Channel NewsAsia - Thursday, December 18
http://sg.news.yahoo.com/cna/20081217/tap-963-lehman-minibond-investors-know-o-231650b.html
SINGAPORE : The Monetary Authority of Singapore (MAS) on Wednesday said investors who have bought failed structured products will know the outcome of their complaints by the middle of January.
Investors had alleged that distributors had mis—sold the products and misrepresented the risks.
Minibond investor Ismail Deen was told last week that his complaint is still being looked into. He is one of nearly 5,000 investors who have complained to 10 financial institutions (FIs).
Like Mr Ismail, most investors of DBS High Notes 5, Lehman Minibonds and the Jubilee Series notes will get some answers by mid—January. Final checks are being done on some complaints.
Shane Tregillis, deputy managing director, Market Conduct Group, MAS, said: "That is to take into account the recommendations of the independent persons and to make sure they have taken into account any investigation findings, and also to check for consistency."
MAS said 9—in—10 complainants have been interviewed.
FIs have also decided on 80 per cent of the cases, but have yet to inform investors. For clear—cut cases though, investors have already been told of the outcome.
The central bank has been working with financial institutions in the past 10 weeks.
Mr Tregillis said: "We have been visiting, checking ourselves just to ensure the process, looking at the teams... the FIs have put in place in recent weeks, some of them are up to 100 people."
MAS said the FIs will review the complaints in a non—legalistic manner and it will be based on principles of fairness. However, they are expected to take legal defence if the investors decide to take them to court.
The central bank also said investors should be prepared to bear responsibility for their investment decisions. — CNA/ms
Seriously, please don't expected any good news from them. :-((
ReplyDeleteThe only way to get the our hard earned Money is thru Legal Action.
Everyone is trying to cover each other fault now.
As usual, MAS is putting up a wayang. Come mid-Jan, MAS/FI will say that they have thoroughly reviewed the cases in a non-legalistic manner, put in their emotions, seriously empathised with the investors bla bla bla.... but regret to come to the conclusion that 90% of the cases have no merit. You will witness typical govt bureaucracy at the highest level.
ReplyDeleteI have no faith in MAS/FI. Legal action, preferably in the US, is our only saviour.
Responsibility must be borne by investor? What about the regulator? What about the distributor? Not forgetting, the crooked issuer?
ReplyDeleteObviously, we sense who is shunning full or partial resposibility!
Why is Pinnacle Notes product not included?
ReplyDeleteEverything i read was vague, UNTIL i came to
ReplyDelete"The central bank also said investors should be prepared to bear responsibility for their investment decisions." — CNA/ms
Can you still remember the CLOB issue with Malaysia?
ReplyDeleteNow,don't ever think that you could have your investment monies back,not even 10% of it.Be prepare to lose all,as I'm prepared to hear that.
Good health to all
and Merry X'mas.
Max Lim
"Everlearning said...
ReplyDeleteResponsibility must be borne by investor? What about the regulator? What about the distributor? Not forgetting, the crooked issuer?
Obviously, we sense who is shunning full or partial resposibility!"
+1
Since MAS & FIs are saying they have no fault in this, legal action's the way to go!
What is intended in the report is just simple:
ReplyDelete"The central bank also said investors should be prepared to bear responsibility for their investment decisions." — CNA/ms
MAS is intending to take U for a longer ride. 1st step fails then 2nd step....and finally to MAS and THE END.
Hopfully, there are no more problems with those notes are about to fail.
Hopefully, the ecomony recovery takes V shape.
Don't waste our time with them. Let settle thru Legal Action else this will nvr ending.
ReplyDeleteBetter to take legal action in the USA or join a class action with HK investors in the USA.
ReplyDeleteI don't have confidence in the Singapore legal system especially when MAS is involved.
The result of MAS(Singapore) vs HKMA(Hong Kong) will be out in mid Jan 2009.
ReplyDeleteFrom what Hongkongers are getting and what we are begging now. MAS has much to catch up. We are lossing faith on MAS.
Now,we are warmed by the closing statement of MAS's press release on 17 Dec 2008. para 11 "However, from a review of a sample of cases, it seems clear that some complainants should be prepared to take responsibility for their investment decisions..."
Just hope that the final result of the match MAS vs HKMA will prove us wrong.
It is like doctor telling relative of patient - ' You have to psychologically prepare for it'
ReplyDeleteI agree with Mr Lingam. I have no more faith in MAS and the acts the FI are putting up
ReplyDeleteWhy weren't Pinnacle Series 9 & 10 mentioned? Both had credit events tiggered because of toxic synthetic CDOs. These CDOs were not made avilable at the point of sale to the investors. How can one make an informed decision without adequate transparency?
ReplyDelete