Hi Mr Tan,
I understand you have talked to a lawyer about the possibility of taking action for minibond holders. Thousands of minibond holders has been to my blog:
http://www.lioninvestor.com/what-will-happen-to-my-lehman-minibond/
If you intend to organise or facilitate anything for them, let me know and I can help to inform them.
Martin
Seems the uproar over the minibond issue is huge and troubling, at least on the internet (only avenue, if not where else except Hong Lim Park)
ReplyDeleteBut then MAS seems to be keeping totally quiet so far on what they intend to do to help the victims. Hope they can end their silence soon, and positively. If not, it seems the victims have to take some pro-
active "collective" action on their own. Mr Tan, you are needed.
How do structured products rank in terms of payout in a company bankruptcy ? For mini bond series, no credit event has happened to the reference entities (RE), but arranger of product went under. What does mean for the investor ? Is this worse or better than the DBS High notes which suffered a credit event on its RE ? I asked Hong Leong Finance which distributed the product and they also don't know. Can someone shed some light ?
ReplyDeleteI saw on Hong Kong TV the demonstrations and protests by Hong Kong investors and the press conference by the HK MAS. In Singapore all is quiet and gives the impression that we are not affected. If the MAS is not proactive and demonstrations not allowed then this is the only revenue for investors to voice their concerns. It is a good thing that MR Tan has made it easy for people to pen their thoughts here.
ReplyDeleteMr Tan
ReplyDeleteWe really need your expertise and status to help us innocent victims on the lehman minibonds issue. I went into Lioninvestor website and found out that alot of people are affected with their hard-earned money and life savings BUT do not know who to turn to for help. Hope you can advice us what to do.
Thank you!
See the following MayBank's website on minibond
ReplyDeletelimited
http://info.maybank2u.com.sg/personal/investments/ut_minibond.htm
Nothing was mentioned about Lehman Brothers. It was explicitly stated that principal amount will be returned after 5.5 years, unless any of the following companies suffers a default or similar event;
American Express Company
Citigroup Inc.
DBS Bank Limited
JPMorgan Chase & Co.
Singapore Telecommunications Limited
Standard Chartered.
When May Bank sold us the product, Lehman Brother was not mentioned at all. I believe many of us were victims of the irresponsible bankers. I have invested 10 yrs of my hard-earned savings. I really hope that victims can come together to plead the government to assist us; and to take action against irresponsible bankers!
12.00Am,. you got the point , Lehman brother was not mentioned as it was not one of the reference entities. A credit event is on the reference entities and not the arranger. The salespeople were silent on this.
ReplyDeleteYou certainly have a case.
Mine (series 2) also bought from Maybank.
ReplyDeleteJasmin
I was wondering what are the chances of even winning the case for mis-selling?
ReplyDeletebasically whether Minibond is a high risk product does not play an important part here. this is becos the reference companies are still around, but the issuer went under.
Is there a case to fight for issuer default? I'm sure the distributors would have some clause which states the capital protection is subject to some terms.
unlike the DBS product, if a subscriber were to claim he had no knowledge then maybe there's still a case. but for Minibond, this has nothing to do with the default events isn't it?
can someone enlighten me pls. thx
Can anyone please tell me how do I go about signing online the petition to MAS? Or how do I get connected with the rest of the investors? I had invested in the Minibond 2 series. Thanks very much.
ReplyDeleteGoing to the Hong Lim park may not be a bad idea.
ReplyDeleteAs Singapore had given the green light to use this area, we should at lease give it a try.
Important thing is to organise it well and announce it broadly.
This will make DBS nervous and maybe even pee in their pants.
GO FOR IT ! ! ! NOTHING TO LOSE and may infact resolve the problem.
8)
I totally agree with some of you that nothing was mentioned about Lehman Brothers on the Minibond Series 7. It was explicitly stated that principal amount will be returned on the schedule maturity date, i.e. 10 Jan 2011, unless any of the Reference Entities(AIG, The Boeing Co, HSBC, Procter & Gamble, Wal-Mart Stores and Electricite De France suffer a default or similar event. The financial institution is hiding the information from us. MAS should look into this point.
ReplyDeleteWe better surface this to MAS.
Well, put irresponsible bankers aside. Let us all think and evaluate why so many of these minibonds, pinnacle notes, jubilee, MQ yield, structured deposit or structured notes.... being allowed to sell in the bank and the target is retail customers who put so much trust in the bank. Who allowed such products to be sold to 'WE' the vulnerable people? I pay respect to the government of HK, who during such extreme times, to propose buying back the minibonds at FAIR VALUE. Unfortunately, for us, i can't imagine the distress value we are going to get back. Now, who to help us??? I guess we have only our God to bless us...
ReplyDelete