Meeting at Speaker's Corner 18 Oct, 6-7 pm

[Ah Hai]

All investors in credit linked securities are invited to attend. There will be two short speeches by Tan Kin Lian (in English) and another speaker (in Mandarin).

Tan Kin Lian will also speak on how three laws could have been breached:
> Securities and Futures Act
> Finaancial Advisers Act
> Trustees Act

The investors can meet with other investors in similar situations.

http://tankinlian.blogspot.com/2008/10/meeting-at-speakers-corner-18-oct-6-7.html

 

[Zombie]

Is TKL a lawyer?

 

[downgrader]

All investors in credit linked securities are invited to attend. There will be two short speeches by Tan Kin Lian (in English) and another speaker (in Mandarin).

Tan Kin Lian will also speak on how three laws could have been breached:
> Securities and Futures Act
> Finaancial Advisers Act
> Trustees Act

The investors can meet with other investors in similar situations.

http://tankinlian.blogspot.com/2008/10/meeting-at-speakers-corner-18-oct-6-7.html

ho say ah.. times are bad, no money see movie can see speakers corner free show

last time kampung we watch tua hee, now got speakers corner leh

tan kin lian sing and dance must be good to watch

poor lehman investors kena conned because greedy for a few more percent

greedy is like that one, you think the bank will keblakang pusing

the most they redeem is market value close to zero

don't hope lah, hope is a dangerous thing, just accept it and meet me on beach i play guitar and entertain you

life i not about more and more money is about good health and having friends

recession is good, don't believe the mainstream press say recession is bad

recession is good, recession times people very friendly one, i guarantee you, i kena recession before many times

boom times, people how lian

to have human kindness, we must have recession

 

[zack123]

I heard TKL joining NSP. Is it true?

 

[lolabunny]

ho say ah.. times are bad, no money see movie can see speakers corner free show

last time kampung we watch tua hee, now got speakers corner leh

tan kin lian sing and dance must be good to watch

poor lehman investors kena conned because greedy for a few more percent

greedy is like that one, you think the bank will keblakang pusing

the most they redeem is market value close to zero

don't hope lah, hope is a dangerous thing, just accept it and meet me on beach i play guitar and entertain you

life i not about more and more money is about good health and having friends

recession is good, don't believe the mainstream press say recession is bad

recession is good, recession times people very friendly one, i guarantee you, i kena recession before many times

boom times, people how lian

to have human kindness, we must have recession

to have human kindness we must have a open heart and forgiveness.

to have friends, we must give of ourselves.

i think for lehman minibonds, there are many innocent people. Hope you can have some compassion for them.

 

[Cestbon]

Is TKL a lawyer?

What can he do? He will side company and to be middleman he will get some pocket money. How much/% can the investor get back ? Maybe max. only 30%. I predict than he will said that is much better than market value and advise all investor to take the deal and drop the case.

 

[downgrader]

to have human kindness we must have a open heart and forgiveness.

to have friends, we must give of ourselves.

i think for lehman minibonds, there are many innocent people. Hope you can have some compassion for them.

are they really innocent?

they wanted a few more percent, they were greedy.

anyway my point in the last two years is that money is not essential to happiness

therefore i am very happy that this recession is here so that people can learn this fact

or else they dream of BMW, condo..what is all these

 

[TeeKee]

Is TKL a lawyer?

so the famous lawyer Glenn Knight will be coming?

 

[Tiu-leh-see-fart]

These investors are wasting their time.
They should see their PAP MPs.
But those who live in oppo wards, good luck, they never support us, they can see Ah Tan at HL park.

No use talking about what acts, the investors will lose.

The more the speaker speaks, he will anger my bosses.

Ah Tan was a PAP comrade, how come he is acting like a saint to the people.

Ah Tan being PAP people before should behave like PAP people even he is no more working for PAP.

All investors in credit linked securities are invited to attend. There will be two short speeches by Tan Kin Lian (in English) and another speaker (in Mandarin).

Tan Kin Lian will also speak on how three laws could have been breached:
> Securities and Futures Act
> Finaancial Advisers Act
> Trustees Act

The investors can meet with other investors in similar situations.

http://tankinlian.blogspot.com/2008/10/meeting-at-speakers-corner-18-oct-6-7.html

 

[Ah Hai]

Is TKL a lawyer?

no, he's a former NTUC Income chief executive officer.

 

[Ah Hai]

I heard TKL joining NSP. Is it true?

not sure. if you want to know, go down to speaker corner and ask him.

 

[Ah Hai]

All investors in credit linked securities are invited to attend. There will be two short speeches by Tan Kin Lian (in English) and another speaker (in Mandarin).

Tan Kin Lian will also speak on how three laws could have been breached:
> Securities and Futures Act
> Finaancial Advisers Act
> Trustees Act

The investors can meet with other investors in similar situations.

http://tankinlian.blogspot.com/2008/10/meeting-at-speakers-corner-18-oct-6-7.html

SINGAPORE'S central bank said on Friday it is investigating allegations that financial institutions mis-sold risky derivatives linked to collapsed US bank Lehman Brothers to retail investors.

About 9,700 people in Singapore, many of them retirees, stand to lose most or all of their money after they bought Lehman Brothers-linked structured products from banks and other financial institutions in Singapore.

These investors stand to lose over S$500 million in total, according to data provided by the Monetary Authority of Singapore (MAS), which said it will make an announcement on action when its investigation is complete.

'MAS confirms that we have been conducting formal enquiries into allegations of breaches of the law, inadequate internal controls by the financial institutions or poor sales practices by their representatives,' its managing director Heng Swee Keat told a news conference.

MAS has said that while it can impose fines and suspend the licenses of financial institutions found to be in breach of its rules, it does not have the power to order banks to compensate investors.

Financial institutions that sold the Lehman-linked structured investments include DBS Group , Hong Leong Finance , UOB Kay Hian , OCBC Securities, a unit of the city-state's third largest bank Oversea-Chinese Banking Corp and ABN AMRO, now part of Royal Bank of Scotland .

'All the FIs (financial institutions) have also set up internal review panels which are checked by their CEOs,' Mr Heng said.

MAS's move follows an deal reached in Hong Kong earlier on Friday whereby the territory's banks will buy back Lehman-linked structured products from holders at market value, as proposed by the government there.

Many Singapore and Hong Kong investors affected claim they were told the investments were relatively safe and that they had been asked to buy the products when they went to renew their fixed deposits. -- THOMSON REUTERS
http://www.straitstimes.com/Breaking+News/Money/Story/STIStory_291639.html

 

[kuntakinte]

What is a used condom doing at Speaker's Corner ?

 

[Ah Hai]

Friday, October 17, 2008
MAS Media Release on Structured Products

Opening Remarks by Heng Swee Keat, Managing Director, MAS, at the MAS Press Conference on the Sale of Structured Products to Retail Investors

Many individuals who purchased structured products linked to Lehman Brothers are worried about their investments. MAS has been actively working to ensure a fair resolution for these investors. We have also been communicating our actions to the public since the issue first came to light in the middle of September. Our first priority has always been to help affected investors. Let me touch on what we have done and how we have put in place a serious and impartial resolution process to deal with investors’ legitimate concerns.

2. First, we are making sure that HSBC Institutional Trust Services (Singapore) Ltd, the trustee for the Lehman Minibond Programme, carefully considers all options and acts in the interests of investors. If a new swap counterparty is available, investors would have the opportunity to vote on this option. In order to assist investors make an informed decision, MAS will appoint an independent financial adviser. We expect the trustee to know whether options will be available to noteholders by the end of next week.

3. Second, each FI now has an independent person to oversee the complaints handling process relating to the sale of the Lehman Minibond Programme, DBS High Notes 5 and Merrill Lynch Jubilee Series 3 Linkearner Notes. These persons are Gerard Ee, Hwang Soo Jin and Law Song Keng. We recognise that the complaints handling process has not been easy, particularly for customers of some FIs. But as circumstances for each case may be different, this is the best way to deal with all the complaints. The independent parties will ensure that customers get a fair hearing. We have set a very clear timeline for complaints to be resolved. All the FIs have also set up internal review panels which are chaired by their CEOs. The panel is expected to conduct a thorough review of each complaint and decide on a course of action within four weeks. The decision will then be communicated to the customer.

4. Third, for affected investors who are not satisfied with the FIs decision on the matter, we have established a fast-track process to refer the case to the Financial Industry Disputes Resolution Centre (FIDReC). The FIDReC mediation process is free for consumers. If a case goes to arbitration, it will cost the consumer $50. FIDReC will consider all relevant evidence whether written or oral. Statements can be prepared by consumers themselves and need not be made under oath. All FIDReC’s adjudicators are well respected professionals. The chairman of FIDReC is Mr Goh Joon Seng, a retired High Court judge. As over 80% of customers invested S$50,000 and below, FIDReC is the right avenue for them to pursue their claims. FIDReC normally deals with claims not exceeding S$50,000. In the case of the structured products, however, the FIs have agreed for FIDReC to hear deserving cases.

5. We have also said that if there are breaches of our regulation, we will take action against the financial institution or individuals involved. MAS has required the independent parties to highlight these breaches and potential cases of mis-selling to MAS. They have already brought a number of possible cases to our attention and we are following up on them.

6. Normally, as you know, MAS does not comment on our dealings with individual institutions. However given public interest in this matter, MAS confirms that we have been conducting formal inquiries into allegations of breaches of the law, inadequate internal controls by the FIs or poor sales practices by their representatives. We will make an announcement on any actions we are taking when our inquiries are completed.

7. MAS urges any affected investor who has a genuine claim that you were mis-sold the product to make sure you lodge your complaint with your FIs. MAS requires FIs to have a rigorous process to look into every complaint and resolve them fairly, giving due weight to the views of the independent parties.

8. Clearly, there is a range of investors who bought these products. Some are well-educated professionals. Others are sophisticated investors. The group we are most concerned with are the vulnerable customers. We are focussing on cases of mis-selling to vulnerable customers and on cases where the products were clearly inappropriate for them given their circumstances. We have required the FIs to give priority to these cases. They should not take an overly legalistic approach to mis-selling in dealing with these cases.

9. For cases where there are sufficient indications that the product was mis-sold or that it was clearly inappropriate given the investor’s profile and circumstances, the FI should take responsibility. Several FIs have assured MAS that they will take full responsibility in such cases. We welcome this commitment and expect all FIs that have sold these products to take the same approach. They must do the right thing and ensure a quick and fair resolution for these customers. We have communicated this to their CEOs.

10. Thank you, I will now take your questions

 

[Ah Hai]

Saturday, October 18, 2008
Speaker’s Corner 18 October 2008 (speech)

983 investors signed a Petition to the Government to carry out a full and independent investigation into whether there was any wrong doing involved in the creation and marketing of the credit linked securities, such as the mini bond, high notes, jubilee notes and pinnacle notes.

In an accompanying letter sent to the Monetary Authority of Singapore, I identified three laws that could have been breached:
1) Securities and Futures Act (section 199)
2) Financial Adviser’s Act (section 27)
3) Trustees Act

Let me explain these points.

Securities and Futures Act
This law requires the seller of a security to provide truthful and reliable information to the buyer. The seller cannot give false or misleading information and cannot withhold any relevant information. Any breach of this law is an offence that can lead to civil or criminal action.

I like to ask MAS to see if the actual nature and risk of the credit linked security has been properly disclosed in the advertisement, sales material or the prospectus.

Are they disclosed in a transparent and clear manner? If not, was the disclosure done in a manner that can be considered to be misleading?

Many investors said that they were misled into thinking that they had invested in the bonds issued by the six or eight reference entities and that all of these entities had to fail before they lose their entire capital

How did this mistaken belief came about?

Financial Advisers Act
This law requires the financial adviser or the representative to understand the needs, risk profile and preference of the investor and to recommend the appropriate products.

Many of the investors wanted to have a safe investment. They are risk adverse.

Did the representative carry out their responsibility properly? Why did they recommend a product that has turned out to be so risky? Did the representative understand the nature and risk of the product?


Trustee Act
This law requires people in a position of trust to look after the best interest of their client. Does this law apply to the trustee and the arranger of the securities?

Did they discharge their duty according to the law? Were the payments made out of the fund in accordance with what has been authorised in the prospectus? Were the dealings made at the correct prices and are fair to the investors? How are conflict of interest resolved?

Should the trustee have to render a full statement of account to the investors?


I hope that the Government looks into these areas, to see if there were any wrong doing that led to such large losses among the investing public.

If there were wrong doing, the Government can take the appropriate action to bring the offenders to Court and to seek suitable compensation for the losses suffered by the investors.

I hope that the Government can play an active role to minimize the losses of the investors and ensure that the underlying securities are NOT un-wound at fire sale prices.

 

[Ah Hai]

SINGAPORE: Many investors of structured products linked to Lehman Brothers are still upset about what has been done with their investments.

Some 500 of them gathered to voice their frustrations at Speakers' Corner at Hong Lim Park on Saturday – a day after the Monetary Authority of Singapore (MAS) said it was investigating complaints of mis-selling.

Investors above 55 years old have been labelled as the "vulnerable group", and authorities have ordered banks to prioritise their cases first, amid the complaints of mis-selling.

Despite the move, many feel inadequate steps are being taken to resolve the issue.

One investor, Ho Fook Kwong, said: "(I am) very frustrated, very angry. I think they need to speed up this process because a lot of us are waiting for answers from authorities. We can't wait anymore."

"They have stepped in too late. This thing has spread like wildfire. People have been complaining to the press, but they did not take any action," another investor, Ng Ah Mun, said.

At the same time, reality has yet to hit a few investors. Some of them who spoke to Channel NewsAsia still hope to recover their entire capital.

Most investors are clinging on to any glimmer of hope they can find – one of which comes from the organiser of their gathering, former NTUC Income CEO Tan Kin Lian.

Mr Tan said he is in touch with a big bank from Hong Kong which is interested in taking over the management of the minibonds. He is also urging all affected investors to lodge complaints formally with their respective banks.

The current trustee for the Lehman Minibond Programme, HSBC Institutional Trust Services, is looking at the option of a new swap counterparty and investors are expected find out more about their options by the end of next week.

Meanwhile, investors have been consolidating their contact details to update one another on the latest news.


- CNA/so

 

[sage]

TKL (Tiu Kow Lee) should also organise another session for those old uncles and aunties who bought those bloody complicating scratch and win thingies at the Singapore Pool booths. Can never catch up with the lots of complex barang barang being sold at those booths.

 

[zack123]

not sure. if you want to know, go down to speaker corner and ask him.

He said this will be his last session as he has been offered a job at DBS...

 

[NoOnEsAwMe]

1. TKL's motives are dubious. hard for me to believe that he would attempt to, or is capable of such an initiative.

2. when these people made $, they kept quiet. when the thing collapse, they start pointing fingers.

3. imo, the investors are quite lucky in the fact that this is is a at least, a regional financial issue - people in HK also got affected, and the HK govt is doing things in favour of the HK investores.
so, MAS here has to follow suit and do something decent as well.

 

[makapaaa]

These investors stand to lose over S$500 million in total, according to data provided by the Monetary Authority of Singapore (MAS), which said it will make an announcement on action when its investigation is complete.
. -- THOMSON REUTERS
http://www.straitstimes.com/Breaking+News/Money/Story/STIStory_291639.html

The figure reported earlier was $375M, so it's an increase of 33% as the Papayas find it harder and harder to cover up. Dun be surprised that this is gonna multiply to billions when the smoke clears. Well done, Ass Loon + Butch!