I have received over 900 signatures to this online Petition. It will be sent to Mr. Goh Chok Tong next week.
PETITION TO SINGAPORE GOVERNMENT
1. We write to petition the Singapore Government, particularly the Commercial Affairs Department (Singapore Police Force) and/or the Monetary Authority of Singapore, to conduct a full and independent inquiry in relation to the credit linked securities sold by various financial institutions in Singapore. These structured products include, but are not limited to, the Lehman Minibonds, DBS High Notes, Morgan Stanley Pinnacles Notes and Merrill Lynch Jubilee Notes.
2. Singaporeans, including the persons who have signed this petition, lost their hard-earned savings by investing in these financial products. Such products clearly did not suit the risk profiles of these consumers. The consumers were not made aware of the high risks involved in the financial product when buying the product. They became innocent victims of misrepresentation by the financial institutions that distributed the structured products.
3. We now wish to be assured that those who invested in such financial products have not been victims of negligent and/or dishonest conduct and/or fraud by these financial institutions.
4. The Government has a duty to ensure that investment products are marketed and sold appropriately in our jurisdiction. Such products must be sold in a manner compliant with the laws of Singapore. Financial institutions, including their respective key management, that do not follow the laws or regulations applicable to them must be held accountable for such breaches.
5. Please commence a full and independent inquiry into the sale of structured products by various financial institutions in Singapore. If the inquiry deems necessary, the Attorney-General of Singapore should act against these financial institutions.
6. We also ask the Government to help these investors to claim fair and adequate compensation from these financial institutions for their losses which are caused by the mis-conduct of these financial institutions.
7. We ask the Government to act now and restore the peoples' faith in our financial system.
hi,Mr Tan
ReplyDeleteI was shocked to know I am one of the minibonds victims yesterday. I thought bond should be very safe and not aware the minibonds are linked to any investement banks. I thought the bonds were issued by those banks.
What should I do now ? file a complaint in FIDReC ?
How can I join your group ? can keep me informed
my email hanqingzh@yahoo.com.
ReplyDeleteI will visit your web blog to monitor the progress.
Thanks a lot.
hanqingzh@yahoo.com:
ReplyDeleteyou can join the following to have more info. those are the victims already submitted petition to MAS as you may have read from the newpapaers. they are also keeping contacts with Mr Tan:
http://www.lioninvestor.com/what-will-happen-to-my-lehman-minibond/#comment-1944
http://www.lioninvestor.com/minibond-victims-turn-to-mas/#comments
For point 1, please include Pinnacle Notes. Many have bought and affected as well.
ReplyDeletePlease include Pinnacle Note. Many have been affected by this product as well.
ReplyDeleteI assumed that I invested in the bonds of the referenced entities, and that Lehman is just an arranger and the bonds are kept by the custodian bank HSBC. Now I know it is not but it is too late.
ReplyDeleteI m one of the affected minibond holders. The word "minibonds" itself already have mislead many of us alike to think that they are mini-sized bonds . Even by reading the prospectus doesn't help much in telling us the risk cos we don't really understand how it actually work.. Your work in helping all affected investors will be greatly appreciated !!!!
ReplyDeletebank officer was also pushing customers to sign on the dotted line claiming "last 2 days left to sign up only"..so unethical ! Should we mention that in the letter ? "Investors" sound like seasoned investors - really many victims are simply depositors who happened to be at the wrong place with that humble wish to earn a little more than the Fixed Deposit... should the letter use "Victims" instead of "Investors" ?
ReplyDeleteWe losses our hard-earned money caused by the mis-conduct of these financial institutions. And we demand a compensation of the losses for being misled on the nature of the noted, the RM dint point out all the risks to the consumer and hiding the risks from consumer to attact us to buy. And these products which approved by MAS, MAS should aware this return low and high risks product why still promote it to the public ? We felt been cheated by the RM, and why MAS just keep quiet and turn away from the poor investors.
ReplyDeleteMAS is pro banks and insurance companies.All those talks about ethics and consumers first are a load of craps for show, wayang .
ReplyDeleteI am sure they can see the products by the banks and insurance companies are to benefit the company and their bunch of unethical agents and consultants.
Now everything is disguised from the product to the salespeople. Bank salespeople are called consultants or personal bankers or RM. They are shit salesmen and women.
Also the insurance companies call their salesmen consultants, planner and wealth managers and all the craps. Even NTUC calls their salespeople financial consultants and some bear the prefix senior and executive. it is big joke and make mockery of the words.
These people are very far from financial consultants. it is an insult to the real consultants.You look at them, do they look anything consultant.They look more clerks, storekeepers, bus or taxi driver or receptionist or secratries. Some even look like
koyok peddlers and toilet cleaners.
MAS should control these titles. They mislead and misrepresent the qualification and skill of these salesmen at the best.Now consumers are misled by the products and the salesmen.
mini & revo koyok victim
Dear Kin Lian,
ReplyDeleteI fully support your draft petition to S'pore Gov't dated 26 Sep'08, the contents of which is adequate and reasonable. To be more effective, we should make it known to our MPs so that they may debate on the issue in Parliament.
I appreciate your commendable efforts to workout a new Petition to be signed online and to hold smaller group meetings with investors. Keep it up, Kin Lian!!! You have done a GREAT job for a good cause.
I think it's very important for the government to provide instant updates as to the progress to actions taken.
ReplyDeleteNothing soothes the mind more than seeing that things are actually being done.
your MAS chairman is now away in China advising them how to turn their cities into financial hubs. He got a 66.6% manadate from many of you. More good years.
ReplyDeleteMr Tan
ReplyDeleteYour draft is excelence.
Just do not know how to extend the helps to those chinese speaking or non-internet users. They were the likely targets of the FI salemen, get bombed and still kept in the dark. It seems that chinese newspaper did not give good coverage for the issue.
You are a real hero in this financial crisis. Before we can hear any thing from any of our political leaders. You have done so many wonderful things for the thousands of the small investors in Singapore. Great Job!
A Bomb Victim
The next products will be those cashback anticipated endowment. They are scams and many insurance companies have it.The most damaging ones are Prucash and revosave by prudential and ntuc.Consumers who bought them must take a second look and examine whether they meet your expectation, whether you have been mis-sold and misrepresented by the unethical salesmen.Don't let it grow into a bomb because it will be a big loss for you.
ReplyDeleteAnother Bomb victim
Mr Tan KL,
ReplyDeleteI was wondering whether we should get our President, Mr S R Nathan involved in this. He must know what is going on. He should be able to help as he is the Peoples' President.
- VS Lingam
The FIs should have the heart to compensate for misselling that result iin thee loss of hard-earned money of so many innoncent peple. They are earning billions of $$$$$$$$$$ yearly from them.
ReplyDeleteDear Mr. Tan,
ReplyDeleteMy mum who is age 60 was persuade by a personal banker to buy the DBS High notes. As she is not financially saavy and has limited knowledge she was told that this was a very safe investment and the capital will also be protected. She has invested $70,000 of her money collected from her CPF. I'm very sad as this was meant to be her retirement funds. - Please help advice what will MAS do for her? And I hope that the government can step in and look after these old folks whom have contribute most of their worklife to the economy here. - lili88@asia.com
Mr Tan
ReplyDeleteI have evidences of mis selling by the local banks.
Profile of this investor is
a) age 64 years old
b) zero language understanding in Mandarin and english (she has less than 0 years in school)
c) housewife - money from insurance policy
asked to buy
a) structured deposits with payouts pegged to Nasdaq.. any one can understand the formula, give me a break?
b) she did sign -- english forms and chinese forms -- could she understand -- she cannot even write her name properly in english
and cannot recite a to z ...
If you can help this lady, I am sure she represent many grassroots, I am prepared to provide information and even help in meetings with exclusive MAS or bank officers ...
my name is paula - u can call me, please use my pseudo name in public because I an connected to the banks