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损失血汗钱
Translated article for our Chinese-speaking readers.
Tan Kin Lian / Columnist (Chinese translation by Teng Jing Wei)
For the benefit of our Chinese-speaking readers, we have translated Tan Kin Lian’s earlier article titled “Loss of hard-earned money”.
10月20日的国会,提出好些和雷曼兄弟有关的结构性产品的亏损的问题。财政次长林勋强的答复如下:
金融管理局(金管局)的行政方式是均衡的管制,确保消费者得到公平交易的责任在于金融机构,而了解所购投资产品的责任则在于投资者。
金管局规定金融机构和发行者适当的向投资者披露投资产品的特征和风险。
金管局已为支持以上规定设置了必要的法律框架。有两项关键立法 – 证券与期货法令、以及金融顾问法令。
发行者必须在说明书内为投资者列举评估证券时所合理需要的所有资料。
发行者和其顾问有责任确保说明书内容符合法律规定。金管局依据发行者和气顾问所提供的资料,检查说明书有披露风险和产品特征,并且没有虚假或误导性内容。
MAS 注册了雷曼迷你债券计划、DBS 高升短期债券5、美林Jubilee联赢票据3的说明书,因为它们符合证券与期货法令的要求。
说明书
我在金管局的网站查询这4个符合证券与期货法令要求而被批准的结构性产品的说明书。但我无法找到这些说明书。
我可以找到列为“集体投资计划”类中几百种产品的说明书。为什么这些被金管局批准的结构性产品的说明书,没有列在网站上?
结构性产品的性质与风险
许多投资者已经在书信和报章刊登的信件里说明他们被误导,认为这些结构性产品是投资在6个债务标的机构(reference entities),而所有机构必须被宣布破产他们才会损失全部的投资数额。投资者得到的保证是:结构性产品属于“低风险”投资产品,而且所投资的数额有 “资本保障”,意味着他们将在期限结束后得到所投资的数额。
属于“弱势群体”和“非弱势群体”的投资者,包括受教育专业人士,在发现这些结构性产品属于“极高风险”投资产品并且比证券投资更危险时感到恐慌。
他们现在了解投资在这些结构性产品的一大部份或全部数额会在面临以下情况下消失:
任何一家债务机构的倒闭;
某些大量特定的垫底资产的损失
交易对手倒闭
说明书内并没有提到“倒闭”或“损失”。说明书运用了 “信贷事件” 为代替,以及一些难以分辨真实意思的字眼来解释信贷事件。
我们已确实这些结构性产品摆明含有相当高的风险。现在要问的问题是:说明书内是否充分的描述了风险?有关风险的关键资料是否可以轻易的在说明书内找到?
部长说“发行者必须在说明书内为投资者列举评估证券时所合理需要的所有资料。”也许部长该读一读说明书看自己是否能得到评估证券时所合理需要的所有资料。
虚假或误导的信息
如今从事后角度来看,我建议金管局应该检视广告、销售手册和说明书,检讨所提供的资料是否含有虚假或误导的内容,违反了证券与期货法令。
不诚实的掩盖实质事实
证券与期货法令第200章列出通过“不诚实的掩盖实质事实”诱导某人进行证券交易是犯法的。
一项重要的资料可能是损失全部资金的因素。这风险的程度有多大?在投资项目的期限是1%、5%、10%或50%?
发行者是否知道这风险的程度?他们也许略有所闻, 根据为交易对手在信用违约互换下牵涉到的债务机构和垫底的资产所提供的保金而有所印象。
发行者是否应该在说明书内提供这项实质资料?发行者没有提供这项实质资料,是否违反了法令?
公平交易结果
部长也说道金管局的目的是确保“消费者得到公平的交易”。也许金管局应探讨结构性产品是否通过这项测试。
产品发行者没有在说明书内披露结构性产品从各项投资中的总收入,包括好些高风险的信用违约互换。这些收入去了何方?发行者、分销商和债券持有人如何分享收入?
即目标回报的5%收入的部份是否,如收入来源所表示,是高风险结构性产品的合理结果?
据我本人所知,没有任何结构性产品发出户口汇报单给投资者。是否有违反信托法令?产品的发行者(或产品的安排者)和信托人是否有任何诚信义务来照顾投资者的利益并对事件提供全面和完整的声明?
法律的精神
我最后要向林勋强部长和新加坡金融管理局呼吁,请确保在新加坡的法律系统之下,各方必须遵守法律精神与守法条例。
我希望官方可以采取适当行动为恢复人民对新加坡公平系统的信心,以及恢复新加坡金融枢纽的声誉,使新加坡人和外国人放心的把他们的血汗钱存放在这。
—————–
Indonesia
Miss Universe cuts ties with Indonesia chapter after harassment allegations
The Miss Universe Organization severs ties with Indonesia franchise due to harassment claims. Malaysia edition canceled.
Women allege body checks before pageant. Investigation launched. Safety prioritized.
Indonesia winner to compete in November finale. Height requirement controversy.
WASHINGTON, UNITED STATES — The Miss Universe Organization has cut ties with its Indonesia franchise, it announced days after allegations of sexual harassment, and will cancel an upcoming Malaysia edition.
In the complaint, more than a half dozen women said all 30 finalists for Miss Universe Indonesia were unexpectedly asked to strip for a supposed body check for scars and cellulite two days before the pageant’s crowning ceremony in Jakarta.
Their lawyer said Tuesday that five of the women had their pictures taken.
“In light of what we have learned took place at Miss Universe Indonesia, it has become clear that this franchise has not lived up to our brand standards, ethics, or expectations,” the US-based Miss Universe Organization posted Saturday night on social media site X, formerly known as Twitter.
It said that it had “decided to terminate the relationship with its current franchise in Indonesia, PT Capella Swastika Karya, and its National Director, Poppy Capella.”
It thanked the contestants for their bravery in coming forward and added that “providing a safe place for women” was the organization’s priority.
Jakarta police spokesman Trunoyudo Wisnu Andiko said Tuesday that an investigation into the women’s complaint has been launched.
The Indonesia franchise also holds the license for Miss Universe Malaysia, where there will no longer be a competition this year, according to the New York-based parent organizer.
In a lengthy statement posted to Instagram, Indonesia franchise director Capella denied involvement in any body checks.
“I, as the National Director and as the owner of the Miss Universe Indonesia license, was not involved at all and have never known, ordered, requested or allowed anyone who played a role and participated in the process of organizing Miss Universe Indonesia 2023 to commit violence or sexual harassment through body checking,” she wrote.
She added that she is against “any form of violence or sexual harassment.”
The Jakarta competition was held from 29 July to 3 August to choose Indonesia’s representative to the 2023 Miss Universe contest, and was won by Fabienne Nicole Groeneveld.
Miss Universe said it would make arrangements for her to compete in the finale, scheduled for November in El Salvador.
This year’s Indonesia pageant also came under fire for announcing a “significant change in this (year’s) competition guidelines” with the elimination of its minimum height requirement after it had crowned a winner.
In its statement, the Miss Universe Organization said it wanted to “make it extremely clear that there are no measurements such as height, weight, or body dimensions required to join a Miss Universe pageant worldwide.”
— AFP
Malaysia
A Perodua service centre in Kuantan, Malaysia went viral for its strict dress code, Perodua responds
A dress code for vehicle servicing? A Malaysian car brand’s service centre dress code signage has puzzled netizens, raising queries about the need for attire rules during a routine service.
The manufacturer responded with an official statement after a flurry of comments, seeking to clarify and apologize.
MALAYSIA: A dress code signage positioned at a service centre belonging to a prominent Malaysian car brand has sparked bewilderment among Malaysian netizens, who question the necessity of adhering to attire guidelines for a simple vehicle servicing.
The signage explicitly delineates clothing items that are deemed unsuitable, including sleeveless tops, short skirts, abbreviated pants, and distressed jeans.
The car manufacturer swiftly found itself flooded with comments from both inquisitive and irked Malaysian netizens. This surge in online activity prompted the company to issue an official statement aimed at clarifying the situation and extending an apology.
In a post that gained significant traction on the social media platform, politician Quek Tai Seong of Pahang State, Malaysia, shared an image to Facebook on Monday (7 Aug).
The image showcased a dress code sign prominently displayed at a Perodua Service Centre in Kuantan. Within the post, Quek posed the question: “Is this dress code applicable nationwide, or is it specific to this branch?”
The signage reads, “All customers dealing with Perodua Service Kuantan 1, Semambu, are requested to dress modestly and appropriately.”
Adding visual clarity to these guidelines, the sign features illustrative graphics that explicitly outline clothing items deemed unacceptable, including sleeveless tops, short skirts, short pants, and ripped jeans.
Delineating the specifics of the dress code, the signage stipulates that male visitors are expected to don shirts accompanied by neckties, opt for long pants, and wear closed shoes.
Conversely, female visitors are advised to don long-sleeved shirts, full-length skirts, and closed-toe footwear.
Perodua’s dress code sparks online uproar
Following the rapid spread of the post, Perodua’s official Facebook page found itself inundated with comments from both intrigued and frustrated Malaysian netizens, all seeking clarifications about the newly surfaced dress code policy.
Amidst the flurry of comments, numerous incensed netizens posed pointed questions such as, “What is the rationale behind the introduction of such regulations by the management? We demand an explanation.”
Another netizen expressed their dissatisfaction, arguing against the necessity of the rule and urging Perodua to take inspiration from the practices of other 4S (Sales, Service, Spare Parts, and Survey) automotive dealerships.
A concerned Facebook user chimed in, advocating for a more lenient stance, asserting that attempting to dictate customers’ clothing choices might not be in the company’s best interest.
Someone also commented in an angry tone, “Oi what is this? Going there for car service, not interview or working, right.”
As the discourse unfolded, it became evident that while some inquiries carried genuine weight, others chose to inject humor into the situation, playfully remarking, “If I wanted to buy a Myvi, I should buy or rent a formal attire first.”
“I sell economy rice at a hawker centre, I have never worn a long sleeve shirt and a tie… I guess I will not buy a Perodua car then.”
“I guess they will not serve those who wear short pants.”
Perodua addresses dress code controversy
As reported by Chinese media outlet Sin Chew Daily News, the manager of Kuantan’s Perodua Service Centre had acknowledged that the images on the dress code signage were misleading.
In response, the manager divulged that discussions had transpired with the head office, leading to the prompt removal of the signage to prevent any further misconceptions.
The manager clarifies, “We do encourage visitors to adhere to the dress etiquette, but we won’t go to the extent of restricting their choice of attire.”
He also revealed that currently, no complaints have been directly received from the public.
However, feedback from certain customers was relayed through Perodua’s agents.
Perodua also released an official statement by chief operating officer JK Rozman Jaffar on Wednesday (9 Aug) regarding the dress code on their official Facebook page.
The statement stated the dress code etiquette is not aligned with their official guidelines and they are currently conducting an official investigation on the matter followed by corrective measures to avoid the same incident from happening.
Perodua also extends its apologies for any inconvenience caused.
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