Thursday, October 09, 2008

Get information from my blog

Dear Mr Tan
I have bought ML Jubilee Series 8 Note on Jun 2008. I heard that Jubilee Series 3 Note is almost dropped to zero value. Is it true? Could you please give me an advice how to handle Jubilee Series 8 Note.

I suggest that you ask the trustee or the distributor bank about the value of your investment.

If you feel that you have been misled into investing in this structured product, you should lodge a complaint with the CEO of the distributor that sold the product to you. If this is not resolved, you have to lodge a complaint with FiDREC.

Please follow the guidelines in my blog. I am not able to handle individual request, as it will take a lot of my time, and I cannot afford to spend this time.


Singapore Short Stories said...

Hi Mr Tan,

I saw you on TV (Channel U news) just now. The TV clip showed you handing the petitions to MAS. It was the headline news.

You appeared cool and fielded reporters' questions in a collected manner.

Well done, once again!

Anonymous said...

If you have ML Junliee notes, you may want to know that ML is being acquired by Bank of America. The acqusition deal is expected to close by Q1 2009. You may also know that Temasek holdings has a 14% stake in ML.

Anonymous said...

ML has officially notified those who invested in Jubilee 3 that their principle is totally wiped out - ZERO VALUE! The letter was dated 6Oct08. How can ML proceed to effect the credit event when investigations and complaints are going on? Is MAS going to take ML to task for expeditiously closing the Series 3 and declared ZERO?What happened if the arranger is found to have breached MAS regulations? What happened if MAS itself failed in its due diligence when formulating the regulations - overlooking the sophistication of credit link products? Should investors bear the full brunt of the fatal knockout blow of ZERO recovery of principle if there were to be any breaches of regulations or negligence in formulating regulatory guidelines?
These are not rectorical questions - they need to be addressed seriously by the authorities.


Tan Kin Lian said...

Hi 2:24 am

As the investor you can ask the trustee to give you a statement of account.

Find out why the total assets is wiped out. Perhaps they have taken a credit default sway to insure against the bankrupcy of Lehman Brothers, and this has been called in full.

It is quite irresponsible for the arranger to allow such a big bet to be made in this way.

After you get the statement, the investors can find out the next step to take.

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