Tan Kin Lian! GO GO GO!
Singaporeans petition for probe of credit-linked securities
By AFP
2008/10/09
The former chief of a Singapore insurance cooperative delivered a petition today with almost 1,000 names demanding an independent inquiry into the sale of credit-linked securities, he told AFP. “I confirm that the petition has been delivered to MAS (Monetary Authority of Singapore) this morning,” said Tan Kin Lian, former chief executive officer of NTUC Income, a life and general insurance cooperative.
He did not comment further.
On his blog, he said the petition had 983 names asking that white collar crime police investigators and/or the MAS regulatory body conduct “a full and independent inquiry” in relation to the sale of credit-linked securities by financial institutions in Singapore.
He said these included “Lehman Minibonds” and “Merrill Lynch Jubilee Notes”. US investment bank Lehman Brothers collapsed last month and its counterpart Merrill Lynch was bought out in a Wall Street meltdown that accelerated a global credit crisis.
“Singaporeans, including the persons who have signed this petition, lost their hard-earned savings by investing in these financial products. Such products clearly did not suit the risk profiles of these consumers,” Tan said in the blog.
“We ask the government to act now and restore the peoples’ faith in our financial system.”
The MAS managing director Heng Swee Keat said last week he understood “the high level of anxiety” investors in some structured products were feeling.
“Our immediate focus is on helping investors to get a quick and fair resolution of their complaints,” he said.
MAS said it has assigned three prominent individuals to review the internal complaints-handling and resolution processes of the financial institutions involved.
“Where there are breaches of regulations by the financial institutions, we will take action,” Heng said.
MAS said it considers “fundamentally sound” its current regime for marketing of investment products but will undertake a review in light of recent developments in Singapore and elsewhere.
In Hong Kong yesterday, furious investors clashed with police outside the Bank of China’s local headquarters and demanded the repayment of investments linked to Lehman Brothers. - AFP
Singaporeans petition for probe of credit-linked securities
By AFP
2008/10/09
The former chief of a Singapore insurance cooperative delivered a petition today with almost 1,000 names demanding an independent inquiry into the sale of credit-linked securities, he told AFP. “I confirm that the petition has been delivered to MAS (Monetary Authority of Singapore) this morning,” said Tan Kin Lian, former chief executive officer of NTUC Income, a life and general insurance cooperative.
He did not comment further.
On his blog, he said the petition had 983 names asking that white collar crime police investigators and/or the MAS regulatory body conduct “a full and independent inquiry” in relation to the sale of credit-linked securities by financial institutions in Singapore.
He said these included “Lehman Minibonds” and “Merrill Lynch Jubilee Notes”. US investment bank Lehman Brothers collapsed last month and its counterpart Merrill Lynch was bought out in a Wall Street meltdown that accelerated a global credit crisis.
“Singaporeans, including the persons who have signed this petition, lost their hard-earned savings by investing in these financial products. Such products clearly did not suit the risk profiles of these consumers,” Tan said in the blog.
“We ask the government to act now and restore the peoples’ faith in our financial system.”
The MAS managing director Heng Swee Keat said last week he understood “the high level of anxiety” investors in some structured products were feeling.
“Our immediate focus is on helping investors to get a quick and fair resolution of their complaints,” he said.
MAS said it has assigned three prominent individuals to review the internal complaints-handling and resolution processes of the financial institutions involved.
“Where there are breaches of regulations by the financial institutions, we will take action,” Heng said.
MAS said it considers “fundamentally sound” its current regime for marketing of investment products but will undertake a review in light of recent developments in Singapore and elsewhere.
In Hong Kong yesterday, furious investors clashed with police outside the Bank of China’s local headquarters and demanded the repayment of investments linked to Lehman Brothers. - AFP
