Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for support

[masgnoeL]

Daniel Tan sent a message

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Subject: The Fight continues.

1 Nov: In his fourth appearance at Speakers’ Corner in as many weeks, Mr Tan Kin Lian announced that 1,017 people have signed the petition to the Monetary Authority of Singapore (MAS). It is the fourth petition which Mr Tan has initiated to help investors who are affected by structured products.

The petition calls for “fair compensation” for investors of failed credit-linked securities who were “misled by sales reps and/or sales material” which described the products as low risk. It also calls on the MAS to restore investor trust in the financial institutions (FIs) and Singapore’s international reputation as a financial hub.

The crowd of about 500 people applauded after Mr Tan finished reading out the petition.

Although CASE has announced that they will help victims to sue banks, please be careful with your dealing with banks. All government-affiliated organisations have been responding very slowly towards the entire MAS-DBS-Lehman incident. If any, CASE would seem to be diluting Tan Kin Lian´s effort and diluting the litigation effort by Tan Kin Lian and Glenn Knight to take up banks to court. There can only be one champion, and so far, only ONE champion has led the way for you. Choose wisely.

Only in unity, we find strength. Without unity, we are nothing!

 

[Conan the Barbarian]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

Unity is strength. 66.6% united will go a long way.
No One will be left behind.

 

[Bigfuck]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

Singapore needs 2 worldclass soccer team. Current is fat and stupid like a clown.

 

[DerekLeung]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

[edit] Background
Knight was a student of Anglo-Chinese School. In the 1990s, he was the vice-chairman of its Old Boys' Association[5] and a member of its board of governors.[6] He studied in the University of Singapore in the 1960s, and played the guitar in a jazz band to raise money for his tuition fees.[3][7]

He joined the Singapore Legal Service in 1970 and rose through the ranks "with the speed and power of an Exocet missile," as Queen's Counsel Roy Allaway later described it. Soon he acquired a reputation for being a law enforcer who prosecuted criminals without fear or favour. News of his ability and integrity impressed the late David Marshall, so much that when he retired he offered to give Knight a full partnership in his law firm; however, Knight was content to remain in the Legal Service and declined the offer.[8]


[edit] Notable cases
In 1978, Knight was the deputy public prosecutor in the trial of former magistrate Khoo Hin Hiong. In 1983, he acted for the Prosecution again in the trial of Adrian Lim, who had murdered two children.[8] In 1985, he was the senior state counsel and deputy public prosecutor who filed an affidavit on behalf of the Attorney-General requesting that the High Court cite five defendants for contempt of court over an editorial published in the Asian Wall Street Journal (AWSJ) on 17 October 1985. Titled "Jeyaretnam's Challenge", the editorial had questioned the "integrity and impartiality" of Singapore's judicial system. The affidavit led to an apology from the editor of the AWSJ.[9] In 1986, he was the public prosecutor for the Commercial Affairs Investigation Department[10] who filed charges against key people in Pan Electric Industries ("Pan-El"), such as Tan Kok Liang,[10][11] Tan Koon Swan,[12] and Peter Tham,[13] in the aftermath of the company's collapse. For his role in the Pan-El investigations, Knight was commended by then-Finance Minister Richard Hu in 1989.[14] Knight also led the prosecution team in Singapore's first case of insider trading, that of former United Overseas Bank banker Allan Ng.[15][16] On National Day 1990 (9 August 1990), he was awarded the Public Administration Medal, Gold, for his work as Director of the Commercial Affairs Department.[17]


[edit] First investigation and trial
On 23 March 1991, Knight was suddenly replaced as CAD director by Senior State Counsel Lawrence Ang in a decision that shocked the local legal community.[2] It turned out that Knight was under investigation by the Corrupt Practices Investigation Bureau (CPIB).[18][19] After an investigation lasting more than two months—one of the longest probes into the conduct of a public servant in Singapore—Knight was arrested on 27 May 1991[20][21] and charged with corruption the next day. He was the first Singapore legal officer to face such charges.[22] Specifically, he was accused of cheating three businessmen into investing S$3,000,000 each into the former Batam Island Country Club on the Indonesian island of Batam, as well as giving false information to the CPIB regarding vehicle purchases, an application for a car loan, and his corporate investments.[23][24][25] The judge originally set Knight's trial to commence in October 1992, but changed his mind and brought it forward to September 1991 after the prosecution complained that its witnesses had been subject to intimidation, and investigating officers had received mysterious phone calls warning them to "watch out".[26][27] In July that year, his wife and two others were also arrested and charged over the Batam resort investments.[28][29][30]

In a district court on 29 September 1991, Knight pleaded guilty to cheating then managing director of Trans-Island Bus Services Ng Ser Miang to try to make him invest in the Batam resort project, which had been planned by Knight and his wife.[31] In October, he was sentenced to three months in prison.[32][33][34][35]

Knight appealed against the sentence, and in March 1992 he managed to get his sentence reduced to a $17,000 fine and a day in prison.[36] He served the jail sentence and paid the fine on the day it was announced.[37] In deciding to reduce the sentence, High Court Judge L.P. Thean said that a "nominal custodial sentence" was sufficient given the mitigating circumstances in Knight's case.[38] In April, all charges against his wife in relation to his case were also dropped.[39]


[edit] Aftermath of first conviction
Although the sentence meted to him was eventually reduced, the corruption case had left permanent damage on Knight's career as a civil servant. After investigations on him began in March 1991, he faced disciplinary hearings and his services were terminated on 26 March 1992.[40] The President also revoked the prestigious Public Administration Medal, Gold, that had been awarded to Knight.[41] In August 1994, the High Court struck Knight off the roll of advocates and solicitors, meaning that he could no longer practise law.[42] After being disbarred, Knight worked as a consultant in a public-listed company.[43]


[edit] Second investigation and trial
In 1998, Knight was again charged in court—this time with criminal breach of trust by misappropriating money totalling $4,200 when still the CAD's Director on two occasions, in 1989 and 1990.[44][45] This second charge caused Knight to resign from his job.[43]

During the trial, the defence argued that the proceedings were invalid as Knight had been granted immunity by the Attorney-General's Chambers in 1991 from further charges arising from his corruption investigations, in exchange for him to plead guilty in the earlier trial. They argued that the latest set of charges stemmed from that investigation and thus were subject to the immunity clause.[46][47] The CPIB revealed that it had been tipped off about the misappropriation of money only in 1997 by an unnamed informant.[48] The court ruled that the proceedings could continue because the 1991 probe into Knight's dealings did not investigate his misappropriation of money.[49] Eventually the court found him guilty of two charges of misappropriation and sentenced him to a $10,000 fine and another day in jail.[4]


[edit] Aftermath of second conviction
The second conviction left Knight even worse off than before. The company he was working for before his second trial refused to re-employ him. Jobless, he engaged himself in community work in his church, Covenant Community Methodist Church, and often visited a pub in Boat Quay of which his wife was a partner.[3] He faded quietly from public life.[50]

On 25 April 2007, he re-appeared in the news when he filed an application seeking court approval to be reinstated as a lawyer. His application was granted on 22 May 2007, making him only the sixth lawyer to be reinstated in the Law Society of Singapore's 35-year history.[51][52] He will be joining the law firm Bernard & Rada Law Corporation.[53]



The crowd of about 500 people applauded after Mr Tan finished reading out the petition.

Although CASE has announced that they will help victims to sue banks, please be careful with your dealing with banks. All government-affiliated organisations have been responding very slowly towards the entire MAS-DBS-Lehman incident. If any, CASE would seem to be diluting Tan Kin Lian´s effort and diluting the litigation effort by Tan Kin Lian and Glenn Knight to take up banks to court. There can only be one champion, and so far, only ONE champion has led the way for you. Choose wisely.

Only in unity, we find strength. Without unity, we are nothing![/QUOTE]

 

[DerekLeung]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

When PAP brought down Glenn Knight!

Someone brought him and his family down!

It's time he payback whatever faults the party has !

Retaliate.

 

[imperialarms]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

but GLENN is a cheater BUG he can help thsoe who kena CHEATED MEH

 

[masgnoeL]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

Why is this case different and why the "audacity" to face-off with the Chairman?

Why Glenn Kinght?

It is noted that MAS has been "advised" to involve CAD in its investigations into wrong-doings.

If it is solely a matter of "MIS-SELLING", which is a term hardly anyone knows how to define and most probably used only by morons in Sinkiepore, well......Anyway, why CAD? And TKL mentioned that MAS should involve CAD.

Now, why isn't CAD involved? It is rather amusing that now CASE wishes to be involved. Why now then involve?

So, why is this case different? Should CAD be involved? If not, why not and if so, why so?

Only someone who had been from CAD knows if CAD should be involved, if it so chooses to involve. Now, it is time to invite MAS to invite CAD to be involved.

But this is in doubt of ever happening. Should CAD be involved? If the case will lead to criminal proceedings, then why not. It would be expedient that this turn into a civil case rather then being investigated as a criminal case. But if there is evidence to point to defraud or systemic negligence, then it could be read as a criminal case.

Also, TKL mentioning of CAD shows clearly that TKL is speaking for the aggrieved investors and not wayang wayang. We should show him our fullest support and watch how this chapter play itself out. It's showtime if the chips are smartly placed or else it is curtain time for these aggrieved investors.

I do not think the investors went into structure products with the fullest of information but I am also of the opnion that the RMs were not out to mis-inform these investors. It is more like the blind leading the blind. So, who should shoulder the blame?

It is an answer that is as clear as day, depending on which side you are on.

 

[chinkangkor]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

Everyone thought that an investment bank the size of Lehman would not be left to fail by the US govt.

They miscalculated. They had not expected US Treasury Henry paulson to be an idiot. As we now know, the collapse of Lehman started off a massive global panic. On hindsight, the correct action of Paulson should have been to bail out Lehman.

 

[DerekLeung]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

George Bush 's people used to push McCain off .

Just like His truely finished Glenn Knight when he was in CAD .

CAD is a dinosaur.

Now it's more CPIB .

 

[_AXL_]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

i have this niggling doubt...

i thought the main objective is to pressurise the banks into returning the monies...

then instead of getting 1 lawyer or law firm to sue the banks (then banks have to deal with only 1 party), why not get 10 law firms to sue them separately (thus banks have to deal with 10 parties)??? consumers have been screwed, so isnt it time for the banks to be screwed back??? morover, if any of the 10 parties gets anything, the rest can follow suit and raise precedence, no?

i really doubt TKL's "good" intentions... cos it seems to me that he is trying to make it easy for the banks instead. in the govt's POV, better him than someone nominated by the aggrieved investors...

ok sorry... i m evil...:p

 

[Ramseth]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

Glenn Knight would surely know how to handle the CAD. He was the founding director of the CAD. Where Francis Seow was famous for the prosecution of Sunny Ang, Glenn Knight was famous for the prosecution of Adrian Lim.

 

[BlueCat]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

i believe the MAS will respond soon if the numbers is there.
we have to two people who knows how the system works.

 

[Ramseth]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

Tan Kin Lian (ex-NTUC Income CEO) + Goh Meng Seng (ex-candidate with 43.9%) + Glenn Knight (ex-CAD Director) + ??? + ??? ... can form dream team?

 

[Bigfuck]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

Tan Kin Lian (ex-NTUC Income CEO) + Goh Meng Seng (ex-candidate with 43.9%) + Glenn Knight (ex-CAD Director) + ??? + ??? ... can form dream team?

All one needs is for it to be done. The rest is history. Results either way will go against the regime. Nothing works anymore. LKY has no more tricks. ISD now? Try and give outsiders the biggest excuse. Prepare for a new Singapore for much to rebuild in the proper and business competitive way.

 

[Zombie]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

If any, CASE would seem to be diluting Tan Kin Lian´s effort and diluting the litigation effort by Tan Kin Lian and Glenn Knight to take up banks to court. There can only be one champion, and so far, only ONE champion has led the way for you. Choose wisely.

Glenn Knight already said that collective action is difficult. This means a lot of things.

 

[masgnoeL]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

Glenn Knight already said that collective action is difficult. This means a lot of things.

Is it? From the horse's mouth? Quoting where you hear or found out this info would be useful.

 

[phouse3]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

I look at things differently.

I would argue that the minibonds are perfect. That's the reason you bought it in the first place. In fact, if you show the schematics to any banker or the MAS Chairman, he/she would think it is safe too without expert investigation and hind-sight. So the clues are outside the scheme and outside Singapore.

Establish that the investment banks had packaged junk into seemingly investment grade products. Establish that critical information has been left out. Show that the final package is so good that it escaped the scrutiny of the MAS or that even PAP Town Councils and institutions have put money in them. That's the definition of "mis-sold".

Nobody expected Lehman to fail because no one knew about the fraudulent investment policies of its executives. Barings failed too because of the fraudulent action of one man. I believe there are law suits going on in the US claiming frauds. A judgement on fraud is the best evidence. There are no frauds here. The FIs are just commission-based re-sellers. However, the contention is that they have not done enough due diligence before selling those products.

Play hardball with the FIs. They should not be allowed to step into the shoes of the "vulnerable" after buying back from them and hence rank pari passu or worse still ahead of other investors. It should be a pure bailout out.

 

[Zombie]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

Is it? From the horse's mouth? Quoting where you hear or found out this info would be useful.

http://tankinlian.blogspot.com/2008/10/collective-legal-action-approach.html

Check it out. I believe Glenn is trying to minimise legal risk by choosing a "test case". But that test case does not mean it will work for everyone.

Wednesday, October 29, 2008
Collective legal action (1)
Approach recommended by Mr. Glenn Knight

1. I have met with several investors and found that a collective action is difficult.

2. I proposed that the investors should come forward and to say how they have been ‘misled’ and by which party meaning the banks or the other financial institution. I will then these people according to the financial institution who sold them the product.

3. For each group, I will choose one client who will sue alone but who will be backed financially by the others of the same group. My estimate is about S$80,000 for each client for the suit. The case will be heard in the District Court.

4. If the client wins the case, it will be a crucial victory. I will then use this case to settle with that financial institution on behalf of the other investors, provided of course that this is agreed by the financial institution. In that way, all similar cases can be settled.

5. If I am not able to act against any financial institution due to conflict, I can arrange for another lawyer to act (e.g. Mr. Raymond Loo).

6. If I should lose the case, the amount involved would be on a scale basis (provided in the books) of S$40,000 say for a trial that would last 4 days.

7. In the event that there would be an appeal to a High Court Judge in chambers, then I will have to charge another S$30,000. But if I should lose the appeal the party would have to bear costs of S$15,000

Glenn Knight
Bernard & Rada Law Corporation
50 Robinson Road
#08-00 VTB Building
Singapore 068882
DID: (65) 63947 852
Main: (65) 68999 888
Fax: (65) 6338 5377
Web: www.brllawcorp.com
Posted by Tan Kin Lian at 8:48 AM

 

[imperialarms]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

this GLENn charge simi lan jiao chage this charge that. get acheater bug for lawyer what a joke, last time cheat that ng ser miang a few million not enough, now let him cheat ah soh ah peh STUPID SINKIES

 

[Zombie]

Re: Tan Kin Lian and Glenn Knight initiate to sue the banks and petition MAS for supp

this GLENn charge simi lan jiao chage this charge that. get acheater bug for lawyer what a joke, last time cheat that ng ser miang a few million not enough, now let him cheat ah soh ah peh STUPID SINKIES

See below.
If the cause is pushing on, why is TKL slowing down?
Isn't there a saying "Strike while the iron is hot"?
Then why is there this break, plus issues relating to life in Singapore?

http://tankinlian.blogspot.com/2008/11/fortnightly-meetings-at-speakers-corner.html

Monday, November 03, 2008
Fortnightly Meetings at Speaker's Corner on Structured Products
There will be NO meeting at Speaker's Corner on Saturday 8 November. We will take a rest this Saturday.

We will resume the meeting every alternative Saturday from 15 November.

The schedule of meetings will be:

Saturday 15 November, 5 to 7 p.m.
Saturday 29 November, 5 to 7 p.m.
Saturday 13 December, 5 to 7 p.m.
Saturday 27 December, 5 to 7 p.m.

Apart from the structured products, there will be other speakers talking on other issues relating to life in Singapore.
Watch for further announcements.
Posted by Tan Kin Lian at 10:30 AM