Wednesday, October 15, 2008

Closer to Home - Minibond Issue (Singapore)

After all that talk in my earlier post about standing up and doing the right thing with integrity, I would like to share a couple of videos regarding the Minibond situation in Singapore that I feel strongly about after watching.

Firstly, I really symphatize with the folks that have been impacted by the Minibond saga. In particular, the older folks who have lost all their life savings due to this "mis-investment". As a fellow Singaporean, I hope that the relevant authorities can act quickly to investigate this matter and work together with the parties concerned to help each other over this difficult period.

I agree with Mr Leong (one of the videos below) that this financial situation is certainly unexpected and has come as a surprise to all - financial institutions and investors alike. While symphatizing with the people who have lost their money in this type of investment, we should also try to see the other side of the picture i.e. from the financial institiutions/consultants.

With that said, I also believe that the steps taken by individuals such as Mr Tan and Mr Leong should not be viewed as an attack or protest against the financial institutions/MAS. Instead, it should be viewed as an attempt to help the investors (especially older folks) understand the situation better and provide them with an avenue to seek help and support from people who can help them. Otherwise, as individuals...where can these people turn to?

Indeed as a collective group, the impacted persons have a higher chance to seek redress but at the same time I think it is important that the investors also control their emotions and should remain practical and fair to understand that it will necessary for some to shoulder part of the responsibilities of this mess and thus may not recover their principal (particularly for the educated persons who have not read the fine print). :P

At the end of the day, I prefer to look at the positive side of this situation which is that, if handled properly, it could be a blessing in disguise and perhaps the general public come out of this situation with even higher confidence and satisfaction level towards both our government as well as financial institutions.

Channel's New Asia Coverage on Mini Bond in Singapore

Mr Tan Kin Lian's Speech at Investor's Corner - Part One of Two

Mr Tan Kin Lian's Speech at Investor's Corner - Part Two of Two

Mr Leong Sze Hian's Speech at Investor's Corner

The Online Citizen - Angry Investors Crowd the Speaker's Corner to Seek Redress

The Online Citizen - Media Interview Mr Tan Kin Lian

News Coverage - Chinese

1 comment:

Tan Kin Lian said...


There are some people who think that the investors took the risk and should bear the consequence. In my view, there was deception in the creation of the product and carelessness in the marketing of the product.

Read this blog:

I believe that the investment banks will be prosecuted for fraud, probably by the authority in Hong Kong or USA.

There is a BBC radio commentary that talk about these potential fraudalent activity.