The popularly elected government of Thailand, led by supporters of Thatsin Sinawatra. was deposed by street rallies, culminating in the disruption and closure of Bangkok Airport, conducted by the yellow shirted followers of the Democratic Party.
The new government was formed by the Democratic Party with some defections from the previous ruling party.
The red-shirt followers of Thatsin now follow the example of using street rallies and public disorder to cause chaos in Thailand during the recent Asean Summit.
Chaos will come to a society where the rule of law is not respected. I hope that democratic institutions, and the will of the people, are respected.
Tuesday, April 14, 2009
The Standard:BOC set to seal minibond dea
Bank of China (Hong Kong) (2388), the city's largest distributor of minibonds linked to failed US investment bank Lehman Brothers, is in advanced negotiations with the Securities and Futures Commission to settle the issue, market sources told The Standard.
A settlement may involve payment of about HK$600 million to the bank's disgruntled minibond buyers.
It would also serve as a benchmark for talks between the SFC and other banks to wipe off their respective minibond exposures, the sources said.
The reports come as thousands of minibond buyers prepare to rally on July 1.
BOC (Hong Kong) is estimated to have sold HK$5.6 billion out of HK$14 billion worth of Lehman minibonds bought by 48,000 local investors.
So far, only two institutions - SHKI, a unit of Sun Hung Kai & Co (0086) and KGI Asia Ltd - have settled their minibonds claims.
SHKI distributed payments of HK$85 million among 310 clients while KGI Asia paid five customers about HK$1.6 million.
The talks with SHKI are being used as a model by the SFC for current negotiation with BOC (Hong Kong), sources said.
They said the authorities are keen to settle with BOC (Hong Kong) ahead of July 1 so as not to have angry minibond investors join traditional rallies.
The organizer, Alliance of Lehman Brothers' Victims, yesterday estimated that up to 100,000 of its supporters will march on July 1.
About 400 to 500 investors will protest today against the Hong Kong Monetary Authority and the SFC outside the Legislative Council as HKMA chief executive Joseph Yam Chi-kwong attends a subcommittee hearing on the issue, the group said. Another 2,000 investors plan to march on Sunday from Causeway Bay to the SAR government headquarters.
Earlier this month, the HKMA said it had found sufficient grounds for disciplinary action against some bank staff accused of mis-selling minibonds.
Even though some investors have settled with banks, they only recovered 30 to 50 percent of their investment, the group's chairman, Peter Chan Kwong-yue, said.
Democratic Party member Andrew Fung Wai-kwong said he will file a judicial review for 11 cases before the end of the month against a Small Claims Tribunal decision on March 23 that resulted in all 135 cases being transferred to the District Court.
As of April 8, the HKMA had received 20,724 complaints, and 20,509 had cleared initial assessment.
Only 418 complaints relating to 16 banks were referred to the SFC.
As of last Wednesday, a total of 427 cases had been transferred to the SFC by the monetary authority.
Meanwhile, Liu Sui-fong, 84, is among 77 minibond investors seeking help from the Federation of Trade Unions. Liu said she had been ``misled'' by BOC (Hong Kong) staff to invest all her HK$520,000 savings in minibonds, which claimed to yield 4 percent interest a year.
A settlement may involve payment of about HK$600 million to the bank's disgruntled minibond buyers.
It would also serve as a benchmark for talks between the SFC and other banks to wipe off their respective minibond exposures, the sources said.
The reports come as thousands of minibond buyers prepare to rally on July 1.
BOC (Hong Kong) is estimated to have sold HK$5.6 billion out of HK$14 billion worth of Lehman minibonds bought by 48,000 local investors.
So far, only two institutions - SHKI, a unit of Sun Hung Kai & Co (0086) and KGI Asia Ltd - have settled their minibonds claims.
SHKI distributed payments of HK$85 million among 310 clients while KGI Asia paid five customers about HK$1.6 million.
The talks with SHKI are being used as a model by the SFC for current negotiation with BOC (Hong Kong), sources said.
They said the authorities are keen to settle with BOC (Hong Kong) ahead of July 1 so as not to have angry minibond investors join traditional rallies.
The organizer, Alliance of Lehman Brothers' Victims, yesterday estimated that up to 100,000 of its supporters will march on July 1.
About 400 to 500 investors will protest today against the Hong Kong Monetary Authority and the SFC outside the Legislative Council as HKMA chief executive Joseph Yam Chi-kwong attends a subcommittee hearing on the issue, the group said. Another 2,000 investors plan to march on Sunday from Causeway Bay to the SAR government headquarters.
Earlier this month, the HKMA said it had found sufficient grounds for disciplinary action against some bank staff accused of mis-selling minibonds.
Even though some investors have settled with banks, they only recovered 30 to 50 percent of their investment, the group's chairman, Peter Chan Kwong-yue, said.
Democratic Party member Andrew Fung Wai-kwong said he will file a judicial review for 11 cases before the end of the month against a Small Claims Tribunal decision on March 23 that resulted in all 135 cases being transferred to the District Court.
As of April 8, the HKMA had received 20,724 complaints, and 20,509 had cleared initial assessment.
Only 418 complaints relating to 16 banks were referred to the SFC.
As of last Wednesday, a total of 427 cases had been transferred to the SFC by the monetary authority.
Meanwhile, Liu Sui-fong, 84, is among 77 minibond investors seeking help from the Federation of Trade Unions. Liu said she had been ``misled'' by BOC (Hong Kong) staff to invest all her HK$520,000 savings in minibonds, which claimed to yield 4 percent interest a year.
Monday, April 13, 2009
Review of the public sector
Some people think that the recent cases of food poisoning in the markets reflect slackness in enforcement of cleanliness and health by the National Environment Agency.
But, the underlying problem is a deeper one. In recent years, many government agencies have reduced their manpower in the bid to cut cost. We now have insufficient number of people to enforce the law. This applies not only to this Agency but to many other government bodies as well.
It is one thing to cut down cost and manpower on unnecessary activities and red tape. It is a separate matter when the cost cutting lead to cutback in essential services and enforcement of regulations.
Are the reduced manpower put to better use in society? This is hardly the case. Many of the excess manpower find work in the financial and property markets. These financial experts, advisers and agents help to build up a big bubble that has now burst. Many of them have now lost their jobs or face the prospect of being retrenched.
We need to rethink our approach towards the use of manpower in our society. Public service is an essential source of employment. They can do useful work and can be for the good of society.
Does the reduction of manpower in the public sector lead to lower cost for the public? This may not be the case. Too often, the reduction of manpower is followed by huge expenditure on computer systems, management consultants and high salaries for the top people that run the agencies.
We need to reflect on this matter as well. Are we using the public funds properly? Is there a correct balance between employing people to do useful work or replacing them by expensive systems and so-called talents?
Tan Kin Lian
But, the underlying problem is a deeper one. In recent years, many government agencies have reduced their manpower in the bid to cut cost. We now have insufficient number of people to enforce the law. This applies not only to this Agency but to many other government bodies as well.
It is one thing to cut down cost and manpower on unnecessary activities and red tape. It is a separate matter when the cost cutting lead to cutback in essential services and enforcement of regulations.
Are the reduced manpower put to better use in society? This is hardly the case. Many of the excess manpower find work in the financial and property markets. These financial experts, advisers and agents help to build up a big bubble that has now burst. Many of them have now lost their jobs or face the prospect of being retrenched.
We need to rethink our approach towards the use of manpower in our society. Public service is an essential source of employment. They can do useful work and can be for the good of society.
Does the reduction of manpower in the public sector lead to lower cost for the public? This may not be the case. Too often, the reduction of manpower is followed by huge expenditure on computer systems, management consultants and high salaries for the top people that run the agencies.
We need to reflect on this matter as well. Are we using the public funds properly? Is there a correct balance between employing people to do useful work or replacing them by expensive systems and so-called talents?
Tan Kin Lian
Protecting a democratic institution
The recent change in leadership in AWARE (Association of Women for Research and Education) has raised issues of concern. The old leadership, comprising of volunteers who has worked for many years to build up the values and stature of the organisation was unexpected toppled by a group of new members who voted in a new committee at the annual general meeting.
To my collection, this type of unplanned leadership change has occurred in some other organisations in the past. The new leadership represent the views of a small group of people who attended the annual general meeting, and does not reflect the membership at large.
What can be done to preserve the democratic nature of an organisation and ensure that the elected leaders reflect the values of the membership?
Here are a few possible approaches:
1. Nominations for elected office should be submitted at least 14 days in advance of the general meeting. The nominees should be required to submit a statement to show their background and their plans for the organisation.
2. Voting should be allowed for all members, rather than those who attend the general meeting. With today's technology, it should be quite easy to vote through the internet. Those who attend the meeting can vote on the spot.
Many organisations in Singapore are weak. People are not prepared to serve in the committee. Each general meeting see the return of a few of the well known figures. Occasionally, an upset election results create big news.
We have to address these long standing problems. It is time for us to build stronger democratic institutions in Singapore.
Tan Kin Lian
To my collection, this type of unplanned leadership change has occurred in some other organisations in the past. The new leadership represent the views of a small group of people who attended the annual general meeting, and does not reflect the membership at large.
What can be done to preserve the democratic nature of an organisation and ensure that the elected leaders reflect the values of the membership?
Here are a few possible approaches:
1. Nominations for elected office should be submitted at least 14 days in advance of the general meeting. The nominees should be required to submit a statement to show their background and their plans for the organisation.
2. Voting should be allowed for all members, rather than those who attend the general meeting. With today's technology, it should be quite easy to vote through the internet. Those who attend the meeting can vote on the spot.
Many organisations in Singapore are weak. People are not prepared to serve in the committee. Each general meeting see the return of a few of the well known figures. Occasionally, an upset election results create big news.
We have to address these long standing problems. It is time for us to build stronger democratic institutions in Singapore.
Tan Kin Lian
Annual General Meeting of NTUC Income
The Annual General Meeting is scheduled to be held at 6 pm on Friday, 29 May 2009 at the Auditorium, 7th level, NTUC Income Centre, 75 Bras Basah Road, Singapore 189557.
Sunday, April 12, 2009
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