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Article and photos by Lim Siow Kuan and Cheng Siew Peng, reporting on site from Hong Lim Park, 6.30pm In spite of repeated exhortations by Prime Minister Lee Hsien Loong and MAS Chairman Senior Minister Goh Chok Tong to the investors to lodge their complaints to the financial institutions and FIDReC, over 600 investors turn up today at Hong Lim Park to deliberate on a collective class action suit against the banks. The crowd is obviously larger than last week's and there is a palpable tension in the air this time. 7 ou of 10 investors we spoke to are unconvinced that they will get a fair settlement from the banks and FIDReC and are seriously considering taking legal action. Many from the DBS highnote5 and highnote2 group claimed that they have received official replies from DBS stating they have "no case" to stand on. Said Mr Seah L K, 60: "No point meeting them, whatever they said is rubbish, I just want to know whether they are going to pay up, that's all !". Another young couple we spoke to who lost over $50K in the Lehman brothers were similarly peeved off by the bank staff's atttitude. Mr Jason Chia, 32, felt that it was unfair for the banks to exclude them from the compensation because they don't belong to the "vulnerable" group, "Hello, I am an engineering graduate, do you expect me to understand the fine print in the prospectus ?". The DBS Highnote investor group (DNIG) had laid out a few placards on the ground earlier to express their thoughts about DBS: An elderly man about 60 years of age was seen distributing flyers promoting a few opposition websites including SDP, WP and NSP's. "Don't believe in the crap the papers wrote" he shouted to the crowd. "Vote out PAP and give your vote to the opposition next time !" Mr Tan told the crowd that he has written a request to MAS Chairman Mr Goh Chok Tong for a meeting next week and if he is not available, to send a senior executive to meet him. He wanted MAS to conduct an inquiry into the banks' conduct and to take action against them if it found any evidence of mis-selling and mis-representation. Mr Tan also urged the investors to sign a statutory declaration before lodging their complaints to the FIs or FIDReC and to seriously consider taking legal action now as the case may take a few months before it can be heard in court. After Mr Tan and Mr Goh Meng Seng's talk in Mandarin, a woman by the name of Madam Ng gave a short speech lampooning DBS for selling her products with such pathetic interest that it can't even "feed a dog." Investors were seen queuing up to sign on a form expressing their willingness to take up a class action suit against the banks. A few meetings will be conducted next week to further discuss the matter. We also took the opportunity to distribute over 500 flyers to the investors to tell them about our blog. We were surprised to hear that quite a few had visited wayangparty.com and are appreciative of our work. Judging from present circumstances, it appears that far from subsiding, a storm is brewing on the horizons. It is pretty obvious that a majority of the investors present have little trust in the authorities to give them a fair settlement and they are willing to go all out to recoup their losses. EDITORS' NOTES: We will be uploading Mr Tan Kin Lian's speech shortly before 9pm, please stay tuned to our blog for more updates. DISCLAIMER: The writers of this blog are NOT RESPONSIBLE for any of the placards or banners displayed above. Neither do we approve or support the content within. Please email us at [email protected] if you find any of the photos inappropriate or offensive.  Read More →

We are offering attractive cash rewards for any reliable information on the amount of sinking funds lost by any PAP Town Councils. Read more By Fang Zhi Yuan, Chief Editor As the adage goes "too many cooks spoil the broth". The minibond debacle which has been dragging on like a soap opera for weeks saw no end in sight with various players now jumping into the fray causing more confusion amid investors desperately seeking for leadership and guidance. For the past one week, various figures from the establishment has stepped forward one after another to exhort the investors to exercise patience and restraint and to go through proper channels to air their grievances, the latest coming from an external independent observer appointed by MAS to oversee the process, Mr Gerald Ee, who urged investors to "stay calm and follow the process." (Straits Times ) They have been given the standard advice to lodge their complaint first to the financial institutions and if negotiations failed, to bring their case to FIDReC where the FIs are legally bound to accept and follow the decisions made there by an independent arbitrator. Legal recourse or class action suit which has been mooted by some quarters were strongly discouraged and dismissed as time-consuming, expensive and unfeasible. Experts from both the financial and legal professions were brought in to express their concerns and doubts on such an option with the aim of dampening the enthusiasm and support of it amongst the investors. The government has stated its stance explicitly in no certain terms: "Go through the standard procedures, there is no other way." Yet one man seemed determined to defy their wishes and has been organizing the investors to do the exact opposite. Mr Tan Kin Lian, a key figure since the fiasco erupted has contacted a lawyer, Mr Glenn Knight and a group of investors in an attempt to lodge a collection legal action against the financial institutions. Writing in his blog, he "proposed that the investors should come forward and to say how they have been ‘misled’ and by which party meaning the banks or the other financial institution" before deciding how to proceed with the collective legal action which may include lodging a police report if the prospectus breach the disclosure standard expected under the Securities & Futures Act, leading to investors being cheated. By choosing to sing a different tune persistently to the government's with no absolutely no support of any sort from anybody within the establishment, Tan runs the risk of heading on a collision course with them. In short, it is one lone ranger taking on the might of the entire establishment with its machinery and axillaries. For the time-being, the establishment has been cautious not to rebuke him, but knowing how ruthless the PAP can be in demolishing their opponents who are a threat to their interests, real or imagined, their patience may be wearing thin in Tan's latest manoeuver to outflank them. Prime Minister Lee reiterated MAS's stance that the government should and would not step in to interfere with the process, citing it as a "moral hazard", thereby leaving it entirely to the financial institutions to work out a deal with individual investors. The protracted and onerous process which can take weeks or even months would have dashed the hopes of the investors sufficiently by then to pre-empt any further lobbying for compensation. The banks know that the law is on their side. All investors had signed a contract stating that they have understood and accepted the terms and conditions before purchasing the investment products. The burden of proof would be on the investors to prove to that they have been misled into buying them. By offering to compensate only the "vulnerable" investors, the banks have cleverly implemented a "divide-and-rule" strategem to further test the resolve of the investors to take up a class action suit collectively against them and to deflect criticisms at the same time that they are "heartless" brutes concerned only about making money. A class action suit stretching for weeks or months attracting unwanted media attention along the way is both undesired and unneeded for a government which is finding itself increasingly under siege for its lacklustre approach at handling the issue. Since when did the PAP ever back down to the demands of the people and listen to them ? In spite of widespread opposition to their atrocious salaries, they are going to raise it for a third time at the end of the year. Should we expect them to be any kinder to a much smaller group of Singaporeans who, technically speaking, have only themselves to blame for investing their money in a product they have little knowledge of ? Singapore's national bank, DBS whose stocks were already in free fall after its offer of compensation was announced, is set to see its profits drop further for this financial year. Who is going to answer to its shareholders if the government were to force it to compensate most if not all the minibond investors ? Since Singapore gained its independence from the British in 1965, the PAP has always been more business-friendly than people-friendly. Between protecting the interests of one of its prized assets and defending the rights of a few Singaporeans, the choice is pretty obvious. Tan Kin Lian is threading on increasingly dangerous grounds. The more prominent he becomes, the more the establishment appears to be inept and greater the embarrassment will be to the government which has not only been slow to react to the crisis in the first place, but has also shown itself to be completely clueless and lost.   Knowing how intolerant the PAP is of any public show of dissent, activism and civil disobedience in the form of protests, rallies and marches, he has already pushed the OB markers to its limits by organizing 4 consecutive protests at Hong Lim Park so far. As the unofficial "ringleader" of investors who have been most vocal in pressurizing the banks for compensation, he will inevitably become the scapegoat for any "mishaps", intended or otherwise, for example, if the investors decide to emulate their Hong Kong counterparts by protesting outside DBS Central Office in Shenton Way. In 1988, then Singapore's Solicitor-General Francis Seow was arrested under the Internal Security Act for 72 days on charges of "being a willing partner to acts of inteference in Singapore's internal affairs by representatives of a foreign power." After 20 years, most Singaporeans seem to have forgotten who is in control of the army, the police and the media. Mr Tan had better watched his back carefully for the signs are increasing that the authorities will not sit idly by and allow him to continue to run the show. Contrary to appearance, the PAP of today is essentially still the PAP of 1988. EDITORS' NOTE: we will be publishing more news from Hong Kong including a radio podcast in the afternoon, so stay tuned here. Daily news and CNA headlines can be found at The Singapore Enquirer  Read More →

In your dealings with him, what kind of person does Mr Tan strike you as? I worked with Tan Kin Lian since 15 August 2003 until his retirement on 1 April 2007. I did not report directly to him. I reported to the present general counsel of NTUC Income, Vincent Yeo. Tan has often believed in doing what is right and in helping those that really do need help. In doing these things, he is pragmatic and he takes calculated risks. He also has this remarkable ability to simplify matters. I guess these qualities come from his background as an actuary. I remember, when I first joined NTUC Income, a manager had put forward a proposal to Tan. The manager painted a very rosy picture and provided enticing figures to support that image. Tan replied, "Our goal as a cooperative is not make too much money. We only need to make a reasonable amount of money. Our goal should also be to help people and to create jobs so that they can help others." Read rest of article here  Read More →