I must apologize to my English readers about the many Chinese articles related to Minibond issues.
I have been working closely with Mr. Tan Kin Lian to help out Minibond investors to secure their rights and seek redress for the mis-selling of such complex financial instruments to layman retail investors. I guess I should not term them as investors as many of them are just simple folks who seek higher return for their fixed deposits with their banks.
I have agreed to become Mr. Tan Kin Lian's Chinese translator and delivering his speech in Mandarin on his behalf.
As I have given my blog's address to many of the Chinese educated people who have been affected by the structured financial products so that they could have a source of information in Chinese. This is why for this week my blog is mainly filled with Minibond-related Chinese articles.
I am going to write on the issue of Social Justice shortly, a reflection on the whole issue of Minibombs.
Goh Meng Seng
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1 comment:
A few points that I want to bring up:
1. Minibonds were not sold in many countries because there regulators deem it too complex e.g. Malaysia did not allow it.
2. MAS allowed the minibonds to come into Singapore but did not regulate the selling process. Oversight was missing and there were numerous complaints in the past but nothing concrete was done.
3. There is clear mis-selling on the part of the banks - minibonds were not bonds in the first place.
4. When the fiasco erupted MAS took a reactive approach.
It is the job of the govt to see that justice is done and the truth is found. The HK govt made ths same mistake as the Singapore govt in allowing these minibombs to be sold. But once it is clear the ordinary people will lose out, the HK govt stand firmly on the side of the people. We don't see this in Singapore. It is very disappointing for Singaporeans.
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