I am not a lawyer and neither do i have any experience in litigation. After reading the news about the charges filed against the CEO, CFOs and directors for various disclosure-related issues like omissions in the 2011 offer information statement and non compliance with accounting standards, it brought me back to the time when i read the following portions of the Securities and Futures Act (SFA).
|Civil liability for false or misleading statements|
However, a lawyer is very very expensive for the ordinary investor in Singapore due to lack of support from the TOP, like litigation funding, contingency fees or just plain educating and informing the general public on their legal rights and recourse for matters related to investments.
To be clear, i am not refering to pro bono, small claims tribunal e.t.c which is for the segment of the population who can't afford to invest normally , relating more to criminal law. and for small sums like below $10k.
I am refering to the lack of support and recourse to civil law matters and the middle class Singaporeans who are neither too poor or too rich to afford legal services without the affordances of litigation funding and contingency fees.
Anyway, there seems there is a group of very ordinary middle class Singaporeans trying to solve this problem on their own.