500 Doo Lan Sporns Gather @ Hong Lim to Protest Again!

[makapaaa]

<TABLE cellSpacing=0 cellPadding=0 width=591 border=0><TBODY><TR><TD class=newstitle width=328>Singapore News</TD><TD class=newstitle vAlign=bottom align=right width=263 colSpan=3><TABLE cellSpacing=0 cellPadding=0 width=259 border=0><TBODY><TR><TD align=right width=143> </TD><TD width=99> </TD><!--<td width="58"> </td>--></TR></TBODY></TABLE></TD></TR><TR><TD style="BACKGROUND-COLOR: #cccccc" colSpan=4>

</TD></TR></TBODY></TABLE><TABLE cellSpacing=0 cellPadding=0 width=596 border=0><TBODY><TR><TD colSpan=3 height=26> </TD></TR><TR><TD vAlign=top width=5> </TD><TD vAlign=top width=591 colSpan=2>Investors of Lehman-linked products upset despite assurance from MAS
By Ryan Huang, Channel NewsAsia | Posted: 18 October 2008 2112 hrs
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Distraught investors express their anguish at losses from structured notes issued by Lehman Brothers.</TD></TR><TR><TD> </TD><TD class=update> </TD></TR><TR><TD> </TD><TD><TABLE style="BACKGROUND-COLOR: #cccccc" cellSpacing=0 cellPadding=0 width=240 border=0><TBODY><TR><TD vAlign=top width="100%"><TABLE cellSpacing=1 cellPadding=0 width="100%" border=0><TBODY><TR style="BACKGROUND-COLOR: #ffffff"><TD><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD class=topic vAlign=top align=left>Related News </TD></TR><TR><TD vAlign=top align=left bgColor=#cccccc>

</TD></TR><TR><TD vAlign=top align=left><TABLE cellSpacing=0 cellPadding=6 width="100%" border=0><TBODY><TR><TD><TABLE cellSpacing=0 width="100%" border=0><TBODY><TR><TD class=subheader vAlign=top width="4%">•</TD><TD class=bodytext width="96%"><TD class=bodytext width="96%">MAS wants to focus on helping vulnerable investors</TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 width="100%" border=0><TBODY><TR><TD class=subheader vAlign=top width="4%">•</TD><TD class=bodytext width="96%"><TD class=bodytext width="96%">MAS urged to expedite investigation into mis-sold structured products</TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 width="100%" border=0><TBODY><TR><TD class=subheader vAlign=top width="4%">•</TD><TD class=bodytext width="96%"><TD class=bodytext width="96%">MAS investigates allegations of mis-selling of Lehman products</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR><TR><TD vAlign=top bgColor=#cccccc>

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SINGAPORE: Many investors of structured products linked to Lehman Brothers are still upset about what has been done with their investments.

Some 500 of them gathered to voice their frustrations at the Speakers' Corner at Hong Lim Park on Saturday – a day after the Monetary Authority of Singapore (MAS) said it was investigating complaints of mis-selling.

Investors above 55 years old have been labelled as the "vulnerable group", and authorities have ordered banks to prioritise their cases first, amid the complaints of mis-selling.

Despite the move, many feel inadequate steps are being taken to resolve the issue.

One investor, Ho Fook Kwong, said: "(I am) very frustrated, very angry. I think they need to speed up this process because a lot of us are waiting for answers from authorities. We can't wait anymore."

"They have stepped in too late. This thing has spread like wildfire. People have been complaining to the press, but they did not take any action," another investor, Ng Ah Mun, said.

At the same time, reality has yet to hit a few investors. Some of them who spoke to Channel NewsAsia still hope to recover their entire capital.

Most investors are clinging on to any glimmer of hope they can find – one of which comes from the organiser of their gathering, former NTUC Income CEO Tan Kin Lian.

Mr Tan said he is in touch with a big bank from Hong Kong which is interested in taking over the management of the minibonds. He is also urging all affected investors to lodge complaints formally with their respective banks.

The current trustee for the Lehman Minibond Programme, HSBC Institutional Trust Services, is looking at the option of a new swap counterparty and investors are expected find out more about their options by the end of next week.

Meanwhile, investors have been consolidating their contact details to update one another on the latest news.


- CNA/so
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[chinkangkor]

Night is long, dreams will be many.

 

[dysentry]

people here only protest when it hurts their own pocket, cannot make it...

 

[chinkangkor]

Will they dare to protest outside Hong Lim park?

 

[theblackhole]

tkl should stand in speaker's corner in the next ge...how come he suddenly becomes so active....and solving problems for mas and gahment....connections in hk to buy the minibonds...mr tan you boleh lah...u should be in the cabinet!

 

[davetan1]

Where are the protestors when PAP returned unopposed to power ?

 

[sage]

It is not that they are protesting increase cost of electricity. Many sporns cannot afford to buy minibonks anyway

 

[DerekLeung]

The banks release information for the relation fund managers to pursue the pensioners, you don't see them chasing the 20-40year old account holders.

This reinforces the idea that the richer ones were being singled out as potential fast jobs.

 

[theblackhole]

the banks and their financial managers should be held accountable. the gullible uncles and aunties are also accountable - their greed! greed kills!

 

[tiverton18]

Case of mis selling and misrepresentations to the gullible and ignorant ordinary consumers by the Bank's relationship managers to boost their commision income and achieve their target.

MAS Banking Supervision and all the banks involved must bear responsibilities for this mayhem to allow such complex derivative products being marketed to ordinay folks in the street.