Serious AXA Insurance Agent , Ramesh Krishnan, gets S$4m High Court award , 2017

[scroobal]

From what I read Prudential was prepared to hire despite the persistency rate (probably they knew it was suspect) and AXA refusing to explain the calculation. They actually applied to MAS for a licence for the chap. MAS on the other hand took the letter form CEO AXA at face value and did not bother to check the substance. If it had not been MAS incompetence the guy would have been employed. Also note that they did not even ask the guy to defend himself. Imagine they operating in a vacuum.

The trouble with civil suits are that judgements are buried and the press is just so hopeless and their report was so poor and misleading. They even gave the impression that the guy was working in a restaurant when he owns the bloody thing. They did not even bother to mention the role that Teo Chee Hean played.

When the late Wong Pakshong was in charge of MAS....they were on the ball, don't think this kind of 'monekying' around with MAS was tolerated. MAS was an entire totally ' animal' back then. Now...it is more of 'pussy cat'.

Wong Pakshong recently passed away, was rather surprised he had a rather subdued a very low key quarter page obituary & nothing much was mentioned...despite that fact that, he built a rock solid MAS....HALIMAH had pages written about her & still counting...& she is not even elected!.

You get the a feeling that, their 'guard dog'...must be sniffing somewhere...where he shouldn't have.

 

[shiokalingam]

From what I read Prudential was prepared to hire despite the persistency rate (probably they knew it was suspect) and AXA refusing to explain the calculation. They actually applied to MAS for a licence for the chap. MAS on the other hand took the letter form CEO AXA at face value and did not bother to check the substance. If it had not been MAS incompetence the guy would have been employed. Also note that they did not even ask the guy to defend himself. Imagine they operating in a vacuum.

The trouble with civil suits are that judgements are buried and the press is just so hopeless and their report was so poor and misleading. They even gave the impression that the guy was working in a restaurant when he owns the bloody thing. They did not even bother to mention the role that Teo Chee Hean played.

Something is very Wrong with Pressmen and those MAS Chaps...

Mr Ramesh Krishnan, who has been working at a vegetarian cafe, lost his defamation suit against former employer AXA in the High Court in 2015, but the Court of Appeal later ruled that AXA had breached its duty of care to him. The High Court's award of $4.026 million was for loss of earnings from the negligence on the part of AXA in preparing the reference.ST PHOTO: ONG WEE JIN

 

[congo9]

I have a Lousy feeling that we have been over paying these people for our insurance premium.

How else can you explain that this top guy earn so much? How about the guys below him?

I think we must get MAS to get insurance agent and their director to be transparent abouy the kind of premium we had been paying through our nose for years?

 

[shiokalingam]

Tks for update. Just Curious - Wong Pakshong was borned in South Africa :*:

When the late Wong Pakshong was in charge of MAS....they were on the ball, don't think this kind of 'monekying' around with MAS was tolerated. MAS was an entire totally ' animal' back then. Now...it is more of 'pussy cat'.

Wong Pakshong recently passed away, was rather surprised he had a rather subdued a very low key quarter page obituary & nothing much was mentioned...despite that fact that, he built a rock solid MAS....HALIMAH had pages written about her & still counting...& she is not even elected!.

You get the a feeling that, their 'guard dog'...must be sniffing somewhere...where he shouldn't have.

:*:

 

[shiokalingam]

First MAS managing director Michael Wong Pakshong dies

Mr Michael Wong Pakshong was MAS' managing director from 1971 to 1981, and also had an illustrious corporate career.



PUBLISHEDAUG 3, 2017, 5:00 AM SGT



A veteran of the corporate scene here and the first managing director of the Monetary Authority of Singapore (MAS), Mr Michael Wong Pakshong, died yesterday morning , 2 Aug , aged 86.

He was MAS' managing director from 1971 to 1981, a role in which he served "with unstinting dedication and integrity", the central bank said in a tribute.

In a statement last night, the MAS said its staff and management were saddened by the news and offered condolences to Mr Wong Pakshong's family.


MAS added: "He laid the foundations for MAS as a central bank and integrated financial regulator."

Mr Wong Pakshong had helped to steer the central bank through its "crucial formative years, navigating a turbulent global environment marked by the collapse of the Bretton Woods system, global recession, and double-digit inflation", MAS said.

Under his stewardship, MAS said it has instituted a robust regulatory and supervisory regime that has become a hallmark of the central bank.


"MAS' pioneer generation under Mr Wong Pakshong's leadership also laid the groundwork for Singapore's development as an international financial centre, bringing in global banks, supporting the growth of the local banks, and creating the Asian dollar market."

He also had an illustrious corporate career, taking on board roles at firms including Neptune Orient Lines, Robinson & Company, WBL Corp, OCBC Bank, The Straits Trading Company and Great Eastern Holdings.

Responding to a Straits Times query, Great Eastern said it is "indebted to Mr Wong Pakshong for his visionary leadership" and for steering the firm to greater heights.

"He instilled a culture of strong work ethics, service excellence and always doing right by our customers. His legacy will continue to live on in Great Eastern," added Great Eastern Holdings group chief executive Khor Hock Seng.

Mr Wong Pakshong had served on the Great Eastern Holdings board for 25 years, including eight years as chairman from 2000 to 2008.

He leaves his wife and daughter.

 

[shiokalingam]

I have a Lousy feeling that we have been over paying these people for our insurance premium.

How else can you explain that this top guy earn so much? How about the guys below him?

I think we must get MAS to get insurance agent and their director to be transparent abouy the kind of premium we had been paying through our nose for years?

its a number games. the more agents you have more policies sold.

Not many Agents have Highnetworth clients.

 

[shittypore]

The judge seemed upset that Court of Appeal had found in the plaintiff's favour. I think that Judge must .........

Ah Neh must be rich to appeal, how much wud he had to pay if he lost at the Appeal, incl cost?

 

[scroobal]

According to court records he was averaging over a $1M a year in the last 3 years with AXA. Thats why he could afford to it to the court of appeal. Imagine there are many others who just cannot afford to this and suffer in silence.

Ah Neh must be rich to appeal, how much wud he had to pay if he lost at the Appeal, incl cost?

 

[Bonut]

The judge seemed upset that Court of Appeal had found in the plaintiff's favour. I think that Judge must .........

Ah Neh must be rich to appeal, how much wud he had to pay if he lost at the Appeal, incl cost?

He is the top striker in AXA's stable. If he is not rich, then nobody will want to be an insurance agent.

 

[Liquigas]

He is the top striker in AXA's stable. If he is not rich, then nobody will want to be an insurance agent.

This chap must be good. As member of a minority race presumed he cannot converse in Mandarin or Chinese dialects and yet he is able to close so many deals to make his millions. Known of many who joined the insurance industry and only handful can survive after two years. Some who hang on are earning slightly better than cab drivers.

 

[Bonut]

This chap must be good. As member of a minority race presumed he cannot converse in Mandarin or Chinese dialects and yet he is able to close so many deals to make his millions. Known of many who joined the insurance industry and only handful can survive after two years. Some who hang on are earning slightly better than cab drivers.

How come I am shittypore ??

 

[numero uno]

He is the top striker in AXA's stable. If he is not rich, then nobody will want to be an insurance agent.

insurance agents are over rated. In USA and australia, you do not get such high fliers as you can basically buy any plan off the web with discounts and costs up to 90% off sinkieland fees and premiums. Just like bankers and taxi drivers these are all wipe out by the internet and digital IT and smart phone technology.
Frankly speaking the insurance companies are bullshitting with high premiums and scare mongering tactics. at the end based on actuarials and probbaility like the casinos 90% of the insured would lose money but people still buy as they are kiasu and kiasi just perfect for the local sinkies.mentality

 

[halsey02]

Tks for update. Just Curious - Wong Pakshong was borned in South Africa :*:


:*:

Really don't know, where he was born....but back then, "wong pakshong"...if you had worked in that industry, MAS was the "imperial treasury" & every directives signed, printed or communicated by them, was like receiving a "imperial edict"....it is "off with your heads" or " you family, will be locked in chains too, if you don't" if you do not follow....it continued to his successor that "Koh" guy too...MAS send shudder down your spine, feeling....nowadays....ha ha ha..

 

[Liquigas]

Tks for update. Just Curious - Wong Pakshong was borned in South Africa :*:

:*:

South Africa-born Hakka.

 

[yellowarse]

Tks for update. Just Curious - Wong Pakshong was borned in South Africa

Yes, Durban-born. Educated in England.

 

[halsey02]

Yes, Durban-born. Educated in England.

Really, that is interesting, never knew that....the only interesting part was, his death, was extremely low key, even his obituary in the papers...simple, nothing mention.....despite, the position he sat on & the name that commands respect & integrity among the Banking & Financial Industries..

I would expected pages of adverts from Great Eastern, Banks etc...or even MAS, etc.. but none...why?

 

[shiokalingam]

How come I am shittypore ??

I think , correct me if I am wrong, Ramesh is a Single Premium (CPF funds) insurance agent.
He will do add on like life insurance, personal accident, home insurance, riders etc when
Clients can afford it. I think he is basically a "churner" and most of his clients are "helped" by
Him. Therefore , axa ins was very worried of the potentially huge damages $$$ Ramesh will inflict on
It if he moved over to Prudential. MAS cannot be uninformed. the HC did the right thing on paper.
Axa benefited big time from Ramesh 's single premium clients (CPF single premium) - we are talking
real big hundred of millions. Agent's cut is about 1.5% and Axa cut is about 1.5% total 3%. For single
Premium investment.
the COA did the right thing when the dust settled. CPF funds were not churned. Now Ramesh get his cake of
About s$4m excluding legal fees. Compensation by CIA just about right .

 

[shiokalingam]

Really, that is interesting, never knew that....the only interesting part was, his death, was extremely low key, even his obituary in the papers...simple, nothing mention.....despite, the position he sat on & the name that commands respect & integrity among the Banking & Financial Industries..

I would expected pages of adverts from Great Eastern, Banks etc...or even MAS, etc.. but none...why?

For this , you have to wait for bro Scro...

 

[shiokalingam]

Thks for update...i like the tch part. ST is on overdrive today... now they said Ramesh was a car washer...

Interesting case and looks like the journalist either did not have time to read the judgement or did not understand what it meant.

1. The restaurant where he is works is owned by him and his wife. Though he claimed to be a kitchen hand. Anyway I expect the IRAS to catch this guy out from the claims on his business where incurred close to $650k losses in 2 years.

2. He was terminated but asked AXA to allow him to resign which he did on the same day

3. He did not know why Prudential did not follow thru with the offer until he went to see his MP Teo Chee Hean who then wrote to MAS. MAS sent him a letter explaining in the main that AXA fixed him up.

4. AXA is truly a dirty organisation by inventing a 13 month persistency ratio as a performance measure when the actual organisation measure is 19 month. In addition the 13 month included the period where he resigned and some of his staff had left and the accounts became "orphans" - no one to encourage client to pay the next annual premium or sevice the account. It is this factor and point 5 hat the court of appeal found in his favour

5. The Ang Mo CEO was directly involved in manipulating the reference check and even asked is staff to revise the reference letter negatively. AXA should make the CEO pay the $4M

6. Ah Mu's performance looks poor for introducing evidence late etc and coming out with the ridiculous amount of $1.

Thank god there is Court of Appeal. His income statement from AXA from the time he was employed to his resignation shows that he was a high performer.

7. Prudential should sue AXA for misleading them and MAS should sanction the CEO for misleading both Prudential and MAS by what he wrote in his letter.

 

[shiokalingam]

How come I am shittypore ??

Still got chance lah...for s$1 u can try monday 21 aug s$8M ToTo draw