According to a report in the state media, the minibond fiasco which saw thousands of investors lost their life savings from the purchase of structure-linked products following the collapse of Lehman Brothers last year is “almost” resolved by the body that deals with financial disputes – Fidrec.
Fidrec announced yesterday that it has reached agreement – or is close to reaching it – in about 72 per cent of the complaints lodged with it. This figure does not include the cases which are awaiting the outcome of court action and further instructions from consumers.
The Monetary Authority of Singapore (MAS) has advised affected investors to lodge a complaint to the financial institution which sold them the product first before approaching Fidrec should they fail to reach a settlement.
Unlike the Hong Kong government which had exerted pressure on its local banks to compensate a minimum sum to its minibond holders, the Singapore authorities chose to stay out of the matter, leaving it entirely to the FIs to deal with the investors on an individual basis.
MM Lee Kuan Yew even chided Singapore investors for “walking in with their eyes open” and therefore did not deserve a compensation.
The PAP Town Councils reportedly lost more than $10 million dollars of sinking funds from similar investments too.
Fidrec did not disclose the exact amount paid out in settlements in the resolved cases or if the people who turned to it received more than the sums they were initially offered by the financial institutions.
During the last minibond rally held at Hong Lim Park this year, former NTUC INCOME Tan Kin Lian revealed that “some” investors have yet received a compensation from either the FI or Fidrec.
Mr Tan is not available for immediate comment as he is currently in Banda Aceh on a holiday.
Since the eruption of the minibond scandal, Mr Tan had been at the forefront of fighting for the interests of the investors.
He held more than 10 rallies at Hong Lim Park, a record number by a single citizen, to organize the investors and to exert pressure on the government to act on their behalfs.
Unfortunately, with no effective opposition in parliament to raise the issue, the ruling party can afford to turn a blind eye towards the plight of the investors.
In Hong Kong, the presence of a strong opposition in the legislative council, a relatively independent media and a robust civil society helped to force the authorities to adopt a more sympathetic stance towards the investors.
It is not known if the minibond holders are happy with the settlement as for some strange reasons, none of them were interviewed by the state media in the report with the exception of a director from Fidrec Mr Gerard Ee.
Fidrec announced yesterday that it has reached agreement – or is close to reaching it – in about 72 per cent of the complaints lodged with it. This figure does not include the cases which are awaiting the outcome of court action and further instructions from consumers.
The Monetary Authority of Singapore (MAS) has advised affected investors to lodge a complaint to the financial institution which sold them the product first before approaching Fidrec should they fail to reach a settlement.
Unlike the Hong Kong government which had exerted pressure on its local banks to compensate a minimum sum to its minibond holders, the Singapore authorities chose to stay out of the matter, leaving it entirely to the FIs to deal with the investors on an individual basis.
MM Lee Kuan Yew even chided Singapore investors for “walking in with their eyes open” and therefore did not deserve a compensation.
The PAP Town Councils reportedly lost more than $10 million dollars of sinking funds from similar investments too.
Fidrec did not disclose the exact amount paid out in settlements in the resolved cases or if the people who turned to it received more than the sums they were initially offered by the financial institutions.
During the last minibond rally held at Hong Lim Park this year, former NTUC INCOME Tan Kin Lian revealed that “some” investors have yet received a compensation from either the FI or Fidrec.
Mr Tan is not available for immediate comment as he is currently in Banda Aceh on a holiday.
Since the eruption of the minibond scandal, Mr Tan had been at the forefront of fighting for the interests of the investors.
He held more than 10 rallies at Hong Lim Park, a record number by a single citizen, to organize the investors and to exert pressure on the government to act on their behalfs.
Unfortunately, with no effective opposition in parliament to raise the issue, the ruling party can afford to turn a blind eye towards the plight of the investors.
In Hong Kong, the presence of a strong opposition in the legislative council, a relatively independent media and a robust civil society helped to force the authorities to adopt a more sympathetic stance towards the investors.
It is not known if the minibond holders are happy with the settlement as for some strange reasons, none of them were interviewed by the state media in the report with the exception of a director from Fidrec Mr Gerard Ee.
