Tan Kin Lian's Blog: Open Forum with OCBC Bank/Securities

Tuesday, November 04, 2008

Open Forum with OCBC Bank/Securities

MESSAGE

We would like to invite all investors who have invested in the Lehman Brothers Minibonds, Merrill Lynch Jubilee and Morgan Stanley Pinnacle Notes through OCBC Bank/Securities, to participate in an open forum with OCBC.

This invitation is open to investors regardless of whether you have or have not attended an interview with OCBC. We are going to request for Mr Hwang Soo Jin, the independent party appointed by the Monetary Authority of Singapore to oversee OCBC complaints process, to be present at the forum, as we are keen to share our concerns with him.

We have set an agenda for the forum and are extending this invitation to gather as many investors as possible. We believe that with more investors attending this forum, OCBC cannot ignore our request and will consider more seriously the appeal of all affected investors.

Please submit your name (with some proof that you have invested in one of the above-mentioned notes through OCBC Bank/Securities), your email address and contact number to Miss WM , OSPLmailbox@gmail.com by 7 November 2008.

The date for this forum is not yet confirmed, as we have to arrange this with OCBC. You will be advised when this arrangement is finalised.

Melvin
On behalf of the
OCBC Bank/Securities Investors' Group

16 comments:

Anonymous said...: Already mailed you mine.

Please gather all the facts, do our homework and prepare ourselves thoroughly. Get eloquent speakers to speak for us all. In this way, we can stay focused, united and cool under a baptism of fire.

You know how those sly salesmen in pin-striped suits will feign everything except quilty of selling toxic products to the public.; November 04, 2008 12:07 PM
Anonymous said...: hahahha

Lets TALK.

and I mean just that.; November 04, 2008 12:33 PM
Anonymous said...: Good efforts Melvin. Perhaps you can contact the HN group to find out some useful tips about how to deal with the bank's reps at the forum.
Wilson; November 04, 2008 1:34 PM
Anonymous said...: haha, you are invited to attend an absolutely useless meeting. The only you can walk away with is a doughnut and a cup of instant coffee.; November 04, 2008 1:58 PM
Anonymous said...: check the coffee and make sure it is melamine free.

be polite to the management at the meeting. no need to be aggressive. Save your aggression for the court room. We will sue them for sure.; November 04, 2008 4:08 PM
Anonymous said...: If the bank is being sued, damage on its reputation is irreparable.; November 04, 2008 4:51 PM
Anonymous said...: I foresee there will be no sue-ing. Rather, it might be discouraged, if not outright rejected.

Becos this would mean risking opening a Pandora Box against a National Bank.

NOW thats a big NONO.; November 04, 2008 5:18 PM
Anonymous said...: What about those who invested thru Hong Leong? Also the same Pinnacle product.; November 04, 2008 6:53 PM
Unknown said...: 30 Oct 08 email reply from OCBC CEO David Conner with ref to our FIRST request for forum letter dated 26 Oct 08. We have our SECOND request 1 Nov 08 ; awaiting the BIG YES from him.
===========================
Thank you for your email. I apologize for taking a few days to respond. I was traveling this past weekend and have been catching up since then.

My colleagues at our OCBC Securities are working hard to look into each complaint received as quickly as possible. We have also set up an independent review committee at the group level, comprising senior executives who are not part of OCBC Securities to ensure that each complaint is treated fairly and in a transparent manner.

Please see the Securities Association of Singapore press release which I have enclosed as an attachment to this message. OCBC Securities has concluded that it is more productive to review each investor's situation individually because we can only discuss confidential information with each customer and not in front of others without written permission from the customer in question. As such, we do not believe an open forum would be worthwhile.

We seek your patience and understanding as we step through the process to deal with each individual client so that everyone will have their case addressed appropriately. As OCBC Securities is not the issuer or trustee for these products, you will need to refer to the hotline numbers of the issuer or trustee who are in the best position to advise you on the value and performance of each bond or note series.

For the status on Minibond Notes Series, please call HSBC Trustee's HOTLINE: [6216 7449]

For queries on Jubilee Note Series 3, please call Merrill Lynch's HOTLINE: [6307 1320, Mon-Fri: 9am to 12pm]

For other product related queries, please call OSPL HOTLINE: [6538 4775]

Please call Mr Gary Tan of OCBC Securities at Tel 6531 9494 for an interview our representatives to address individual queries or complaints.

Sincerely yours,

David Conner; November 05, 2008 6:51 AM
Anonymous said...: basically the reply from the FI says..

1. i was busy with other priorities until i HAVE to turn to yours

2. i am not working on it someone else is. somewhere. someway.

3. i dont want to face up and talk

4. we are NOT accountable, someone else is. anyone else but us.

5. who? try your luck on these.

6. call our recept boy if you insist to get on OUR merry go round still

Whatever.; November 06, 2008 1:35 AM
Anonymous said...: Straits Times 6 Nov Pg B15
OCBC CEO David Conner said "A securities brokerage business is very different from that of a bank,""At a bank, we look at people's savings and time deposits". By contrast, customers of its brokerage "tend to buy and sell a fair bit and they see losses in their portfolios in equities so they are different kind of customers from a typical bank saver".

In which case, the "vulnerable" category who purchased from securities brokerage will be those who "Open a securities account for the first time with OCBC Securities, for buying Minibonds (and Pinnacles, Jubilee). The definition which applies to Bank savers "62 years and low education" will not apply to Securities Brokerage.

We appeal to MAS to place some guidelines on fair compensation by the Securities Brokerages.; November 06, 2008 7:48 AM
cindii said...: OCBC Group CEO allows OCBC Securities(the son of OCBC Group?)to sell all those high products, and then he could just watch the show now as those who buy products from OCBC securities know how risky the products are, as claimed he was aware how risky those make-believe bonds are. Read into Nov 6 Straits Times page B15 for details.

I'm not sure if I interprete what he said correctly, I'm just too confused about the "bonds". How much "poison" had been package in them!!; November 06, 2008 4:27 PM
Anonymous said...: Melvin,

Don't expect all investors who bought ML Jubilee, Pinnacle, etc through OCBC Bank/Securities to read TKL's blog. It will be more reesponsible if letters are sent to all who have invested through OCBC Bank/Securities. Please do the needful!; November 07, 2008 9:41 AM
Anonymous said...: THANK YOU FOR THE MANY WHO RESPONDED TO THIS CALL. We have received your emails, and are compiling them.
We have identified resources and plans. We will be organising a CLOSED-DOOR MEETING FOR INVESTORS only, very shortly. Those who have registered will be kept notified on details of the meeting.
Grace,
on behalf of OSPL investors' group; November 07, 2008 10:30 PM
GOHCT said...: OCBC Securities Interview process took 2 hours

We refer to your conversation earlier with Ms Meiyun regards to your feedback on your investment and would like to formally acknowledge your feedback.

Our office address is 18 Church Street, #01-00 OCBC Centre South, S(049479), the interview takes minimally 2 hours.

You can contact the following officers if you need any clarification.

Chua Bee Hong 65319105
Jessie Yue 65319831
Benson Lim 65319603

Thank you.

Best Regards,
Jessie Yue
Customer Service
OCBC Securities Pte. Ltd.
Helpdesk: 1800 3388 688
18 Church Street, #01-00 OCBC Centre South, S(049479)
Website: www.iocbc.com; April 07, 2009 4:47 PM
Anonymous said...: Mr. Tan,
I think OCBC has a bigger issue at hand, noted that some of the cash deposit machine seems to be reporting inaccurate deposit and withdrawal. I'd tried informing the different banches but no one seems to take up this issue, relatively the amount maybe small but with the miscount, it'll loose account holders faith.; July 24, 2009 11:22 AM