Tiananmen rumors go into overdrive

Tiananmen rumors go into overdrive
Mary Ma
Tuesday, October 29, 2013

Yesterday’s incident at Beijing’s Tiananmen Square was disturbing. A sports-utility vehicle plowed into a crowd before crashing and bursting into flames – killing five people and injuring 38 others. The question of whether it was a traffic accident or a suicide attack is uppermost on most people’s minds. There was a similar incident more than 30 years ago, when a taxi driver also plowed into a Tiananmen Square crowd, resulting in five deaths. In the past, official media usually refrained from reporting on such sensitive incidents. But this time around, they did so quickly.That’s certainly an improvement, although cynics will point out they had no choice because it was a very public area, with photos of the burning SUV starting to circulate on the internet soon after.

Nonetheless, the state media deserves praise for its urgency. The reports at least provided some basic facts – including casualty figures and how the incident happened.

Unfortunately, there was still a thick veil of secrecy, with state censors intensifying screening of comments on the internet, and photos and messages were quickly removed from blogs and discussion forums.

But the censorship should come as no surprise. Tiananmen Square is traditionally a sensitive place in mainland politics – given the nickname of being the country’s “Special Political Zone.”

In 1989, it was the place where the student movement started and ended. People from other provinces have also protested there over the years in search of justice.

Furthermore, the timing couldn’t be more sensitive – the latest incident taking place just as the Communist Party is about to convene its plenum, with the leadership expected to announce a range of unprecedented policy changes.

Rumors, when unchallenged, tend to snowball into bigger rumors.

According to witness accounts quoted in blogs before they were deleted, the crash was deliberate. A netizen claimed the SUV sped past her and rammed directly into a crowd.

Another said the vehicle accelerated rather than slowing down after mowing down the pedestrians before it exploded in a fireball.

Others claimed they heard multiple explosions.

Theories abounded as attempts were made to explain the case. There was speculation it could have been a protest by people unable to get the authorities to listen to their complaints.

Some suggested the SUV might have been hijacked and the two passengers killed were innocent.

Further speculation suggested it may be a terrorist attack by separatists ahead of the party plenum. But this theory lacks credibility in the absence of any groups claiming responsibility.

In a terrorist attack, those responsible are usually quick to claim credit. A high degree of openness is always the best weapon against the rumor mill. Beijing needs to disclose more information about the case.

Unknown's avatarAbout bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a comment