The Swiber Holdings is another lemon product sold to Accredited Investors. Here is another article on lemons. As everybody already know by now that Swiber Holdings bonds have defaulted. It seems a lot of people bought its bonds. Who are these individuals? These individuals are rich people known as ‘accredited investors’. According to the Straits Times report, “Swiber saga DBS says bond sales … [Read more...]
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Most people do not realised the importance of financial planning until it is too late. These articles were specifically written to highlight the importance of financial planning.
Children & wife left to fend for themselves after sole breadwinner became coma for 3 years
Mr. Gu Ziqiang, who worked in Singapore for 3 years as a bus driver, had a day surgery at Alexandra Hospital for nasal obstruction in 2012. Day surgery requires no overnight stay in the hospital. Unfortunately, he ended up in coma for a whopping 3 years. This incident happened when his second son was just 6 months old. His wife, Kong Ling Hui, is now suing the Jurong Health Services and three … [Read more...]
Executor sued for not handing over $111K to beneficiary. Lessons parents can learn.
Madam Toh Ai Lan died in 2012 leaving a sum of money through her will to Special Needs Trust Company (SNTC). SNTC was to use this money to support the deceased’s daughter who suffers from Down Syndrome. In other words, Mdm Toh’s daughter is the ultimate beneficiary. Unfortunately the Executor did not transfer the entire sum to SNTC. SNTC decided to sue the Executor for the outstanding sum of … [Read more...]
3-year-old boy lost entire family on Christmas Day to car accident
On Christmas day, a 3 years old Evan Lim lost his entire family to a car accident in Johor[1]. His father, Mr Barnabas Lim was just 45 years old. His mother Kristen Ng was 39, and his brother Rayshon Lim was 7 and they were all killed in the car accident. On another unrelated car accident that happened in 2013, 56-year-old taxi driver Mohamed Amin Abdul Manap was injured by another car which … [Read more...]
Food poisoning ends up with amputation of hands and feet
Mr. Tan Whee Boon ate raw fish, commonly known as yusheng, but ends up having food poisoning due to the bacterial in the fish. His hands and feet have to be amputated (source: Father-of-two has hands and feet amputated after severe bout of food poisoning .) Mr. Tan, who is 50 years old, incurred a medical bill of $30,000 and has lost his income. Prior to this incident, he was working as a … [Read more...]
No bed in B2 ward, so patient slept in corridor for 4 days!
Ms. Kaw Jik Hoon complained to the Straits Times forum page (24 June 2015) that her 73 years old mother slept for 4 days by the corridor because there was no bed in Tan Tock Seng’s B2 ward. For those who are not aware, B2 and C class wards are subsidised wards. A1, A2 and B1 wards are non-subsidised ward. It was only when Ms Kaw request to have her mother discharge to go to a private hospital, … [Read more...]
Millions of dollars of retirees’ money lost in property scam
It was reported that $60 million worth of investors’ money was lost in a property ponzi scam right in Singapore ("Investors caught in $60m ponzi scam", Straits Times 24 May 2015). Ms Leong Lai Yee was alleged to have run an elaborate scheme of getting investors to invest with her and promising a guaranteed return between 10 to 48% over a period of 4 to 8 months. Investors whom she targeted … [Read more...]
Man bequeath all CPF to ‘goddaughter’ through CPF Nomination
Mr. Saw did not work for 30 years after a business failure. He was supported by a wife (earning only $1000 salary) and three children. When he committed suicide in June 2013, it was found that he had made a nomination using CPF Nomination to bequeath everything to an unrelated China woman to inherit his entire $37,000 CPF money. His widow wife took legal action but lost because there was … [Read more...]
The Real Singapore: Evidence on little understanding on financial planning from stolen article
Recently one of my old article entitled Man lost almost his entire HDB property to siblings due to poor financial planning got “stolen” and was published without my permission on The Real Singapore website and shared on their facebook page. I was going to write to the editor of The Real Singapore for copyright infringement when I got shocked with the reaction of the commentators. The reaction was … [Read more...]
30 years old woman lost husband; to support 4 children
There was a case in which a lorry driver Jason Lim Wei Kwan drowned when the lorry he was in slid off a barge and sank into the sea off Pasir Panjang Terminal (“Husband's drowning: Mother of four sues firms for $400k”, Straits Times, 6 October 2014). The surviving widow Ms. Samai Chatthahan, 30 and a mother of 4 children decided to sue the parties involved for $400,000. Unfortunately, the … [Read more...]
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