If you agree with the Petition, please sign it and encourage other investors (who have not been compensated) to join in.
The working committee agreed to lodge the Petition is there are at least 300 signatures. If there is insufficient signatures, we will not lodge the Petition.
This Petition is dated 29 August 2009. We will get additional signatures from investors who attend the gathering on 22 August, especially those who are not able to use the internet.
I have signed. Thank you whoever drafted the petition. I bought Minibond Series 3 because I was told that I was investing in the '6well-known reference entities'. I did not know that my money was used to bet on many many other high-risk swap products. I thought I was buying 5-yr-bond earning 5% p.a.
ReplyDeleteBy the way, in the petition, the word 'comprise' should NOT be followed by a preposition 'of'.
In case the no. of signatures can not reach to 300, please ask your family members or friends to support this activities.
ReplyDeleteYes, at least we need to show the unhappiness to the goverment.
Yes, 'comprise' should not be followed by 'of'.
ReplyDeleteInstead 'consist' should be followed by 'of'.
It is acceptable now that 'comprise' can be followed by 'of'. This usage has be accepted since a few years back.Anyway it is not important. The message of the petition is.
ReplyDeleteThank you, Mr Tan Kin Lian.
ReplyDeleteDear Mr. Tan,
ReplyDeleteMany of us who bought from the brokerage would like to sign but could not as the petition deals only with those who bought from the Sales rep of the bank whereas most of those who bought from the brokerage bought it via the misleading press advertisement and brochures. Hope you can incorporate our case so that we can all sign.
The statement of the petition is worded such that the undersigned are restricted to be victims of credit-linked notes who lost substantially or all of their investment. As of this writing, I am not such a victim, therefore I am unable to sign. However, I agree with the general message, and I will sign if the undersigned are expanded to include observers who wish to express their disagreement at the way our government has handled this issue. In any case, good work Mr. Tan!
ReplyDeleteJUST RECEIVED LETTER FROM OSPL THAT PINNNACLE 5 (DATED 150709) HAS ANOTHER DOWNGRADE BEFORE IT KICKS THE BUCKET...FISH...IF ONLY OSPL HAS INFORMED US DURING THE VERY FIRST DOWNGRADE , ALOT OF OF THE INVESTORS WILL BE SAVED !
ReplyDeleteReply to 4:12 PM
ReplyDeleteThe sales representatives are general and include those working for the bank or brokerage houses.
The reference to fixed deposit refer to "Many of us". If you were not involved in fixed deposit, you would fall outside the "many of us" and would be covered.
Please read the Petition more widely. I am not able to modify the Petition now.
Hi 5:05 PM
ReplyDeleteIf you have lost 20% or more, it would be considered as "substantial". If it is less than 20%, then this Petition would not apply to you. Do use your discretion to find how you can fit into the Petition, rather than outside of it.
This Petition is written to be inclusive, to cover all investors who bought the credit linked notes from banks and the security firms (i.e. brokerage houses).
ReplyDeleteReference to "sales representative" include the people selling for the security firms.
It has been vetted by a working committee, which includes investors who bought through the brokerage channels.
Read the wordings of the Petition in its widest sense, rather than the narrow sense.
153 investors have signed the online petition. This is half of the target of 300 signatories. We have another 40 days to go.
ReplyDeleteLet us aim for 1,000 signatures. Pass the word around. Those who have signed should encourage others to join in this Petition.
Are investors who have referred their case to FIDREC barred from signing the petition due to the SECRECY declaration?
ReplyDeleteDear Mr. Tan,
ReplyDeleteI think you have left the issue for a while so now it is harder to get people to visit your blog and be aware of it and sign.
I have signed. I will continue to support. Just sad that when they want to raise pay, we supported. When such injustice happened, we are on our own.
ReplyDeleteI am MB3 investor. I have seen how badly we retail sgp investors have been treated since Sept 08.
How to trust MAS anymore. How to trust those millionairs anymore. Talk is cheap. Learn from Hong Kong. They are not paid millions but they put people interest first.
After 2 days, I got 237 signatures. It should be easy to achieve 300 signatures in 1 das time.
ReplyDeleteThe new target is to surpass 1,000 signatures.
Hi Mr Tan. Firstly thanks for all your help. For those who have been compensated but still lose more than 20% of investment, can they sign the petition? Or is this for those who have not been compensated at all?
ReplyDeleteIf everyone put in a little more effort to reach out to all agrieved investors 2,000 signatures target is within reach. Stand up and be counted!
ReplyDeleteHope more people could be encouraged to sign. Including those who hv been compensated, but feel that the % or amt is too low.
ReplyDeleteI can only count on Mr Tan Kin Lian for support and trust. I do not trust MAS or any government people will do anything for us now, they're just protecting their own ass. Especially MAS, they are a major culprit that created all this misery and now they try to blame all on others!
ReplyDeleteLet us see what the Minister for Finance has to say during parliament hearings. Probably the same findings-- everybody at faults except MAS.
ReplyDeleteFor the interest of those reading this blogs, Pinnacle Notes 9 and 10 with reference entities-- TEMASEK,SINGPORE TELECOM,SINGAORE,HONGKONG AND AUSTRALIA failed due to the credit events from the unknown underlying assets.These 6 names are a strong draw for investors who trusted the names 100%. Where is the justice? Can anyone explain ?
Has anyone ask whether Town Council receive any compensation for the lost of $16 million to Minibond investment recommended by a group of Financial Advisors?
ReplyDeleteHope Parliment can answer this question.
It seems that many people are not happy with their compensation.
ReplyDeleteEven more hv not received any compensation.
If resolved fairly, why so many people are still so unhappy?
ReplyDeleteIt was not solve fairly in Sgp. Many were not compensated and if compensated, it ranges between 10 to 30% of principle.
ReplyDeleteThere are many unhappy people and it rubbing salt on wound, HK investors have 60 to 70% refund... See Straits Times and Business times today.