Last updated on October 21st, 2008 at 12:26 am
Speaking about investors who have lost money in structured products, Senior Minister (SM) Goh Chok Tongsays Singaporeans “must see their losses in perspective” and be “realistic in their expectation of recovering their losses.” The SM also said that the financial institutions will investigate “each case thoroughly” and if there was any doubt, they would try and settle it “in favour of the investor”.
At a separate event, Mr Tan Kin Lian spoke to a crowd of about 500 investors at Speakers Corner on Saturday. In his speech, Mr Tan revealed that he was contacted by a bank in Hong Kong which has offered to take over the management of the minibonds from local financial institutions. Mr Tan said that he has put the bank in touch with the MAS. Most of Mr Tan’s speech yesterday, which was also translated into Chinese by Mr Goh Meng Seng, was dedicated to providing advice to investors on what they should do if they were to lodge complaints with the banks and the authorities. Copies of the instructions were quickly snapped up by the investors, some of whom were unsure of what to do in lodging complaints and were thus very appreciative of Mr Tan’s actions.
Below are two videos of the speeches by SM Goh and Mr Tan Kin Lian. For Mr Tan Kin Lian's full speech at Speakers' Corner, please visit TOC's YouTube page.
Report on SM Goh's speech by local tv channel:
Tan Kin Lian: