I will be holding the last meeting at Speaker's Corner on 27 December 2008.
The separate groups, according to the product (e.g. minibond, high notes) will be holding their seperate meetings at their preferred locations. If you are interested to join the group, you should contact the group leader.
I will use my blog to update the investors on subsequent developments regarding the legal action and other matters.
Dear Sir,
ReplyDeleteI hope the efforts would not stop after the last gathering. Those cheaters have to be punished.
Mr Tan,
ReplyDeleteYou deserve a break. Well done for a voluntary effort so far. Leave the rest to God.
I got the official reply from OCBC security . Extraction of letter:-
ReplyDeletewe regret to inform you that we found no grounds to accede to your request stated in your communication to us. Nor are we able to propose any other form of settlement.
I talked to some investors from May bank at Hong Lim park , they said that May bank 's reply is " we are still in the precess of investigation" .
Why OCBC security reject me so fast?
Any OCBC security investor having the same experience as mine.
Please update
"we regret to inform you that we found no grounds to accede to your request stated in your communication to us. Nor are we able to propose any other form of settlement.
ReplyDelete"we are still in the precess of investigation" ."
These are not completely unexpected and are just the beginning.
But worse to get, they MIGHT be the End, once the open talks stop because there will be NO MORE PUBLIC PRESSURE VISIBLE IN THE MEDIA after that.
IF no one goes knocking on doors, does anyone think these doors will be open or SHUT
Singaporeans, you should not be afraid to take action against the FIs if you feel you have the grounds. The FIs feel strong because they are backed by the Authorities, best law firms, experienced counsels and most of all unlimited resources.
ReplyDeletemake a run for them
ReplyDelete12.14pm,
ReplyDeleteI received my rejection letter from OCBC Securities last week for my Jubilee Notes Investment. I am moving on to lodge complaint with FIDREC as OCBC Sec did not address any of the issues I filed during complaint interview. They failed to advise customers when selling a high risk product but now claim they can sell "over the counter" and claim the exemption was given by MAS. This special "exemption" from Financial Adviser Act needs to be dragged to the open so MAS will confirm or deny it.
I think the leaders in the authorities and bankers are now risking the investors' trusts in a big way. If the eventual outcome of the minibond were to be dreadful, I guess so will be the faith of the investors (including wealthy neighbours who have or have not have invested). And that would cost the authorities and the bankers dearly. This is a landmark issue and lost of trusts will last at least a decade.
ReplyDeleteSo, I hope the leaders and the bankers should take the bitter pills now than later face illnesses for many years.
I received the same sort of letter from Standard Chartered Bank saying they had completed their investigations and that disagree with my suggestion that I was misreprsented. They didn't interview me, or the RM that sold me the product, so what did their investigation consist of? They also said their RM's followed stringent procedures and would have made clear any risk that was involved in these structured products. Why wasn't I informed my principal protected product was a high risk investment then?
ReplyDeleteFast forward to 3 years from now, majority of investors had long exhausted their means to get compensations from F.I and their MPs did not help either. Come Election time and as they said, the memory of public is short, it would be interesting to see if people still remember they want to vote to show their anger on lack of help from Authority.
ReplyDelete