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Many investors have lost faith in Government and MAS: Tan Kin Lian (Updated)

Tan Kin Lian vows to continue his fight for fairness.

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Pictures and videos of Saturday’s event below.

Andrew Loh / Deputy Editor

Many investors have lost faith in their recommended approach,” Mr Tan Kin Lian said in a speech which was sent out to the media prior ot his appearance at Speakers Corner today. He was referring to the Government and the Monetary Authority of Singapore (MAS), which had advised that collective action by investors of discredited structured products should be avoided.

“Our Government leaders and MAS have advised that this should be avoided, and that other avenues are open for the investors to seek their redress,” Mr Tan said.

He hopes that the MAS will respond to his requests for a meeting to discuss how the matter can be resolved fairly and that a costly legal action can be avoided.

Pending such a meeting, Mr Tan said that his “committee is discussing with a few lawyers on the approach to take on a collective legal action.” However, he reiterated that he and his team are still keen to seek an outcome that is fair to the investors and preserve Singapore’s reputation as a financial hub “that can be trusted to take care of the interest of the ordinary people.”

In his fifth appearance at Hong Lim Park, which attracted an estimated 400 people, Mr Tan gave an update on the petitions which he has sent to the authorities so far. The first petition, which he delivered to the MAS’ Mr Andrew Khoo, on the 9 October, asked the authorities to look into “possible wrong-doings by the financial institutions”.

“I have not heard from MAS subsequently on the outcome of this Petition. I have sent two requests to Mr. Goh Chok Tong and to Mr Andrew Khoo for a meeting to discuss the progress,” Mr Tan said. “So far, I have not been successful in getting this meeting.” Mr Tan said that he has not heard from MAS if they intend to carry out an independent investigation into this matter either.

In the second petition, sent to the MAS on 17 October, it specifically asked the authorities to investigate the sales training and marketing processes of the financial institutions which distributed these securities. “I have not received any acknowledgment to this Petition. I have re-sent the Petition and asked for an acknowledgement for the record,” Mr Tan said.

He also asked the MAS, on 31 October, to set up an independent unit to receive the complaints from investors and to encourage the financial institutions to adopt a collective approach in offering fair compensation to the investors who were misled into investing in these securities. Mr Tan asked for a meeting with a senior official in MAS to discuss this petition but his request was denied.

“I reminded MAS that I am speaking on behalf of about 1,000 investors,” he explained. “If 1,000 voices are not loud enough, I wonder what will make our officials hear,” he said.

“I will continue with my effort,” the former Chief Executive of NTUC Income said.

At Hong Lim Park itself, angry investors of the structured products came with trash bags with the words “DBS High Notes” pasted on them, signifying that the notes were worthless. This week, the local media reported that most investors of these notes are most likely to have lost all that they invested in.

The strong sentiments were apparent when Mr Tan asked if it was fair that the MAS has denied all his requests for a meeting. The crowd shouted an empathic, “No!”. When he asked them, “Will we give up?”, again the crowd shouted, “No!”. “I will be here every two Saturdays,” Mr Tan told them. “This problem cannot just die away.”

Watch the videos of Mr Tan’s speeches here on TOC TV.

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Some pictures from Saturday’s event at Speakers’ Corner:

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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.

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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

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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.

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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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