This Petition has been sent to Mr. Albert Tan to forward to Mrs. Lim Hwee Hua. It contains 127 signatures (collected within 12 hours).
20 October 2008
Mrs. Lim Hwee Hua
Senior Minister of State
Ministry of Finance
Dear Mrs. Lim,
Give Fair and Equal Treatment to All Buyers
As you are aware, a large number of us investors have been wrongly led to part with our life long savings for structured products eg Minibond, High Note and others which are not suitable for our class of investors. By the standard of professional investment managers, not more than 10% of a person's saving should be invested in high risk products.
In this saga, banks have persuaded most investors to part with a large part, if not all, of their life savings. The true nature of their products covered up by diverting attention to reference entities of large reputable banks when infact such products viability is hinged on swapped CDOs (collatoral debt obligations) details for which are not allowed to be released even after a default has happened.
How can banks be allowed to sell financial products without revealing the specifications of the underlying securities? How can they be allowed to refuse investors from knowing the true underlying securities even after the product has failed? It is more than a "mis-representation". It is a deliberate attempt to fool even the most savy investor including possibly MAS as otherwise MAS would not have registered the products. How can a structured product be called a bond? The word "Minibond" itself is inappropriate.
Now MAS has openly stated that those above 55 years and non-English speaking gets priority in compensation. The FIs will jump onto this and interprete it to mean something akin to modern day Robin Hood: take from A and pay to B. Those outside the "favored category" will suffer a double injustice.
Mrs. Lim, on our behalf, please advise MAS to re-state their position to ensure that the FIs grant fair and equal compensation to all the buyers of these toxic products irrespective of age or education level. Education only becomes a factor if language is the problem. In this case, even a university graduate will not be able to discover the true nature of the products.
(Particulars of 127 signatories)
The Petition is drafted by Albert Tan. He will organise a group of signatories to meet with Mrs Kim Hwee Hua. If you are willing to join him, please send an email to him at email@example.com.
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10/19 - 10/26
- HK Monetary Authority refers 40 more 'mini-bonds' ...
- Speech at Speaker’s Corner – 25 Oct 2008
- SCMP: Angry investors protest
- Speaker's Corner - 25 October 2008
- A serious recession in the months ahead
- Call for Public Inquiry - some views
- No compensation from ABN AMRO
- Just One Year
- Investors want open forum with DBS
- Hong Kong: Legco raps shortcomings in minibonds mo...
- Global financial crisis is getting out of control
- Treat all investors fairly
- Response to: DBS begins process to compensate cust...
- Reputation as financial services hub
- High risk, absymal return
- Impact of Lehman Brothers on different types of se...
- Demand for Compensation
- A fair compensation
- Distributor should be responsible
- Hong Kong: Minibond investors demand full refund
- New swap counterparty
- Avoid land banking
- Requests for media interviews
- Draft: Letter to request for Open Forum
- Inteview with journalist (4)
- DBS Bank, Hong Leong Finance and Maybank to give c...
- Marketed to Asians
- A good settlement?
- Did the financial institution carry out any risk a...
- Understanding the technical terms
- Collective letter to distributor
- Collective legal action - request for proposals
- MAS push responsibility to Financial Institution
- Where does the BUCK STOP?
- Lawyer: No obligation, no fee consultation
- SCMP: Investors hit by Lehman collapse get papers ...
- Volunteers to write statements of complaints
- Post in my blog without Google account
- Block comments
- Response to Mr. Lim Hng Kiang and MAS
- Independent financial advisers are not able to com...
- Investors should not be compensated
- Do you hear the people sing
- Exploitation of the consumer
- Views from an ex-private banker
- MAS reply to Parliamentary Questions on Credit Lin...
- Interview at Bloomberg TV
- Continue your good work for ordinary citizens
- HKMA refers Lehman-Brothers-related cases to the S...
- Positive or negative?
- Petition #3 (To Mrs Lim Hwee Hua)
- Fraudalent misrepresentation and clear mis-selling...
- Be careful of your relationship manager
- Tips from an ex-financial adviser
- Be truthful, not fearful
- Petition #3 - Fair and equal compensation to all b...
- Onus of proof
- Volunteers to write statement of claim
- Jubilee Notes
- Speaker's Corner - Credit linked securities
- Suing for defamatory remarks
- Call to MAS - investigate mass cheating
- New list of investors sorted by distributor
- Conscience, integrity and trust - a leader's hallm...
- General advice to investors of structured products...
- Interview with Sunday Times
- Ask for a full refund now
- Do not succumb to greed
- Ask MAS for advice to sort out this type of proble...
- Not an isolated case
- Lehman Structured notes on Wheat and Milk
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