Hyflux, caveat emptor or someone should be held accountable?

“We have not lost faith. If we all vote no, maybe MAS (the Monetary Authority of Singapore) and the SGX (Singapore Exchange) would step in and investigate this. It’s time for them to take over to see if there was any misrepresentation of information,” he said.
Another perpetual securities and preference shareholder, who wanted to be known only as Michael, told CNA that he thought MAS should have stopped Hyflux and the local banks from selling the perpetual securities in 2016.
“MAS should have stepped in to investigate overzealous selling by the banks because the banks were paid a sum to sell these shares and got a substantial amount of commission,” said Michael, who invested around S$10,000.

Read more at https://www.channelnewsasia.com/news/singapore/we-have-not-lost-faith-hundreds-of-hyflux-investors-gather-to-11395566

The above are angry comments from desperate investors in Hyflux preference shares and securities that have turned to dust at a protest in Hong Lim Park on 30 Mar. Tan Kin Lian was the main sponsor of this event organised by an investor by the name of Alex.  Some of the investors, these are not speculators but people who sought to place their savings in supposedly safer securities hoping to earn some kopi money for retirement, felt that the whole affair is very unfair to them. This is another case of the rich getting richer and the poor getting poorer. Millions were made by some while the small investors lost their nest eggs. 

Another comment was that the plants were built by funds from small shareholders and that it was unfair for PUB to announce taking over the Tuaspring desalination plant for a song. The investors were hoping that PUB would pay for it at a fair value so that the investors would not lose every cent of their investments. 

The investors must all be wondering why, why is it that no one is held accountable for this fiasco? The management of Hyflux were paid very well running the company, the banks were paid very well issuing and managing the preference shares and securities. They felt that someone did not do his due diligence. Is this a fair view, that when something so good turned so bad, and no one is responsible or held accountable?

Another case of caveat emptor? Is there any investigation going on to apportion responsibilities? An estimated 50,000 investors would see their investment in Hyflux turning to zero value. This is the beginning of the opening up of old wounds and suppressed anger of small investors losing their savings in the stock market because of the abundance of failed stocks, delisted stocks, suspended stocks, stocks where owners simply ran away and disappeared. No room for grievance settlement or to recover some of their investments.

When the dam bursts....