<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Over 500 investors at protest rally
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Mavis Toh
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
</TD><TD vAlign=bottom>
At the rally, Mr Tan spoke about a petition he sent to the MAS, urging a probe into possible wrongdoings by banks in the sale of Lehman-linked products. -- ST PHOTO: DESMOND WEE
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->More than 500 angry investors turned up at Speakers' Corner yesterday evening to protest against having been misled into buying products linked to now-bankrupt investment bank Lehman Brothers.
They were led by Mr Tan Kin Lian, 60, the former chief executive officer of insurer NTUC Income.
He had announced details of the rally, easily the biggest since the rules for Speakers' Corner in Hong Lim Park were relaxed last month, on his blog.
Many in the crowd were Chinese-speaking, middle-aged and retired, and most came armed with investment documents and brochures from banks.
Many raised their voices and expressed anger at having been misled by banks' relationship managers. A few elderly people broke into tears while recounting how they had lost their life savings.
At 5pm, Mr Tan, who does not own any of the products, stood on a raised patch of grass and spoke about the petition he had sent to the Monetary Authority of Singapore (MAS) last week. It was signed by 983 affected investors.
In it, he urged the authorities to look into possible wrongdoings by financial institutions in the sale and marketing of structured products such as Minibonds, High Notes, Pinnacle Notes and Jubilee Notes.
Investors of these products now stand to lose most, if not all, of their money. The MAS revealed last Friday that nearly 10,000 people here had bought Lehman-linked products worth $501 million.
Mr Tan said the products did not suit the risk profiles of the investors who had not been made aware of the high risks involved. 'These are not rich people but people who worked for 40 years. This was their retirement fund or for their children's education,' he said.
He added that the largest sum he had seen invested was half a million dollars.
Investors told The Sunday Times that they were sold the products by relationship managers when all they wanted was to put their money into fixed deposits.
Retiree K.F. Cheong, 77, said he had invested $210,000 in Minibonds. A bank staff member had sold it to him when he went there to take out the money - 90 per cent of his savings - from his fixed deposit.
'Everything was in English. He just told me to sign,' said Mr Cheong in Mandarin.
Mr Tan encouraged upset investors to approach lawyers to help prepare statements under oath to strengthen their claims. The Sunday Times understands he has approached lawyer Glenn Knight for help.
He said investors living in the same area can approach their MPs together.
He added that although investors should bear some blame, they should not shoulder the entire loss. He said many had told him they would be happy to retrieve 50 to 70 per cent of their capital. The crowd dispersed at about 7.30pm.
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Mavis Toh
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
At the rally, Mr Tan spoke about a petition he sent to the MAS, urging a probe into possible wrongdoings by banks in the sale of Lehman-linked products. -- ST PHOTO: DESMOND WEE
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->More than 500 angry investors turned up at Speakers' Corner yesterday evening to protest against having been misled into buying products linked to now-bankrupt investment bank Lehman Brothers.
They were led by Mr Tan Kin Lian, 60, the former chief executive officer of insurer NTUC Income.
He had announced details of the rally, easily the biggest since the rules for Speakers' Corner in Hong Lim Park were relaxed last month, on his blog.
Many in the crowd were Chinese-speaking, middle-aged and retired, and most came armed with investment documents and brochures from banks.
Many raised their voices and expressed anger at having been misled by banks' relationship managers. A few elderly people broke into tears while recounting how they had lost their life savings.
At 5pm, Mr Tan, who does not own any of the products, stood on a raised patch of grass and spoke about the petition he had sent to the Monetary Authority of Singapore (MAS) last week. It was signed by 983 affected investors.
In it, he urged the authorities to look into possible wrongdoings by financial institutions in the sale and marketing of structured products such as Minibonds, High Notes, Pinnacle Notes and Jubilee Notes.
Investors of these products now stand to lose most, if not all, of their money. The MAS revealed last Friday that nearly 10,000 people here had bought Lehman-linked products worth $501 million.
Mr Tan said the products did not suit the risk profiles of the investors who had not been made aware of the high risks involved. 'These are not rich people but people who worked for 40 years. This was their retirement fund or for their children's education,' he said.
He added that the largest sum he had seen invested was half a million dollars.
Investors told The Sunday Times that they were sold the products by relationship managers when all they wanted was to put their money into fixed deposits.
Retiree K.F. Cheong, 77, said he had invested $210,000 in Minibonds. A bank staff member had sold it to him when he went there to take out the money - 90 per cent of his savings - from his fixed deposit.
'Everything was in English. He just told me to sign,' said Mr Cheong in Mandarin.
Mr Tan encouraged upset investors to approach lawyers to help prepare statements under oath to strengthen their claims. The Sunday Times understands he has approached lawyer Glenn Knight for help.
He said investors living in the same area can approach their MPs together.
He added that although investors should bear some blame, they should not shoulder the entire loss. He said many had told him they would be happy to retrieve 50 to 70 per cent of their capital. The crowd dispersed at about 7.30pm.
