TR EMERITUS

Video produced and edited by Jeremy Yau from The Singapore Enquirer [youtube=http://www.youtube.com/watch?v=8YZaRoNj4_4&hl=en&fs=1] Excerpts from Mr Tan's speech: "Somebody sent to me the Pinnacle Notes value, for series 1, balance 1.8%, 98% is gone, series 2, balance 3.8%, 96% is gone, series 8, balance 69%, series 12, balance 80%, so many of the series is already balance less than 20%, so even if you are not connected with Lehman Brothers, your investment is still adversely affected, why ?" "All of these notes are similar in structure. All of them have reference entities which say if any one of these 6 or 8 reference entities go credit default, all your money gone. When you invested, nobody tell you like that, if they tell you, you probably won't want to invest. But most people were told, when one gone, still have seven." "Nobody knew the product is like that. If you are Pinnacle Notes series 9 and 10, already 5 out of the 150 already gone, your money is all gone." EDITORS' NOTE: The Singapore Enquirer will be uploading Part 2 and 3 of Mr Tan's speech shortly. In future, all news coverage as such will be found on the revamped Singapore Enquirer website, a joint collaboration between us and a few bloggers which will be revealed in 2 weeks' time. This will be the Singaporekini (prototype), a platform on which we will build an independent online daily to provide Singaporeans an alternative to the government-controlled mainstream media.  Read More →

Field report and photos by Eugene Yeo, reporting on site from Hong Lim Park, 6.05pm Even as storm clouds gathered over the skies in downtown Singapore, over 700 Singaporeans congregate at a small plot of space at Speakers Corner, Hong Lim Park, to register their displeasure at the financial governing bodies and institutions over the Lehman brothers minibond fiasco. While the Hong Kong Legislative Council invoked a special order two days ago to probe into alleged mis-selling by the financial institutions, Singapore's minibond investors continue to be left in limbo by a pro-business government which is not only reluctant to launch an independent investigation, but refuse to meet the investors collectively to listen to their concerns. The DBS investors made their feelings about DBS known by placing stacks of garbage bags stick with the name "DBS High notes" on them to mock at DBS for selling them "thrash notes" which are now worth literally nothing at all. Mr Tan Kin Lian's petitions to MAS and the Prime Minister have landed in the middle of nowhere. MAS has explained their long-held policy of not answering to individuals or groups in order not to affect 'investors' confidence' in the country's financial system. Mr Tan first gave a brief explanation on the structure-linked products and why their value is close to zero now. Unknown to many is that these products are not marketed elsewhere except Singapore, Taiwan and Hong Kong because if such a fiasco were to happen in the United States, the banks will be forced to compensate their clients fully and be fined by the government on top of that. He told the cheering crowd that he has submitted 4 petitions to MAS and has only received an acknowledgment of its receipt so far. He does not know if MAS will conduct any independent investigation into the financial institutions. He asked the crowd "Is this fair ? " and received a unison chorus of "NO !!!" resonating throughout Hong Lim Park.   Mr Tan next read an email sent to him by a Mr S B who did not want to lodge a complaint initially as he felt he is partially at fault for purchasing the products. However, after listening to MM Lee's remarks that investors went in with "their eyes open", he was infuriated and decided to "fight to the end" instead. S B wrote that as a government voted into power by a "popular mandate" in the last election, it has a fiduciary duty to the investors. He does not expect the government to compensate the losses of the investors completely. What he asked for is for the government to appoint an independent committee to investigate what exactly went wrong. By taking the side of the FIs and using the principle of "caveat emptor" to dismiss the investors' complaints without even listening to what they have to say, the government is not being fair to the them. There was also palpable anger on the ground at MM Lee's rather insensitive remarks. Instead of showing empathy to the investors, he shifted the blame to them without even listening to their side of the story. One man shouted out loud in the air as MM's name is mentioned. "He is senile, senile already !!!" much to the amusement of the journalists standing next to him. Mr Tan next urged the investors to file a statutory declaration before lodging their complaints to the FIs and FIDReC. He will talk about the collective legal action 2 weeks later at the same venue. Mr Goh Meng Seng then took to the stage and gave a Chinese rendition of Mr Tan's speech. He gave his own views on the matter and lament the lack of social justice in Singapore. "This government only cares about the big corporations, what about its citizens ?" he roared to the crowd. Mr Goh quoted the example of Hong Kong, where the presence of two parties having roughly the same number of seats in the Legislative Council had enabled the Hong Kong minibond investors to pressurize them to launch a probe into the banks. Here in Singapore, with only 2 opposition MPs in Parliament, the PAP government can do what it wishes to with flagrant disregard for the will and aspirations of the people. Compared to the first two protests, the anti-government sentiment has reached a feverish pitch in today's event. Not only are there more participants, the crowd is also more vocal and daring in expressing their displeasure, unhappiness and frustration at the government. Many investors have received letters of rejection of their claims from DBS and other banks and have lost whatever little hope they have that the government will intervene on their behalf. As the investors become more organized in their respective groups, an inevitable sense of solidarity have developed to bind them together. Will this mark the beginning of a new social and political awakening in Singapore ? Mr Goh ended his speech by imploring the audience to "open their eyes" and vote for the correct party in the next election. Will this open show of defiance be translated into a potent force for the opposition to tap on in the future ?    EDITORS' NOTE: The video clips of Mr Tan Kin Lian's speech will be uploaded to YouTube tonight before 9pm. They were taken by Jeremy Yau from The Singapore Enquirer with a camcorder. The clip will be clear and motionless unlike the previous clip. We will be uploading our photos, over 40 in total in phases today and tomorrow, so keep a lookout on our blog !  Read More →

By Fang Zhi Yuan, Chief Editor [youtube=http://www.youtube.com/watch?v=hZrC1mc19Uw&hl=en&fs=1] According to the CNA report above, Lehman brother minibond investors will know their options at the end of the month: one, whether restructuring of their investments is still a viable route or two, if they will be liquidated. Neither option will be deemed acceptable to investors who are still harboring hopes of reclaiming the bulk of their failed investments which appears increasingly remote as the days go by. While Hong Kong's Legislative Council are preparing to vote on a resolution invoking special powers to probe the Lehman Brothers saga, the Singapore government have urged its minibond investors to settle their claims individually with the financial institutions. What are the options left for Singapore's investors ? 1. Go through the proper channels as advocated by the authorities to file for compensation first from the FIs before seeking recourse with FIDReC should it fail. Accept FIDReC's decision as final regardless of the outcome. 2. Lodge a class action suit together with other investors against the FIs which may take months or even years not to mention the time and trouble involved on top of the astronomical legal fees. 3. Follow the example of Hong Kong and exert direct pressure on their MPs to bring the matter up during the next parliament sitting with the aim of forming a Select Committee to investigate any wrongdoings by the bank. The problem is, parliament is completely dominated by the PAP whose leaders have made their stance very clear. Given the reluctance of the government to compromise Singapore's image as an international finance center, it is highly unlikely it will take active measures to assist the investors. Unless there is strong external pressure exerted on the government to provide it with fresh impetus to intervene directly, Singapore's investors are left with few options to press their case. After suffering such a major setback in their lives, how many of them are game enough to go through further uncertainties and tribulations to reclaim their losses ? Should uncles and aunties in their 60s and 70s who should be staying at home taking care of their grandchildren spend their precious times bogged down in endless discussions with other investors, meetings with lawyers and attendance in court ? It has been almost two months since the collapse of Lehman Brothers and the minibond saga shows little signs of abating. As some plucky investors braced themselves for a protracted legal battle with the FIs, the less able ones will be left alone in the lurch to lick their wounds. Watch our first homemake video "Let's open our eyes for Singapore's 3M" here  Read More →