Singapore 2 February 2009...In consultation with MAS, Hong Leong Finance (HLF) has appointed Mr Hans Tjio as the independent person (IP) for its resolution of complaints relating to Pinnacle Notes Series 9 and 10. Mr Hwang Soo Jin who was the IP appointed by the securities brokers to oversee their complaints resolution process for the Lehman Minibond programme notes and Merrill Lynch Jubilee Series 3 LinkEarner Notes, has also agreed to oversee the complaints resolution process for DMG & Partners Securities, Kim Eng Securities, OCBC Securities and UOB Kay Hian in relation to Pinnacle Notes Series 9 and 10.
2 The IPs' roles are to ensure that the complaints handling and resolution process continues to be serious and impartial for the Pinnacle Notes Series 9 and 10 complaints. The IPs will not be personally involved in the resolution and settlement of individual complaints. They will provide MAS with regular updates on the progress of the financial institutions’ complaints review and will highlight to MAS any shortcoming in their processes as well as any issues that require regulatory follow up.
3 Investors who are not satisfied with the outcome of their financial institution's review process may choose to have their complaint referred to FIDReC for mediation or adjudication. FIDReC provides investors with an affordable and impartial avenue to pursue claims against their financial institutions.
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Appendix 1
CURRICULUM VITAE OF THE INDEPENDENT PERSONS
Hans Tjio (蔣 翰)
Mr Hans Tjio is a Professor in the Faculty of Law, National University of Singapore. He has degrees from Cambridge and Harvard, and has taught at or been a visiting scholar at Auckland, East China University of Politics and Law, Melbourne and Stanford. He currently lectures in securities regulation, company law and international trusts. In various stints during his career, Mr Tjio has also been seconded to the Monetary Authority of Singapore and Ministry of Law. He is currently a member of the Securities Industry Council and was previously on the Ministry of Finance's Company Legislation and Regulatory Framework Committee. He has published in international and local journals, and written a book on securities regulation.
Hwang Soo Jin (黄 树 人)
After qualifying as an associate of the Chartered Insurance Institute in 1959 in London, Mr Hwang Soo Jin devoted 12 years of his life to Commercial Union Assurance Plc. and rose to the position of manager for Singapore and East Malaysia. He then spent another 25 years with United Overseas Insurance as its founding managing director and actively participated in the founding and development of Singapore Reinsurance Corporation Ltd of which he is Chairman since 1984. During his insurance career, he was twice elected President of the General Insurance Association of Singapore and served as Chairman of the Insurance Ombudsman Council for 15 years.
Mr Hwang was MP for Jalan Kayu between 1968 and 1984, Deputy Speaker of Parliament from 1981 to 1985 and a member of the Public Accounts Committee from 1977 to 1984.
Over the years, Mr Hwang has been appointed to the boards of numerous statutory boards and government-linked organisations including URA, TAS, POSB, CISCO, Export Credit Insurance Corporation of Singapore, National Crime Prevention Council, National Fire Prevention Council and others.
He is a Justice of the Peace and an Honorary Fellow of the Singapore Insurance Institute.