Dear Mr. Tan,
Both my wife and I bought Minibond series 1, 5 & 6 from Maybank. We are near retiring age and now very 'gek sim' and dare not hope to get even portion out of our investment. The distributors (banks) must be responsible since they did not scrutinize the product packaging before selling to innocent laymen like us.
This akin to selling Slim 10 slimming pill. And as you already knew, the distributor was charged in court and made to compensate an innocent victim. Therefore as I have said, the distributors should be responsible for mis-representation of their products and to pull wool over our eyes.
It was not greed as some people have said. We are just trying to make our money work harder to increase wealth for our retirement and to beat the inflationary rate of 7%. The interest paid by the Minibond was 4 to 5% and these were unable to cover the inflation rate. We have to pursue for the return of our investment albeit a lesser amount.
Our govt. is seem to be standing with folded arms behind the scene and not being proactive to help the affected citizen and which is not the case in HK. The HK govt is taking a hard stand on the banks for the return of her citizen investment. What is our PAP govt stand on this matter...do nothing? So much for the votes on PAP!!!!
My vote goes to the opposition, come next election.
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