si beh ai wan..
Singaporeans are easy to screw!
Screwed by govt, screwed by FTs and now screwed by DBS
http://www.atimes.com/atimes/Southeast_Asia/JK06Ae01.html
Whether Singapore's homegrown DBS, one of Southeast Asia's largest commercial banks, will emerge stronger from the recent turmoil is in doubt.
Thousands of retail investors lost their holdings when Lehman Brothers-linked financial products offered and managed by DBS failed after the US investment bank collapsed.
The bank said 4,700 of its customers in Singapore and Hong Kong had invested a total US$360m into the products, which are now deemed worthless.
Angry investors have accused the bank of misrepresenting the products' risk and have asked the bank or government to refund their money.
DBS Hong Kong has said that it will return 100% of investors' investments, while the bank's Singapore office has said that it will deal with the failure on a case-by-case basis.
A large number of investors in the Lehman Brothers "high note five" product in Singapore have yet to receive any reply from DBS Bank after waiting three to five weeks after filing complaints that they were "missold" the notes, according to Gerard Ee, who was appointed by DBS as an independent external consultant to oversee its process of handling customer complaints.
The Monetary Authority of Singapore has said it too would look into the "misselling" complaints.
Singaporeans are easy to screw!
Screwed by govt, screwed by FTs and now screwed by DBS
http://www.atimes.com/atimes/Southeast_Asia/JK06Ae01.html
Whether Singapore's homegrown DBS, one of Southeast Asia's largest commercial banks, will emerge stronger from the recent turmoil is in doubt.
Thousands of retail investors lost their holdings when Lehman Brothers-linked financial products offered and managed by DBS failed after the US investment bank collapsed.
The bank said 4,700 of its customers in Singapore and Hong Kong had invested a total US$360m into the products, which are now deemed worthless.
Angry investors have accused the bank of misrepresenting the products' risk and have asked the bank or government to refund their money.
DBS Hong Kong has said that it will return 100% of investors' investments, while the bank's Singapore office has said that it will deal with the failure on a case-by-case basis.
A large number of investors in the Lehman Brothers "high note five" product in Singapore have yet to receive any reply from DBS Bank after waiting three to five weeks after filing complaints that they were "missold" the notes, according to Gerard Ee, who was appointed by DBS as an independent external consultant to oversee its process of handling customer complaints.
The Monetary Authority of Singapore has said it too would look into the "misselling" complaints.
