TR EMERITUS

Original Blog Written by Tan Kin Lian HERE 新加坡金融管理局(MAS)公布的调查报告是令人失望的。它禁止违犯规章的金融机构售卖结构性的金融产品，为期6个月至24个月。 这禁令不会影响他们的财政。在过去几个月期间，结构性的金融产品的销售实际上己经消失了，并且不太可能在未来两年会复苏。 更加重要地，被误导的投资者由于这些产品而丢失了大数额的储款，并且正在寻找一些赔偿来减轻他们的损失，但他们的希望已被粉碎。 他们在这博客内强烈地反影了他们的意见。   有报道谈及香港的投资者可能得到60%到70%的赔偿。某人估计新加坡的投资者的赔偿是少过20% (但这是个未被核实的数字，由于缺乏完整的数句)。 在过去两个星期，我与律师和保险经纪人谈论是否可以为投资者购买“事件以后”的保险("after the event" insurance)，这是用来对经销商(distributor)采取法律诉讼由于他们误导投资者。我正在考虑如何克服几个障碍。   如果障碍得以克服， 那些未曾参与任何现有的集体利益诉讼(class action)的投资者可以考虑安排另外一个新的集体利益诉讼。而更大的投资者可能考虑采取单独诉讼。我想读者填写这个问卷看看投资者对此是否有足够的兴趣。   一群志愿者正在帮助我计划在芳林公园的演说家角落举行一个投资者的聚会，将在2009年8月22日星期六下午5点举行。请保持此日期空暇。如果您希望帮助筹备工作，您可以加入这个Google小组。 另一件事情，我请求各位投资者写出自己的故事并且能够出版成为一部书。这书将与下一代的人分享您的经验。在您的故事中请写出您怎样被误导而投资了毒性产品，和您怎样渡过极度痛苦的几个月去设法争取赔偿。请电邮您的故事到我的地址 [email protected]。   陈钦亮  Read More →

By Fang Zhi Yuan There are a few letters to the Malaysian media lately from Malaysian PRs and Singapore citizens whose parents are Malaysians about the ugly side of Singapore which has sparked a furore amongst Singaporeans who are indignified by the "ingratitude" shown by their brethen across the causeway. What if I am a Malaysian working in Singapore? How will I plot my future and that of my children? Will I take up the Singapore citizenship or continue being just a PR to enjoy the best of both worlds? Let's imagine I was born in a middle class Chinese family in Johor Bahru. My family is not exactly that rich, but pretty well off by ordinary Malaysian standards. My father run a small family business, like the majority of the Chinese in Malaysia and I live in a terraced house on the outskirts of the city. After finishing my primary education in Johor, I was sent packing to continue my secondary education in Singapore. I went through the Singapore education system till university where I graduated with a Bachelor degree in Engineering. As a Malaysian with no National Service obligations, I entered the workforce two years earlier than my Singapore counterparts. Within 6 months of working, I was offered to take up Permanent Residency in Singapore which I gladly obliged. Singapore has been good to me. It gave me an education, a job and a future, opportunities which I will never be able to get in Malaysia as a result of the racist bumiputra policy. Two years later, I was invited to become a Singapore citizen which threw me into a dilemma as I will have to give up my Malaysian citizenship, not that I was particularly loyal to my country of birth. Malaysia has always been close to my heart though the government does not treat the ethnic minorities particularly well. My parents, relatives and friends are all in Malaysia. There is a kampung spirit and human touch which is absent in Singapore. Despite living here for a number of years, I do not feel a sense of belonging. If I become a Singapore citizen, I will now have to contribute 20% of my monthly pay to the CPF which will effectively tie me down here in the future. My children will naturally become Singapore citizens and my sons will be mandated to serve two years of National Service under the law. Other than being entitled to slightly higher education and healthcare subsidies, becoming a citizen does not confer any additional advantages over a PR. After much contemplation, I have decided to maintain the status quo. My children were born in Johor as Malaysian citizens. I plan to enrol them in a Singapore school. There is little doubt that the Singapore education system is far superior than that in Malaysia. My children will be brought up enjoying the best of both worlds. Singapore schools are well recognized worldwide. It will be a springboard for them to further their education elsewhere. At the same time, my boy need not waste two years of his precious life to serve the Singapore army. I will leave the decision whether to become Singapore citizens to my children. As for myself, I do not intend to retire in Singapore. Life is too tough and stressful here. Being still a Malaysian citizen, I am entitled to a housing grant which I intend to use to purchase a bungalow in Johor as a retirement home which cost about RM$500,000, the price of a three-room HDB flat in Singapore. Had I remained in Malaysia, I will probably not achieve so much in life. I am thankful to the Singapore government for giving me the opportunity to study and work in Singapore. However, I want the best for myself and my family and Singapore is not quite the place to set up home when there are greener pastures elsewhere. I have done my part and contributed to the Singapore economy. I do not intend to work till the day I drop dead. I want to retire and spend time with my children and grandchildren without having to worry about healthcare expenses. Should I forfeit my Malaysian citizenship and become a Singaporean or continue to make money here and retire in my hometown? Over the years, many Malaysians have worked in Singapore and become Permanent Residents. What percentage of these PRs have taken up citizenship? Given a choice, would you prefer to be born in Singapore as a citizen or as a PR born in Malaysia? The above account is not entirely fictitious. It is adapted from the personal life of a relative who is in the top echelon of a statutory board. In spite of numerous invitations by the government to him to become a Singapore citizen, he has adamantly refused to do so. The Singapore government makes no distinction between locals and foreigners. We welcome foreigners with open arms. They are given equal opportunities as locals to succeed in Singapore. Unfortunately, our greatest selling point to foreign talents is also dissuading them from settling down here permanently. What additional advantages does being a citizen have over a PR? I failed my last IPPT and has to go for remedial training thrice a week. Can you imagine the hassle and torture of reporting to Khatib Camp to run 2.4km after a long and hectic day? Due to my frequent travels, I have to apply for deferments often. There was once I forgot and I received a letter from SAF almost immediately threatening to charge me. My relative, however, have no such concerns. He has zero NS obligations at all - no ICTs, RTs, mob-manning and whatsoever. He can concentrate fully on his work and career. He does not care a bit about local politics. His aim is simply to make money here. His son is born in Malaysia, but studying in Singapore. He need not worry about him having to go through NS when he grows up. Foreigners flock to Singapore in search of a better life. If they are willing to turn their backs on their homeland and become Singapore citizens in the first place, how patriotic can they be? How many of these new citizens give up their pink ICs later? J.F. Kennedy once said: "Ask not what your country can do for you. Ask what you can do for your country." Most Singapore males have served 2 years of national service followed by over 10 years of reservist training. Are we getting a fair deal from our country?  Read More →

Original Blog Written by Lucky Tan HERE 香港两家财务机构，新鴻基(Sun Hung Kai)和凱基亚洲證券 (KGI Asia)，己经全部赔偿了他们的顾客。并且香港16家银行己经提议赔偿顾客的投资本金  (principal) 的60%至70%[链接]。香港证券监管机构，SFC，很可能拒绝16家银行的提议，因为他们要求银行全部赔偿投资者。香港当局发现银行在销售这些产品时行为不当(misconduct)[链接]。我相信香港银行最终将要全部赔偿投资者。 . 在新加坡，10000名投资者之中5350名提出了投诉。在这5350名投诉者之中，66%或者大约3500名收到了不承认责任(no-admission-of-liability-basis)的赔偿建议。25%或者大约1300名接受了全部的赔偿[链接]。据我所闻，许多建议提供了大约10%赔偿。当这些财务结构性产品(structured products)崩溃时，MAS的反应是指示投资者回到银行以个体名义提出投诉。这手法便把提供证据的责任转移到了每个投资者的身上，并且允许银行选择他们想要赔偿那个投资者。   香港当局选择不同的手法来处理这事件，他们展开了一丝不苟的调查和帮助投资者得到集体解决方案。在这事件的最初期，香港当局会见了投资者的代表来决定采取那样的手法以便导致投资者取得最佳的结果。在新加坡，MAS会见了银行，并且设立了投诉解决程序(complaints resolution process)和指示每位投资个体回到银行去寻求赔偿。银行决定他们想要赔偿那位投资个体。这样划分并且征服的手段(divide and conquer approach)意味到那些并未收到公平赔偿建议的投资个体将不太可能在集体利益诉讼(class action lawsuit)之中取得成功。这是因为对系统性销售不当(systemic misselling)的手法能够提供有力证据的那些人将不会参加集体利益诉讼，由于他们已经取得了赔偿。 . 灾难性事件例如微型责券事件在新加坡和其他地方同时发生是罕见的，但是它给我们机会去把本地领导人和政府的行为与其他国家比较。他们意欲取得怎样的结果将会大大地显示出他们的利益所在。  Read More →