Watch Part 1 and 2 of Mr Tan Kin Lian's speech at Hong Lim Park today here:
http://wayangparty.com/2008/12/27/t...s-break-the-laws-and-mas-did-not-investigate/
“When the laws are broken, we have the government, we have the police, we have the Attorney-General, it is their duty to investigate whether laws are broken, so far we have not heard any news. I myself tried to call MAS and ask if we can have a discussion. They say ‘no, they cannot discuss with individual investors.”
Video produced by The Enquirer TV, The Singapore Enquirer
Part 1
Part 2
Excerpts from Mr Tan Kin Lian’s speech:
“The petitions were to ask the government if the banks who marketed the products have broken two laws…..I presented the signatures with 983 signatures and a letter to MAS…. MAS receive the petition and after that I follow up to ask if they have conducted an independent investigation. They never answer. They only say whatever we do we will announce through the media release. All of you receive the media release, did you receive any news whether there was any investigations, No.”
“When the laws are broken, we have the government, we have the police, we have the Attorney-General, it is their duty to investigate whether laws are broken, so far we have not heard any news. I myself tried to call MAS and ask if we can have a discussion. They say ‘no, they cannot discuss with individual investors.”
“I wanted to submit the petition in person to MAS Chairman Mr Goh Chok Tong, but he is traveling, so I say can you give me a senior person to talk to, they give me a junior person, so I say I might as well send by email. They acknowledge my email, of course I want to meet with them, but again they refuse. Did they investigate how the RMs were trained. We don’t know, no news.”
“I think by now, many of us are very disappointed, how can after so many months, this kind of outcome. Of course MAS says investors should lodge a complaint with the bank and the bank must give you an answer within 4 weeks and if the answer is no, you should go to FIDReC.”
“According to the complaint process, you get an answer within 4 weeks. Many people after 4 weeks got no answer, so they come to me. Honestly I don’t know as I am not the person in charge. MAS is in charge.”
“I do a survey in my blog and 17 people replied…..the 17 people represent what is happening roughly to everybody. Actually there are 16 replies, one of them only submit complaint 2 weeks ago. Of the 16 replies, 10 of them say they receive an answer from the bank, 6 say never receive. The 10 who receive an answer, the average is six and a half weeks, so MAS 4 weeks mostly exceeded, more than 4 weeks, so it is between 4 and 10 weeks. Of the 10, 9 were rejected, which means no case. 1 say got compensation…..he never give particulars, I don’t know true or not true.”
http://wayangparty.com/2008/12/27/t...s-break-the-laws-and-mas-did-not-investigate/
“When the laws are broken, we have the government, we have the police, we have the Attorney-General, it is their duty to investigate whether laws are broken, so far we have not heard any news. I myself tried to call MAS and ask if we can have a discussion. They say ‘no, they cannot discuss with individual investors.”
Video produced by The Enquirer TV, The Singapore Enquirer
Part 1
Part 2
Excerpts from Mr Tan Kin Lian’s speech:
“The petitions were to ask the government if the banks who marketed the products have broken two laws…..I presented the signatures with 983 signatures and a letter to MAS…. MAS receive the petition and after that I follow up to ask if they have conducted an independent investigation. They never answer. They only say whatever we do we will announce through the media release. All of you receive the media release, did you receive any news whether there was any investigations, No.”
“When the laws are broken, we have the government, we have the police, we have the Attorney-General, it is their duty to investigate whether laws are broken, so far we have not heard any news. I myself tried to call MAS and ask if we can have a discussion. They say ‘no, they cannot discuss with individual investors.”
“I wanted to submit the petition in person to MAS Chairman Mr Goh Chok Tong, but he is traveling, so I say can you give me a senior person to talk to, they give me a junior person, so I say I might as well send by email. They acknowledge my email, of course I want to meet with them, but again they refuse. Did they investigate how the RMs were trained. We don’t know, no news.”
“I think by now, many of us are very disappointed, how can after so many months, this kind of outcome. Of course MAS says investors should lodge a complaint with the bank and the bank must give you an answer within 4 weeks and if the answer is no, you should go to FIDReC.”
“According to the complaint process, you get an answer within 4 weeks. Many people after 4 weeks got no answer, so they come to me. Honestly I don’t know as I am not the person in charge. MAS is in charge.”
“I do a survey in my blog and 17 people replied…..the 17 people represent what is happening roughly to everybody. Actually there are 16 replies, one of them only submit complaint 2 weeks ago. Of the 16 replies, 10 of them say they receive an answer from the bank, 6 say never receive. The 10 who receive an answer, the average is six and a half weeks, so MAS 4 weeks mostly exceeded, more than 4 weeks, so it is between 4 and 10 weeks. Of the 10, 9 were rejected, which means no case. 1 say got compensation…..he never give particulars, I don’t know true or not true.”
