Watch Part 3 & 4 of Mr Tan's speech here:
http://wayangparty.com/2008/12/27/t...to-court-as-banks-and-govt-want-to-save-face/
Excerpts of Mr Tan Kin Lian’s speech:
“This is the style in Singapore now. You write no letter - no news, no reply. Second letter - no news, no reply. Third letter - no news, no reply. I don’t know what has become of Singapore. Where is the accountability and fairness ? You see, these are people, their job. When people write to me, ask for my help, it is not my job, but anybody who write to me, I give a reply even though sometime my reply is ‘I am sorry, I don’t know how to answer.’ ….As best as I can, I do give a reply. This is the government officials’ job, they don’t reply to you. I send second letter, they don’t reply, I send third letter, they don’t reply. So I don’t know why I hope that at least if you can’t handle, just give a reply, don’t just quietly ignore it.”
“So far the complaint with the banks is very slow, takes 5 to 10 weeks…95% rejected, then the complaint to FIDReC, very few submitted and those who submit, very few are heard, so it will take a long time. MAS say don’t take legal action, depend on the complaint process in Singapore, but after 3 months, many people are becoming impatient….many people already want to take legal action.”
“Again I want to be quite honest. A legal action can take a long time, you go to court, after you fight the court whether you win or lose, the bank can still appeal, then go one more time, so it is going to be long and quite messy, but Mr Loo agree with my committee that the maximum fee is S$4,800.”
“My honest opinion is - the banks will not go to court, the bank will settle out of court, because to go to court, the publicity is going to be very bad for the banks and for Singapore, but of course right now, the bank say it will reject and reject…..but if you are willing to fight, the bank will negotiate a settlement….at that time, even the government may change their mind, if the reputation of Singapore is so bad, how can in Singapore, ordinary people can lose their money and nobody come and help, who will dare from other countries to put their money in Singapore if Singaporeans lose their money like that, maybe the government will ask the banks to settle.”
“Who will the banks settle with ? Those who join the class action. Some people say ‘I sit down and wait for other people to fight.’ When the fight is over, those who join the fight will get the compensation, not you….You have to make the judgment yourself, whether to fight. My wish is that even before we go to court, this thing is settled.”
http://wayangparty.com/2008/12/27/t...to-court-as-banks-and-govt-want-to-save-face/
Excerpts of Mr Tan Kin Lian’s speech:
“This is the style in Singapore now. You write no letter - no news, no reply. Second letter - no news, no reply. Third letter - no news, no reply. I don’t know what has become of Singapore. Where is the accountability and fairness ? You see, these are people, their job. When people write to me, ask for my help, it is not my job, but anybody who write to me, I give a reply even though sometime my reply is ‘I am sorry, I don’t know how to answer.’ ….As best as I can, I do give a reply. This is the government officials’ job, they don’t reply to you. I send second letter, they don’t reply, I send third letter, they don’t reply. So I don’t know why I hope that at least if you can’t handle, just give a reply, don’t just quietly ignore it.”
“So far the complaint with the banks is very slow, takes 5 to 10 weeks…95% rejected, then the complaint to FIDReC, very few submitted and those who submit, very few are heard, so it will take a long time. MAS say don’t take legal action, depend on the complaint process in Singapore, but after 3 months, many people are becoming impatient….many people already want to take legal action.”
“Again I want to be quite honest. A legal action can take a long time, you go to court, after you fight the court whether you win or lose, the bank can still appeal, then go one more time, so it is going to be long and quite messy, but Mr Loo agree with my committee that the maximum fee is S$4,800.”
“My honest opinion is - the banks will not go to court, the bank will settle out of court, because to go to court, the publicity is going to be very bad for the banks and for Singapore, but of course right now, the bank say it will reject and reject…..but if you are willing to fight, the bank will negotiate a settlement….at that time, even the government may change their mind, if the reputation of Singapore is so bad, how can in Singapore, ordinary people can lose their money and nobody come and help, who will dare from other countries to put their money in Singapore if Singaporeans lose their money like that, maybe the government will ask the banks to settle.”
“Who will the banks settle with ? Those who join the class action. Some people say ‘I sit down and wait for other people to fight.’ When the fight is over, those who join the fight will get the compensation, not you….You have to make the judgment yourself, whether to fight. My wish is that even before we go to court, this thing is settled.”
