our report card by stainless steel, gleaming glass, bricks and mortar, and manicured trees and the landscaped gardens. No Singaporean in their 50 -80 years, would deny our government this credit. Our port, airport, CBD, MRT, highways, public housing, schools and institutions of learning stand out as wonderful trophies to our national sense of accomplishment, and much pride for the civil servants, town planners and estate managers. I, myself, have been a beneficiary of this economic progress, when I recall, as a kid, how I used to take my bath from a public stand pipe, or well, and poo into a bucket. Yes, I am grateful to this goverment for improving our creature comfort, dignity and quality of living, but not of life.
But somewhere along the way, coming to where we are today, we seem to have lost that sense of bonding and togetherness with our founding fathers. Our progress reminds me of the book "Animal Farm" by George Orwell. With the success of the physical transformation of the environment, there has also been an attitudinal and spiritual transformation of another kind. It has been a gradual process and shift of our cultural values and national priorities
As our leaders work and live in fine comfort, we the citizens of Singapore are mortgaged to our hilt, and now even our hard earned savings are going up in smoke, because the people in charge knows how to set up the traffic rules, but did not do anything to monitor and track the traffic flow.
Hence for many of us who continue to place our blind faith and trust in a government backed and publicly endorsed brand name, and then to be told when the bottom falls out, "you make your own bed, you lie in it". " If you fall down from bed, through no fault of your own, that's too bad. That's life. The market forces of caveat emptor will have to prevail "
It is like saying, we have proudly built for you a wonderful zebra crossing, but you can cross at your own risk, without the need for traffic light controls..
You are a brave man for doing what you are doing now, and I will refrain from egging you on, by being just an entertained spectator. Some people will do that, but when the riot vans come around, many will scatter and hide. I am a peace loving person, but like many Singaporeans who have helped to build and make this place our home, I too have my gripes and grouches, at the way we are often being programmed and manipulated by those who know what is best for us.
It will be interesting to see if the Prime Minister will still deliver on his national rally pledge, that no one will be left out of the national banquet and pie sharing, even in this difficult and trying time. To the rich dining in aircon comfort, an unfinished bowl of rice is only just $0.50 cents. To the impoverised and starving, that same bowl of rice, could represent a days wage, of burning and straining in the hot sun, or some bent old lady collecting tin cans and discarded cartons just to stay alive, let alone calling it a living.
May God bless, and keep you.
PatAngel
I am a retiree in my sixties and, like you, my heart sentiments and empathies are for the man-in-the- street, ordinary Singapore citizens, and the senior citizens, who are not able to express themselves on their plights and miseries, for lack of ability, education, literacy, IT skills and media know how.
The plight of the poor misguided uncles and aunties, and including my wife and I, who laboured all their lives trusting in the government's promise of a better life, when they can retire with their CPF nest eggs, have just had their dreams shattered and crumbled by the latest chain of events from the financial collapse from around the world. Some of us may be in the same age bracket as a few of our longstanding national leaders, some of whom have passed on, and some who are still giving counsel on the affairs of state. How does one compare the earning of a poor cleaner or bus or taxi driver, with that of those whose monthly salary income is 2000 times as much, or whose lifetime savings is not even one fifth of one months salary of some.
It is not my mission and agenda to protest against the establishment, just for protest sake. But we are now talking about retirees and hardworking citizens who have saved diligently and conscientiously for nearly all their working lives, and as they now walk into their sunset years, they have just suddenly seen the sun go down, without being sure whether it will rise up again the next day.
This is a very sad and human tragedy for Singaporean leaders to address quickly. There is no point in building more of the asset rich Singapore hardware, when the national heartware is in tatters. We have to offer a temple of hope, in order to create a real sense of community belonging in this small so called ' Red Dot island paradise'
Whilst we are shut out our city to entertain and accomodate our foreign guests, as they pop champagne and feast on caviar and veal, whilst they watch some silly machine zooming by, our taxi drivers, retailers and restaurants are hurting from lack of patronage and support. Whilst Rome burns, we are makiing sport.
It is paradox, and an irony, when well qualified and able young Singapore born sons and daughters, leave this 'island paradise' for greener pastures in Australia, NZ, the U.S., Canada, and may not come back home, and we then encourage new alien migrants from neighbouring feeder countries, offering them PR or Singapore citizenship after two years, because they can play better ping pong, or badminton, or football to add to our talent pool.
On the one hand we have full born and bred political opposition members who risk and sacrifice all they have and owned to speak up for the silent Singaporeans, but they are crucified on our court altar, for their their defiance and different points of view. Are we supposed to behave like obedient Singaporean sheep that goes "baa baa, yes sir, yes sir, you're right again,
all the time" .
What has happened to the days of the "gotong royong" when we were more kin and kind as near equals with 'cangkuls and poon kees' in hand, to re-build track roads and clean up the beaches. That was a time when we truly felt the kampong community spirit of collective self help, and we could relate and identify very strongly with our MPs and national leaders fighting for this country's survival. What has happened to the recognition and memories of some of our surviving pioneer old guards like Toh Chin Chye, Goh Keng Swee, Othman Wok, Ong Pang Boon, Jek Yeun Thong? Are they forgotten, because they have now become irelevant today? What about those who have also contibuted but are no longer with us - Devan Nair, S Rajaratnam., E.W Barker, Howe Yoon Chong, George Bogaars, Hon Sui Sen, Lee Siew Choh, Lim Chin Siong, J.B. Jeyaretnam and others.
This country and this nation's progress in the last 40+ years has been one of miraculous transformation, if we judge our report card by stainless steel, gleaming glass, bricks and mortar, and manicured trees and the landscaped gardens. No Singaporean in their 50 -80 years, would deny our government this credit. Our port, airport, CBD, MRT, highways, public housing, schools and institutions of learning stand out as wonderful trophies to our national sense of accomplishment, and much pride for the civil servants, town planners and estate managers. I, myself, have been a beneficiary of this economic progress, when I recall, as a kid, how I used to take my bath from a public stand pipe, or well, and poo into a bucket. Yes, I am grateful to this goverment for improving our creature comfort, dignity and quality of living, but not of life.
But somewhere along the way, coming to where we are today, we seem to have lost that sense of bonding and togetherness with our founding fathers. Our progress reminds me of the book "Animal Farm" by George Orwell. With the success of the physical transformation of the environment, there has also been an attitudinal and spiritual transformation of another kind. It has been a gradual process and shift of our cultural values and national priorities
As our leaders work and live in fine comfort, we the citizens of Singapore are mortgaged to our hilt, and now even our hard earned savings are going up in smoke, because the people in charge knows how to set up the traffic rules, but did not do anything to monitor and track the traffic flow.
Hence for many of us who continue to place our blind faith and trust in a government backed and publicly endorsed brand name, and then to be told when the bottom falls out, "you make your own bed, you lie in it". " If you fall down from bed, through no fault of your own, that's too bad. That's life. The market forces of caveat emptor will have to prevail "
It is like saying, we have proudly built for you a wonderful zebra crossing, but you can cross at your own risk, without the need for traffic light controls..
You are a brave man for doing what you are doing now, and I will refrain from egging you on, by being just an entertained spectator. Some people will do that, but when the riot vans come around, many will scatter and hide. I am a peace loving person, but like many Singaporeans who have helped to build and make this place our home, I too have my gripes and grouches, at the way we are often being programmed and manipulated by those who know what is best for us.
It will be interesting to see if the Prime Minister will still deliver on his national rally pledge, that no one will be left out of the national banquet and pie sharing, even in this difficult and trying time. To the rich dining in aircon comfort, an unfinished bowl of rice is only just $0.50 cents. To the impoverised and starving, that same bowl of rice, could represent a days wage, of burning and straining in the hot sun, or some bent old lady collecting tin cans and discarded cartons just to stay alive, let alone calling it a living.
May God bless, and keep you.
PatAngel
Today: Man with a Mission
.........How else would you describe a man who is “impatient, easily annoyed and often angry” — according to a former employee — but always having a heart for the man-on-the-street?
“It is completely consistent with his conduct at NTUC Income when he often commented publicly on various matters. I can’t see him keep quiet about something he feels is wrong and affects ordinary people,” said Mr Stanley Jeremiah, who was NTUC Income’s general manager of life and health insurance department between January and August 2006.
Mr Dharmendra Yadav, who was a corporate counsel at the insurance cooperative, added: “When I joined NTUC Income, my mentor told me, ‘Tan Kin Lian is one person who will stand up for what he thinks is right. And he is the one person who will let you do the same’.”
http://www.todayonline.com/articles/282198.asp
“It is completely consistent with his conduct at NTUC Income when he often commented publicly on various matters. I can’t see him keep quiet about something he feels is wrong and affects ordinary people,” said Mr Stanley Jeremiah, who was NTUC Income’s general manager of life and health insurance department between January and August 2006.
Mr Dharmendra Yadav, who was a corporate counsel at the insurance cooperative, added: “When I joined NTUC Income, my mentor told me, ‘Tan Kin Lian is one person who will stand up for what he thinks is right. And he is the one person who will let you do the same’.”
http://www.todayonline.com/articles/282198.asp
TV news on MAS conference
Read the TV news on the MAS conference and the media release in:
http://theonlinecitizen.com/2008/10/independent-parties-to-highlight-mis-selling-to-mas/#comments
http://theonlinecitizen.com/2008/10/independent-parties-to-highlight-mis-selling-to-mas/#comments
Investor meets HSBC Trustee
Dear Mr.Tan
I decided to vist HSBC Trustee's office because I could not get any satisfactory answers over their hotline. Two ladies in black pantsuits ushered me into a meeting rm. They appear to be quite senior in rank and asked for my identity card before taking my queries. I did not manage to obtain their names. Here are my questions and their replies:
1) Did you sieze the underlying assets and have examined them? Are they worthless, fraudulent or they are genuine and have value?
Answer: We are still examining and evaluating them.
2) What constitute the underlying assets of series 5 & 6 which were seized?
Answer: We cannot divulge this info.
3) MAS has directed you to keep investors informed what options are available to investors?
Answer: Presently some parties have approached them to look at the documents as potential new swap Counterparty but there are no offers. If after a period of time have lapsed and no offers are forthcoming they will proceed to liquidate.
4) You mean proceed with a fire sales in a frozen credit market? Can you hold it to maturity or for a year or two waiting for conditions to improve? or call an AGM to put it to shareholders?
Answer: AGM will be called only for the purpose of approving the new Swap Counterparty and 75% votes in $ terms is required. No shareholders approval is required for liquidation. As Trustee they cannot hold on to shareholders' assets indefinitely.
LTW
REPLY
The replies given by HSBC Trustees are unsatisfactory. I hope that the trustees realise that they have a fiduciary duty to the investors to give a complete statement of account on a timely basis and to take necessary action to protect the best interest of the investors. I shall be consulting a lawyer on this matter to see if there areas of breach of duty.
I decided to vist HSBC Trustee's office because I could not get any satisfactory answers over their hotline. Two ladies in black pantsuits ushered me into a meeting rm. They appear to be quite senior in rank and asked for my identity card before taking my queries. I did not manage to obtain their names. Here are my questions and their replies:
1) Did you sieze the underlying assets and have examined them? Are they worthless, fraudulent or they are genuine and have value?
Answer: We are still examining and evaluating them.
2) What constitute the underlying assets of series 5 & 6 which were seized?
Answer: We cannot divulge this info.
3) MAS has directed you to keep investors informed what options are available to investors?
Answer: Presently some parties have approached them to look at the documents as potential new swap Counterparty but there are no offers. If after a period of time have lapsed and no offers are forthcoming they will proceed to liquidate.
4) You mean proceed with a fire sales in a frozen credit market? Can you hold it to maturity or for a year or two waiting for conditions to improve? or call an AGM to put it to shareholders?
Answer: AGM will be called only for the purpose of approving the new Swap Counterparty and 75% votes in $ terms is required. No shareholders approval is required for liquidation. As Trustee they cannot hold on to shareholders' assets indefinitely.
LTW
REPLY
The replies given by HSBC Trustees are unsatisfactory. I hope that the trustees realise that they have a fiduciary duty to the investors to give a complete statement of account on a timely basis and to take necessary action to protect the best interest of the investors. I shall be consulting a lawyer on this matter to see if there areas of breach of duty.
Prompt reply to help "lost" investors
Dear Mr. Tan,
I wrote to you and you give me a reply to read this blog:
http://tankinlian.blogspot.com/2008/10/individual-advice.html
I understand that you must be very, very busy to attend to some many people, like me, who ask individual questions. We do so, because we are lost and do not know where to turn to.
But I understand that you must be facing a lot of pressure and take a lot of time to read some many personal problems. What I want to say is that, in spite of the pressure, you did bother to give me an immediate reply. This is wonderful.
I want to tell you that even the simple standard reply is helpful to me. I will attend the Saturday meetings at Speaker's Corner in Hong Lim to meet other investors in the same situation as me.
Thank you once again. Keep up the good work. Please consider to stand for President.
I wrote to you and you give me a reply to read this blog:
http://tankinlian.blogspot.com/2008/10/individual-advice.html
I understand that you must be very, very busy to attend to some many people, like me, who ask individual questions. We do so, because we are lost and do not know where to turn to.
But I understand that you must be facing a lot of pressure and take a lot of time to read some many personal problems. What I want to say is that, in spite of the pressure, you did bother to give me an immediate reply. This is wonderful.
I want to tell you that even the simple standard reply is helpful to me. I will attend the Saturday meetings at Speaker's Corner in Hong Lim to meet other investors in the same situation as me.
Thank you once again. Keep up the good work. Please consider to stand for President.
Subscribe to:
Posts (Atom)