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Tan Kin Lian is the right choice for president

sengkang

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SINGAPORE: The former CEO of insurance cooperative, NTUC Income, Tan Kin Lian, sent early signals in 2008 that he wants to be Singapore's next president.

And in June this year, he announced his intention to do so.

63-year-old Tan Kin Lian makes it a point to highlight his humble beginnings.

He was born to a poor family which eked out a living transporting fish from the Riau Islands to Singapore.

He prides himself as being independent - with no links to the ruling People's Action Party (PAP).

He was a member of the party until 2008, but said he was never a minister or a Member of Parliament (MP). And this, he declared, sets him apart.

"Many people said they want voice, they want to be heard. I think I probably represent the person who has got ears to listen and is able to think independently," said Mr Tan.

Mr Tan had submitted his application for the Certificate of Eligibility under a Special Clause - citing his experience as CEO of an insurance cooperative with a shared capital of $500 million and assets of $17 billion.

He said this is equivalent to the criteria which states that presidential candidates should have served at least three years as a chairman or CEO of a statutory board or company with a paid-up capital of at least $100 million.

He became widely known during the financial crisis, triggered by the collapse of Lehman Brothers. He spoke up for small-time investors who had lost their lifesavings on toxic financial products and wrote on his own blog about issues.

Mr Tan thinks the role of the Elected President should be expanded, and has suggested for example, having the President's Office produce an annual report detailing the country's reserves.

"I recognise that the President cannot be a second centre of power but that does not mean the President cannot do anything, because in order to make good decisions it's better to have several points of views," he said.

Mr Tan, a former student of Raffles Institution, has pledged to donate a significant part of the annual $4 million presidential salary to charity.

He is married with three children.

- CNA /ls
 

sengkang

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ex-NTUC INCOME CEO Mr Tan Kin Lian has launched another online petition, this time, to the Prime Minister on behalf of the minibond victims. (sign or read the petition here)
Mr Tan made an impassionate appeal to the Prime Minister ”to ask the Monetary Authority of Singapore and/or other relevant body to request the financial institutions to make a similar offer of compensation to the investors who are still pursuing their claims for compensation for being ill-advised and/or misrepresented on these products.”
He quoted the example of Hong Kong to buttress his case for the Singapore Financial Institutions to reach a general settlement with the minibond investors.
Whereas Singapore’s MAS has imposed only symbolic bans on the FIs to sell structured products ranging from 6 to 24 months, the financial institutions in Hong Kong, who have sold similar products to the investors in Hong Kong under similar circumstances, are discussing with the regulators in Hong Kong to pay an immediate compensation of 60% of the invested sums and 40% of the proceeds of the investment on its maturity.
In his latest blog post, Mr Tan wrote that he has sent an email to journalists of major papers to update them on the progress of the petition in the hope that they will write a report on it. However, he has yet to receive a reply from them.
Mr Tan came into prominence last year when he organized a series of gatherings at Hong Lim Park to organize the aggrieved minibond investors in their quest to press for compensation from the FIs. He now holds the record for the most number of events held at the Speakers’ Corner and for the largest turnout (estimated to be more than 1,000).
In spite of his relentless efforts to seek justice for the minibond holders, the authorities were lukewarm in their responses. Three petitions sent to MAS Chairman Mr Goh Chok Tong last year did not receive even a reply.
According to the petition, the investors were disappointed to see their request for compensation totally rejected by the financial institution, or to receive an unacceptably low offer, being less than 20% of the invested amount in most cases.
It is highly unlikely that the Prime Minister will yield to public pressure and ask MAS to intervene in the dispute by mandating the FIs to compensate the investors. His father, the Minister Mentor had earlier encapsulated the government’s stance on the matter when he chided the investors for “going in with their eyes wide open” thereby placing the responsibility for the loss solely on them.
On the other hand, the Securities and Futures Commissions of Hong Kong cannot afford to treat the investors so shabbily as MAS did.
Though Hong Kong is a Special Administrative Region of China, there is a strong opposition present in the Legislative Council to exert continued political pressure on the government to act in the interests of the investors. No such pressure exists in Singapore – the opposition has been mute on the fiasco so far.
Besides, the affected Hong Kong investors will surely not accept being brushed aside by the FIs like that without any compensation. They will probably take to the streets and protest vehemently which will affect the image of Hong Kong as a financial centre.
In Singapore, a law was passed recently to outlaw even a solo protest (except in Hong Lim Park). Singaporeans are too timid to voice their displeasure against the authorities openly.
Given the all the papers in Singapore are controlled by the government, it is no surprise that no journalists will dare to publicize Tan Kin Lian’s cause in defiance of the wishes of their political masters.
Even if Tan Kin Lian were to organize another 10 protests at Hong Lim Park, it will make little difference as the matter is destined to be brushed under the carpets.
The only solution left for the investors is to take the FIs to the (Singapore) courts and even then, the chances of them getting adequate compensation for the hassle are slim.
 

sengkang

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sengkang

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[h=1]Speeches on minibond issue - Part 1[/h]<object style="height: 390px; width: 640px"><param name="movie" value="http://www.youtube.com/v/xskGbufFUAM?version=3"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><embed src="http://www.youtube.com/v/xskGbufFUAM?version=3" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="390"></object>
 

sengkang

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[h=1]Speeches on minibond issue - Part 2[/h]
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sengkang

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[h=1]Speeches on minibond issue - Part 3[/h]

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sengkang

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Investors made grievance known at Speakers' Corner


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Leepotism

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NSP is supporting Tan Jay Say and if WP supports Tan Kin Lian, I am afraid neither of them can win. The opposition votes will split and thus benefit Tony Tan.
 

sengkang

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sengkang

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TOC speaks to Presidential Candidate Tan Kin Lian (Part 1)

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Perspective

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NSP is supporting Tan Jay Say and if WP supports Tan Kin Lian, I am afraid neither of them can win. The opposition votes will split and thus benefit Tony Tan.

On the contrary, half of NSP supports TKL and WP would probably see TKL as the least choice. The votes were split when TJS and TKL decided to go as individuals, it didn't matter who supported who.
 

mojito

Alfrescian
Loyal
On the contrary, half of NSP supports TKL and WP would probably see TKL as the least choice. The votes were split when TJS and TKL decided to go as individuals, it didn't matter who supported who.

I beg to differ. Opposition party affiliations may not matter as much. When 4 candidates were announced for the PE, I think intuitively swing voters will choose between TCB and TKL as the middle ground between change and status quo. The online community which has sway over voters in their 20s and 30s tilted the equilibrium to the fringe when they decide to support TJS unconditionally. The election looks as good as gone for all 3 candidates.
 

Conqueror

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Who Do You Want As A Host For Foreign Visitors ?

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Who do you want as a president acting as a host for foreign visitors like Queen Elizabeth or Pres. Obama. Who has a better command of English ? Does TKL fit the bill ? OMG
 

sengkang

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Re: Who Do You Want As A Host For Foreign Visitors ?

Kin Lian: Speak out for what you think is right (Pt 1)



Speak out, was Mr Tan Kin Lian's advice to Singaporeans in a press conference on Friday. "I spoke out and nothing happened to me, obviously," joked Mr Tan. He was referring to the talks he organised at Hong Lim Park for affected investors during the Lehman Brothers' Minibond saga.






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sengkang

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Re: Who Do You Want As A Host For Foreign Visitors ?

PE: Tan Kin Lian suggests pension for elderly
By Evelyn Choo | Posted: 20 August 2011 1539 hrs
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Tan Kin Lian
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Presidential Election 2011

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SINGAPORE: Presidential candidate Tan Kin Lian has floated the idea of a pension for the elderly to complement the Central Provident Fund (CPF) savings that they can draw on.

He made this suggestion on the sidelines of a visit to a welfare home for the aged on Saturday morning. He and his team were walking about in Geylang East - an area largely populated by the elderly.

Mr Tan said: "I'm in favour of a pension for elderly people, maybe beyond age 75 or 80. It doesn't cost much and this will help a long way.

"In Singapore, of course we depend on the CPF savings, but where the CPF savings are not enough, we have to give more help, especially to the elderly people who are poor (as) during their lifetime they were not able to save much."

The former NTUC Income chief has promised to donate half his salary to assist the elderly and children from needy families if he is elected.

Mr Teoh, a volunteer with the Geylang East Home for the Aged, said: "The operating budget for this home is something like six weeks of the President's pay...If somebody were to donate more, then we can have more activities and maybe more centres like this all over the country."

The home consists of a residence, day activity centre, and an area for the neighbourhood to interact.

The presidential candidate also believes medical fees should be kept affordable.

- CNA/al/ac
 

sengkang

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PE: Tan Kin Lian suggests pension for elderly


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