Click here to check the latest prices of the following:
I do not have the source for Minibonds. Anyone knows where to find the prices?
Saturday, January 17, 2009
A generous financial institution
I observe that many of the 100% refund came from a certain financial institution. I am not able to name this institution now, due to insufficient evidence. But I wish to congratulate this institution for its generous approach.
I am sure that their customers will appreciate their gesture and will tell other people about it. I hope that this financial institution will prosper in the future, with the renewed trust of its customers and new customers.
SCMP:Singapore ruling on minibonds bring HK hope
http://www.pressdisplay.com/pressdisplay/showlink.aspx?bookmarkid=6JL18RPAA6Z4&linkid=14290ab4-c54b-4fb9-9f70-3acd10b0c6b0&pdaffid=8HM4kDzWViwfc7AqkYlqIQ%3d%3d
Fox Yi Hu
Holders of Lehman Brothers minibonds in Hong Kong have been cheered by news that one in four Singaporean complainants will receive a full refund from banks which fraudulently sold them the products.
They hope the Hong Kong government will be pressured to speed up the handling of their complaints about sales of similar investment products backed by bankrupt US bank Lehman Brothers.
The Monetary Authority of Singapore yesterday said financial institutions would make full or partial settlement to 58 per cent of complainants. It said in a statement that 25 per cent of complainants would get all their money back and 33 per cent some of their money.
“Almost all elderly investors with little income, little formal education and little investment experience have been offered full or partial settlement,” the statement said.
By Wednesday, 10 financial institutions that sold DBS High Notes 5, Lehman Minibond programme notes and Merrill Lynch Jubilee Series 3 LinkEarner notes had received 5,381 complaints, according to the Singaporean central bank.
It said Lehman minibond programme notes worth S$508 million (HK$2.63 billion) had been issued. Of the total issue, S$375 million was sold to about 8,000 retail investors through nine distributors.
Hong Kong resident Chan Hongyuk, 63, who spent about HK$1.2 million buying minibonds through Bank of China (Hong Kong), said he hoped the local government would follow suit. “It seems the Singaporean government is willing to help the victims but our government ignored us,” Mr Chan said. “ Now I feel a bit more encouraged. I thought I might lose all the investment.”
Housewife Ms Yan, who bought minibonds through Citic Ka Wah Bank, said she hoped the Hong Kong government would act more decisively after Singapore had set an example.
“We took to the streets a few times but the government seemed to be dragging its feet,” said Ms Yan, who is in her 40s. “ If the Singaporean government has assumed its responsibility and looked into problematic sales, the Hong Kong government should do something.”
Ng Siu-shin, who bought minibonds through four banks, said Singapore’s quicker pace had set Hong Kong an example. “ It shows Hong Kong how another government is working,” he said.
Minibonds are not corporate bonds, but consist of high-risk creditlinked derivatives. They are marketed as a proxy investment in well-known companies.
Fox Yi Hu
Holders of Lehman Brothers minibonds in Hong Kong have been cheered by news that one in four Singaporean complainants will receive a full refund from banks which fraudulently sold them the products.
They hope the Hong Kong government will be pressured to speed up the handling of their complaints about sales of similar investment products backed by bankrupt US bank Lehman Brothers.
The Monetary Authority of Singapore yesterday said financial institutions would make full or partial settlement to 58 per cent of complainants. It said in a statement that 25 per cent of complainants would get all their money back and 33 per cent some of their money.
“Almost all elderly investors with little income, little formal education and little investment experience have been offered full or partial settlement,” the statement said.
By Wednesday, 10 financial institutions that sold DBS High Notes 5, Lehman Minibond programme notes and Merrill Lynch Jubilee Series 3 LinkEarner notes had received 5,381 complaints, according to the Singaporean central bank.
It said Lehman minibond programme notes worth S$508 million (HK$2.63 billion) had been issued. Of the total issue, S$375 million was sold to about 8,000 retail investors through nine distributors.
Hong Kong resident Chan Hongyuk, 63, who spent about HK$1.2 million buying minibonds through Bank of China (Hong Kong), said he hoped the local government would follow suit. “It seems the Singaporean government is willing to help the victims but our government ignored us,” Mr Chan said. “ Now I feel a bit more encouraged. I thought I might lose all the investment.”
Housewife Ms Yan, who bought minibonds through Citic Ka Wah Bank, said she hoped the Hong Kong government would act more decisively after Singapore had set an example.
“We took to the streets a few times but the government seemed to be dragging its feet,” said Ms Yan, who is in her 40s. “ If the Singaporean government has assumed its responsibility and looked into problematic sales, the Hong Kong government should do something.”
Ng Siu-shin, who bought minibonds through four banks, said Singapore’s quicker pace had set Hong Kong an example. “ It shows Hong Kong how another government is working,” he said.
Minibonds are not corporate bonds, but consist of high-risk creditlinked derivatives. They are marketed as a proxy investment in well-known companies.
Difficulties faced by migrant workers
The Online Citizen has many stories of migrant workers who faced a difficult time in Singapore. There is a racket where the migrant workers were misled into paying a lot of money to come to work in Singapore for jobs that did not exist.
While Singaporeans complain about losing jobs to migrant workers, we should also spare a thought for these workers who borrowed a lot of money to come to work in Singapore. In some cases, they were cheated by people who made money from them through scams.
I hope that the Government will put a stop to the exploitation of the migrant workers.
Cast your vote here:
Blog will hit 1 million visitors by 23 Feb 2009
Earlier, this blog was expected to hit 500,000 visitors by 11 Nov 2008. This was hit much earlier, due to the minibond crisis.
Based on the current trends, this blog is expected to hit 1 million visitors by 23 Feb 2009 (i.e 3 months after the earlier target date).
Friday, January 16, 2009
Complaint on mis-selling of CLN
MAS has announced the decision made by the financial institutions on the 5,000 complaints received from the holders of the credit-linked notes (i.e. minibond, high note, jubilee note).
The other holders who have not lodged their complaints can still lodge them now. If you do not know how to lodge this complaint, I suggest that you see a lawyer to prepare a statutory declaration containing the truthful answers to the following questions:
1. Your name, NRIC, address, telephone
2. How did you get involved in the investment?
3. Which financial institution, branch, amount invested, date
4. What happened when you purchased the investment?
5. Were you alone or accompanied by another person? Who?
6. What did the representative (who sold the investment to you) tell you about investment?
7. Did the representative tell you about any guarantee on your investment?
8. Did they make you sign any form regarding the investment? Did you understand the content of the form? Was it given to you before or after you agreed to make the investment? Did you read the form? Did you understand the content?
9. Did you rely on the advice of the representative in making the investment? Which were the important aspects of the advice?
10. Do you have any other statements to make regarding this matter?
This declaration can be used to support your complaint to the financial institution that sold the credit linked note to you. It can also be used for your complaint to the Financial Industry Dispute Resolution Center (if you have to take it to the second stage). As this statement is made under oath, it is likely to have a stronger impact.
However, you should take note that it is not compulsory for you to have a statutory declaration).
You can contact the following lawyer:
Fee $150 plus GST plus disbursement (total $201.55)
Assomull & Partners
111 North Bridge Road
#22-04/05/06 Peninsula Plaza
Singapore 179098
Contact Person: Ms. Lauereth Loh, Tel: 63394466
You can also contact any of the lawyers listed here:
http://www.tankinlian.com/forms/ListofLawyersFinancialCrisisAssist(081101).pdf
Here is the guide for lodging a complaint to FIDREC:
http://www.mas.gov.sg/consumer/structured_products/fidrec_faqs.html
The other holders who have not lodged their complaints can still lodge them now. If you do not know how to lodge this complaint, I suggest that you see a lawyer to prepare a statutory declaration containing the truthful answers to the following questions:
1. Your name, NRIC, address, telephone
2. How did you get involved in the investment?
3. Which financial institution, branch, amount invested, date
4. What happened when you purchased the investment?
5. Were you alone or accompanied by another person? Who?
6. What did the representative (who sold the investment to you) tell you about investment?
7. Did the representative tell you about any guarantee on your investment?
8. Did they make you sign any form regarding the investment? Did you understand the content of the form? Was it given to you before or after you agreed to make the investment? Did you read the form? Did you understand the content?
9. Did you rely on the advice of the representative in making the investment? Which were the important aspects of the advice?
10. Do you have any other statements to make regarding this matter?
This declaration can be used to support your complaint to the financial institution that sold the credit linked note to you. It can also be used for your complaint to the Financial Industry Dispute Resolution Center (if you have to take it to the second stage). As this statement is made under oath, it is likely to have a stronger impact.
However, you should take note that it is not compulsory for you to have a statutory declaration).
You can contact the following lawyer:
Fee $150 plus GST plus disbursement (total $201.55)
Assomull & Partners
111 North Bridge Road
#22-04/05/06 Peninsula Plaza
Singapore 179098
Contact Person: Ms. Lauereth Loh, Tel: 63394466
You can also contact any of the lawyers listed here:
http://www.tankinlian.com/forms/ListofLawyersFinancialCrisisAssist(081101).pdf
Here is the guide for lodging a complaint to FIDREC:
http://www.mas.gov.sg/consumer/structured_products/fidrec_faqs.html
Queen's Counsel opinion
My lawyer contact has sent a request to the Queen's Counsel a week ago. We have still not received a reply from the Queen's Counsel on the cost of the opinion. Hence, the QC opinion will not be ready this month. I hope that it can be ready next month - provided that the cost is within budget.
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