DRAFT LETTER
Date
Managing Director
Monetary Authority of Singapore
Monetary Authority of Singapore
10 Shenton Way MAS Building
Singapore 079117
By Fax: 6229-9229
Minibond – Series XX
Dear Sir,
I am a holder of the Mini-bond Series XX. My particulars are:
Name: xxxxxxxxxxxxxx
Certificate Number: xxxxxxxxxxx
Amount invested: $xxxxxxxxxx
I have received a letter from the Trustee of the above Notes informing me about the liquidation of the Notes as follows:
Fee to LBSF: xxx%
Fee to liquidator: xxxx%
Legal fee: xxxx%
Residual value to Note holder: xxx%
I wish to ask for the assistance of the Authority to request the Trustees to clarify the following:
Fee to LBSF: xxx%
Fee to liquidator: xxxx%
Legal fee: xxxx%
Residual value to Note holder: xxx%
I wish to ask for the assistance of the Authority to request the Trustees to clarify the following:
1) What is the authority on which the Turstees have acted to liquidate the above Notes?
2) Why did the Trustee fail to call for a meeting of the Note holders to discuss the above action?
3) Who decided on the fee to be paid to LBSF? How is the payment of this fee in the interesst of the Note holders?
4) As a Note holder, am I legally bound to accept the action that you have taken to liquidate the Notes without my approval?
I wish to ask for for your assistance to get the Trustee to convene a meeting of the Note holders for the above Series, so that these issues can be discussed and the appropriate explanation given to us.
Name
2) Why did the Trustee fail to call for a meeting of the Note holders to discuss the above action?
3) Who decided on the fee to be paid to LBSF? How is the payment of this fee in the interesst of the Note holders?
4) As a Note holder, am I legally bound to accept the action that you have taken to liquidate the Notes without my approval?
I wish to ask for for your assistance to get the Trustee to convene a meeting of the Note holders for the above Series, so that these issues can be discussed and the appropriate explanation given to us.
Name
Address
Telephone
E-mail address
Telephone
E-mail address
Mr. Tan, I do not want to pour cold water but I am almost certain that nothing would happen with or without this letter.
ReplyDeleteHi 12:16 PM
ReplyDeleteI agree with you. I am not optimistic either.
But it takes so little effort for the investor to type and fax this letter.
Each letter will require a reply from MAS. Each reply will remind the MAS that they are required to perform their duty.
On balance, I urge every Mini-bond holder to send this letter.
If we look at examples around the world, many people are prepared to fight and even give up their lives to correct injustice.
ReplyDeleteSo, sending a fax to MAS (even though it may be ignored) is so small a sacrifice of time and effort.
Singaporeans need to have the fighting spirit.
Hi Mr Tan,
ReplyDeleteI will email or fax a letter to both HSBC and MAS to seek an explanation on the high fees/cost involved in the liquidation process for my minibond series 2. You have went the extra mile to help the poorly informed investors.
Thanks a lot.
These are negative people who have lost hope. Like the above says each letter reminds MAS of what they failed to do.
ReplyDeleteDon't give up hope. Pressure MAS until it relents and until their conscience pricks them.
I have sent email to MAS and they always reply. Usually in a few days. Bottom line, they will always reply.
ReplyDeleteNo harm done. I did the same thing for my MB. Followed the mediation process even though I am not optimistic.
You have nothing to lose.
I am expecting MAS to reply me by asking me to call HSBC. To them, it is "not my problem" attitude.
So, just try but please do not have high expectation while it will be a bonus if something positive comes out of it.
Mr Tan Kin Lian,
ReplyDeleteYou are the true son of Singapore. Thanks for doing this although you will get nothing in return. May God bless you with good health. From Cashew Nut.
I will certainly follow your good advise Mr Tan. We should not let the matter rest and be forgotten.
ReplyDeleteDear Mr Tan,
ReplyDeleteThanks for the great job you did for us! Although I am an unlucky Pinnacle Note holder, I cannot send the letter.
Hi Mr. Tan
ReplyDeleteI have sent an email of complaint to MAS the very next day after the announcement of the liquidation of
the notes, but yet to receive a
reply. I think they would ignore
us again.
Thanks for your effort, anyway.
Now MAS do not reply to yr query and not sure if they do read our complaint. I have sent few emails asking them why the duty of an IFA and FI were not distinguished properly and left the investors alone to fight the war and choose whom should be liable ? DO NOT HOPE MAS WILL REPLY YOUR MAIL, THEY SIMPLY IGNORE SINCE RESIDUAL VALUES ARE OUT.
ReplyDeleteTax payers contributed easily $5 to 6 millions to MAS Chairman and Deputy Chairman a year for what?
ReplyDeleteI think the Hong Kong MAS is doing a better job with a lesser pay. Isn't HK MAS Faster, Cheaper and Better?
So, why are we still paying MAS so much money? I have no answer. Maybe this is how things work in Singapore. Just sit back and eyes big, big see how people increase their own salary sky high while the heartlanders focus on Faster, Cheaper and Better....
Did any one get a reply from MAS or HSBC Trustee?
ReplyDeleteAs expected, I received silence
someone referred me to this blog page. i have to say that you guys are typical singaporean investors. don't bother doing your homework and when the market turns against you, you victimise yourselves and expect the government to intervene and save the day. if you don't know how to invest safely, DON'T invest. if you do and lose money, that's your call - don't cry to the govt for everything. if your financial adviser had cheated you, then you can claim against the bank which sold you the note. but i think you're ingrates for cursing the people who've been trying to help you.
ReplyDeletebtw, i did a search and i think there's an update to the hsbc faq page for your questions.