THE TEMASEK REVIEW

By Eugene Yeo and Cheng Siew Peng, reporting from Hong Lim Park, 6pm

In spite of the last minute change of plan by Mr Tan Kin Lian not to go ahead with his planned talk due to an Indian Cultural event occupying the same venue, about two hundred minibond investors still turn up at Hong Lim Park.

Some of them are aware of the change in plan, yet decide to turn up anyway to hear what Mr Tan have to say in person.

Many investors we spoke to have expressed doubts about the banks giving them a fair deal. Some still haven’t heard from the banks despite a stipulated guideline under MAS that they have to respond to their complaints within 4 weeks.

Mr Tan told the investors present to seek assistance from their MP and to share some of the pitfalls to take note of when they attend the interview conducted by the banks.

He is currently discussing with two senior lawyers to seek the expert opinion of a Queen’s Counsel of England. The initial legal fee is expected to range from S$10,000 to S$15,000.

Mr Tan asked the crowd the number of investors who have been approached by the bank and only about 20 investors raise up their hands out of whom only a few have received a firm reply from the bank.

Mr Tan ended his speech by urging the investors to have faith and keep the fight going for as long the matter is not resolved satisfactorily, Singapore’s reputation as a finance hub will continue to plunge.

The Chinese rendition of Mr Tan’s speech was given by Ms Lee Wai Leng, a WP candidate who stood in the Ang Mo Kio GRC against Prime Minister Lee’s team in the 2006 General Election.

Mr Goh Meng Seng ended the day with a fiery speech lampooning the PAP government for paying lip service to its vaunted standards of accountability and transparency and implored the investors to help him collect the 100,000 signatures needed to persuade Mr Tan Kin Lian to run for public office.

There will be a special meeting next Saturday at the same venue to celebrate the anniversary of The Online Citizen. Mr Tan will be giving an update on his discussion with the lawyers at the same time.

As the minibond saga continues to drag on, it appears inevitable that the issue is becoming more and more politicized. While there were no political speechs in first three rallies, they have become a regular event of Mr Tan’s rallies now.

Will this attempt to awaken the political consciousness of Singaporeans create a backlash against Mr Tan ? Are the investors who are more concerned about their money than Singapore politics support Mr Tan’s bid for public office ?

Given the pragmatic and mercenary nature of Singaporeans, this may prove to be another false dawn.

EDITORS’ NOTE: More to come – iphotos, nterviews with minibond investors, video of Mr Tan Kin Lian, Ms Lee Wai Leng and Mr Goh Meng Seng’s speech and a special feature on CLOB and Mr Steve Chia, who made a surprise turn out at the hustlings. Stay tuned at Wayangparty Club – we bring you the FASTEST news in Singapore.

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