Gangster & Thuggery

GEORGE TOWN: Baljit Singh, Gerakan Human Rights Bureau, slammed Umno’s thuggery-style politics with regard to the anti-Lynas protest at the Esplanade Speaker’s Square here yesterday.

State Umno Youth chief Shaik Hussein Mydin readily admitted that the thugs involved in the commotion were Youth members from the Tanjung Umno division. During the anti-Lynas protest yesterday, the situation turned violent when the rowdy Umno Youth group gate-crashed the event.


Lee Hong Chun, 25, and Adam Chew, 29, from Kwong Wah Yit Poh, were hit on the head with helmets at the initially peaceful demonstration which turned ugly when pro-Lynas and anti-Lynas groups traded insults and started shoving one another.

Mis-selling Life Insurance

The recent (February 21, 2012) High Court decision in Tan Jing Leong v Allianz Life Insurance Malaysia Bhd ([2012] 7 MLJ 179) sounds a warning to insurance companies in respect of their duty to provide full disclosure when signing up policy holders to an insurance product.

The case concerned an investment-linked life insurance policy. Such insurance products typically provide life insurance cover to the policy holder, while at the same time giving some return from a part of the premium which is invested in unit trusts for the policy holder. The policy holder therefore stands to obtain an investment gain on his or her premiums while at the same time enjoying life insurance cover for the duration of the policy.

Gains from the investment over time can usually be appropriated toward premiums payable in future years, and so policy holders are often attracted by the prospect that if the investment element of the policy does well, the initial premium can turn out to be a one-time payment that is sufficient to cover future premiums payable throughout the subsequent years of the policy.

Facts
An insurance agent for insurer Allianz sold an investment-linked life insurance policy to the plaintiff. The agent was also a long-term friend of the policy holder. The plaintiff was aware that 45% of the premium paid would be allocated to investments. However, the agent had allegedly misrepresented to the plaintiff that, based on the past performance of the policy concerned, the returns from the investment portion would be enough to pay the balance premiums for the duration of the policy. The plaintiff consequently bought the policy in the belief that the initial premium would be a one-time payment.

When the plaintiff later discovered that the investment portion was insufficient to meet future premiums, he sought to avoid the policy and succeeded. The policy was found to have dwindled to approximately 10% of its original value.

Decision
In its ruling the court held that the agent had:

•positively represented that the gains from 45% of the initial premium that had been attributed to investments would be enough to pay future premiums; and
•failed to disclose that 55% of the premium paid was consumed as the cost for life insurance cover.
The court stressed that the agent had been a friend of the policy holder for about three decades and had previously sold him several policies while an agent for another insurance company. The agent had also apparently convinced the plaintiff to surrender one of these earlier policies in order to place funds into the Allianz policy.

Comment
The case draws into sharp focus the care, responsibility and professionalism expected of insurance agents, especially when selling insurance products to long-term friends. It also demonstrates that insurance agents who move to another insurer must be very careful when they approach their former customers to persuade them to buy new policies, especially if they recommend that an old policy be abandoned in favour of a new one.

Integrity

Today Ricky Ponting conceded his One Day International career over after 13,704 runs, 375 matches and 3 World Cups.

Throughout this sparkling one-day career, and cricketing career as a whole, Ricky Ponting has always been a polarising character. A marvelously gifted batsman and hugely successful captain, his unwavering commitment to doing things his way has made the Australian public either love him or hate him.

At times his captaincy’s been criticised and his temperament questioned, but like him or not, he’s been an exemplary leader and can be held up as defining three very valuable leadership qualities.

Integrity
What you saw with Ponting is exactly what you got. He didn’t muddle his words and was the same gritty, uncompromising character on the field as he was off it. Throughout his career there were skeptics questioning his honesty and character as captain, but if he appealed for a wicket, it’s because he thought it was out. No ifs or buts.

Integrity means being the same person inside and out. It’s saying what you do and doing what you say. Leaders with great integrity instil trust, and when people trust you they give you their best because they know they’re always going to get yours.

Its so Small

A 'Brookesia micra' chameleon on the matchstick head : Madagascar, March 16, 2007.

Why Must You Buy Life

Lesson 1
Life is short – Humans have much longer life spans than fruit flies, but do any of us really know how long we'll live? The truth is, none of us is promised a tomorrow. So if you have loved ones who would suffer financially if you were to die tomorrow, don't wait another day. Now is the time to purchase life insurance.



Lesson 2
Don't procrastinate – Let's face it. We all procrastinate. It's human nature. But when it comes to something as important life insurance, fruit flies know better than we humans. They're born knowing that life is short, so they act fast to protect the ones they love with life insurance.

Lesson 3
Don't gamble with your family's future – Cost is the most frequently cited reason for not buying life insurance. People say it's too expensive, but that's a common misconception. The fact is, life insurance has never been more affordable. The cost for basic term life insurance has fallen by about 50 percent over the past 10 years. When people say it's too expensive, what they really mean is that they're prioritizing other purchases over life insurance. If you need life insurance and don't own any, each day you're gambling with your family's financial future. Make today the day you stop being a gambler

No Word Just Tears

The Price Of Greed

Wu Ying, a tycoon once listed among the richest women in China, has come to her last hope of survival. The former 31-year-old billionaire, now on death row, is waiting for the top court's final review of her capital sentence, which was upheld by a local court last month, a few days ahead of the Chinese New Year.

Shen Ziming, the presiding judge of the case from the High People's Court of East China's Zhejiang province, told China News Service that the court endorsed the previous judgment after finding the defendant illegally raised up to 770 million yuan (US$122 million) from 11 lenders with the promise of high returns from 2005 to 2007, and hence should be "severely punished" for the apparent Ponzi-like scheme, as she has "brought huge losses to the nation and people with her serious crimes".

Shen said Wu concealed her debt to lenders and pretended to be financially powerful by "showing off jewelry and registering nominal companies".