Dear Mr Tan,
I received a check for my Mindbond series 1, representing 21% of my investment. Fidrec has scheduled my hearing in March. The Fidrec officer told me they will continue to adjudicate my case, but I feel the hearing is meaningless. Could you kindly give me your advice please?
Reading you blog became my daily routine but recently I found limited information on the minibond issue. I think many victims have decided to give up like myself. I really appreciate what you have done for us victims.
REPLY
You should continue to attend the FIDREC adjudication and fight hard to get some compensation from the distributor for your loss of 79%. This should be on top of the refund that you have received.
Write to MAS and demand for investgation why the residual is so low and swap percentage is so high. Has investors interest been compromised ?
ReplyDeleteQuite a number of MB investors are continuing with the Adjudciation. Those I knew are investors with >$50,000 investment.
ReplyDeleteSince there is no notes to sell back to the FI, I am also wondering how the adjudication going to compensate.
Will they compensate MB2 & MB3 investors 50% of the remaining values?
Very interesting in deed.
Me too!Reading you blog became my daily routine but recently I found limited information on the minibond/Pinnacle Note issue. Just because the Pinnacle Note is small scale, we were forgotten by the goverment totally.
ReplyDeleteCorrection..
ReplyDeleteThe government and MAS did not forget Pinnacle Notes or High Notes 5, they simply just ignore you.
In the beginning of Oct 08, we, the largest notes holders [MB] were also ignored by them, even after largest Hong Lim Park gathering and several petitions.
if 10,000 strong were ignored, what do you thing happen to you?
If they like it, they explain to you like the minister salary raise and even after strong objection, they did it anyway.
If they don't like it, they just ignore. Like HLP gathering, petitions, letters etc.
I do become a fan of Mr. Tan Kin Lian's blog as a result of the structured notes saga. It becomes my daily routine.
ReplyDeleteWell I cannot blame Mr. Tan for having lesser information on the structured notes. This is because the facts are laid out already. The problem is whether victims try hard enough or not? Sometimes, the victims are just to disgusted by the ignore we received from MAS and FI and political leaders at large.
Yet, victims must persevere their own course because it becomes obvious that nobody is going to help you. Mr. Tan can only provide information.
Since the minibond notes have already been liquidated and money returned to notesholders. At Fidrec adjudication likely a lump sum compensation as a percentage of the original investment sum be awarded to the investor.
ReplyDeleteJust my thought
After the payout of the residual value, does this mean this minibond saga has closed? Will it be removed from our CDP a/c?
ReplyDeleteThanks.
After the payout of the residual value, investors can continue to claim /sue Minibond Ltd, Lehman Brother Singapore or FI's etc or file claim at Fidrec if you think you have been misled/missold etc..
ReplyDeleteThe answer is yes. The authorities
ReplyDeletewant the matter closed, in time for the GE. Just check your CDP
statement early next month.
MAS has a hand in the residual payout of the notes - our lawyers
told us Minibond Ltd of Cayman Islands had been in close contact
with this regulator for the past year. You could say we should be
grateful to MAS, being the invisible hand behind pulling strings.
MB is closed. Few days ago, the Notes in my CDP account has been deleted. Payment was done on 12 Feb 09.
ReplyDeleteWas MAS & Govt helpful? I don't know. All I know is the conclusions were not transparent, I had a hard time with FIs and we were indeed misled by the FIs while MAS put the blame on us for not careful enough before signing on the dotted lines.
As of now, I don't think very highly of MAS and the Govt included.
Not sure whether the seminar which Mr. Tan KL has helped to organise in March 2010 is still on.. there is no more discussion or update on this. Any kind soul who has further info., please advise.
ReplyDelete