If ever there was a time to show some support for your fellow Singaporeans, the time is now. You may have been smart or just lucky to have avoided those toxic structured products but many fellow Singaporeans were not so fortunate. Many lost their lifesavings and the least we can do is turn up tomorrow at Hong Lim and give them some support.
Our govt has gone for a case-by-case approach which simply puts individuals through tremendous stress and unnecessary pain. You can view what these investors have been put through because of the things our authorities refuse to do what is necessary to uncover the truth and pursue justice:
Surely the chances of fair settlement will be higher if direct investigation is conducted on the selling of these products - selling process in the banks, RM training and instructions, and what the banks knew about the underlying risks in these products - to gather evidence of mis-selling. An individual filing a complaint has only his word against the bank and that makes it very easy for the bank and FIDReC to turn down his claims for compensation. All the investors are asking for is truth and justice....they deserve no less.
From Tan Kin Lian's Blog
SPEAKER'S CORNER Saturday 1 November 2008
Time: 5 - 7 pm Nearest MRT station: Clarke Quay (NE Line)Agenda:
1. Update on Petition #4
2. Help to complete complaint form
3. Dialogue with senior management of distributor
4. Collective legal action (as a last resort)
5. Meeting of investors (according to distributor)6. Translation into Mandarin.
Ask your friends and family to attend. Let us aim for a large gathering!