Tan Kin Lian's Blog: Sad experience of a Minibond investor

Monday, September 22, 2008

Sad experience of a Minibond investor

Hi, Mr Tan
I have just started reading your blogs and find them very useful. I regretted not reading your blogs earlier.

I am also one of the unfortunate 'victims' in the Lehman Brothers case. I have bought some Mini Bond Series 6 from X last year. I did not know that my principal amount is not protected. I am actually quite careful with my money. I have always placed whatever money I have in the local banks' Fixed Deposits. This is the first time I bought a Mini bond and I may not have understood completely the nature of the Bond and that there are heavy risks involved. If I had known that, I will not have invested my hard earned money there.

I read your blog this morning and think your suggestion that more people like us should get together to lodge a complaint. I wonder will you be able to help us get in touch with common 'victim', maybe create a platform so that we can work together to 'fight' this battle, to get our hard earned savings back?

I just spoke to CASE and the officer was helpful to provide me this contact number to call for advice: FIDREC: tel: 6327 8878. I have just spoken to the officer in FIDREC and she advised me to lodge a formal complaint to X, with proofs of my allegations. I will have to go home and check out any documentary proofs before I can do that. I think it may be difficult because it could have been verbal only.

REPLY
I have spoken to a lawyer and see if they are able to take up a case on behalf of the investors who were misled into investing in these products.

My wish is that MAS will take action on behalf of the investors, to see if the financial institutions had failed in their duty to ensure that the products are suitable for the investors.

8 comments:

I-Chun said...: Check this discussion on seeking redress from financial institutions:

http://forums.sgfunds.com/viewtopic.php?t=9731&postdays=0&postorder=asc&start=0; September 22, 2008 2:54 PM
SHAMUS said...: I am grateful to Mr. Tan for his time. As one of the victim, i really hope we can get in touch so that we can work together or protest together to have some justice to small investors like us and hopefully to recover our money as much as possible.; September 22, 2008 2:58 PM
singaporenewsalternative said...: Hi Mr Tan,

Just to let you know that you are quoted in Reuters and your blog being mentioned in the report.

http://www.reuters.com/article/euIpoNews/idUSSIN36980320080922?sp=true; September 22, 2008 4:53 PM
Unknown said...: Yes, the bank did mislead customers. It is said to be a low risk products. But usually, they said it verbally. It is unfair to ask customers to provide proof. Actually, such products should not go retail route. As it has limited of profit, no limitation of loss. It is unfair.; September 22, 2008 6:27 PM
Anonymous said...: Yang:
Yes. I agree with you. For such high risk products, they should not be marketted to retail investors. It is very unfair. Such products are usually very misleading because on the surface, they look quite safe. The RMs / advisers should also know from the occupations of the investors to see if they are able to take such high risks.; September 22, 2008 10:41 PM
Anonymous said...: Inflation is 6%, bank interest is <1%. Retirees need to survive also. I seems to have read somethings like this "Asking investor to seek advice from sale person is like asking chicken to seek advice from the fox". Who would win?
How to differentiate good investments from bad? We need competent and honest people who are impartial to advise, but it is hard to come by.; September 22, 2008 11:47 PM
Anonymous said...: No wonder foreigners love Singapore so much. This is the place where local guppies can be fleeced without too much noise. The pro-foreigner govt has all the rules in place to silence protestors. The foreign talents have not missed this conducive environment. This is paradise for them.; September 23, 2008 10:17 AM
Anonymous said...: I am one of the unfortunate to have bought the minibond. I hope that MAS will take up the case for us.; September 24, 2008 5:11 PM