<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD>Angry investors seek action
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Nur Dianah Suhaimi
</TD></TR><TR><TD><!-- show image if available --></TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->The latest news on Friday, that two more structured products sold to Singaporeans are very likely worthless now, saw an angry crowd of several hundreds at a rally yesterday demanding action from regulators.
They wanted the regulators to investigate the investment products sold by several banks and other financial institutions here.
Investment bank Morgan Stanley, which arranged the Pinnacle Notes Series 9 and 10, has indicated that these products are now worthless. Some 700 investors here had put up about $26 million for the products.
The news comes in the wake of the uncertain fate of similar products like Minibonds, with some 10,000 investors affected in all.
Yesterday's rally at Hong Lim Park was the fifth organised by Mr Tan Kin Lian, former chief executive officer of NTUC Income.
One investor, Ms Lilian Tan, 54, a retired manager, said: 'If I had been informed of the risks, I can accept that my money is now gone. But I was repeatedly told that the product is very safe.'
Although several institutions have announced they will be compensating vulnerable investors, Mr Tan said only 2 per cent of the 10,000 affected investors have received compensation.
At the rally yesterday was businessman Chang Foo Chon, 47. Together with several family members, he had invested $500,000 in Pinnacle Notes Series 10 and other shaky structured products.
Said Mr Chang in Mandarin: 'I want to know which authority allowed for these flawed investment products to be sold. Someone has to be held accountable.' The Monetary Authority of Singapore has advised investors to remain patient as it explores options to help them get their money back.
[email protected]
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Nur Dianah Suhaimi
</TD></TR><TR><TD><!-- show image if available --></TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->The latest news on Friday, that two more structured products sold to Singaporeans are very likely worthless now, saw an angry crowd of several hundreds at a rally yesterday demanding action from regulators.
They wanted the regulators to investigate the investment products sold by several banks and other financial institutions here.
Investment bank Morgan Stanley, which arranged the Pinnacle Notes Series 9 and 10, has indicated that these products are now worthless. Some 700 investors here had put up about $26 million for the products.
The news comes in the wake of the uncertain fate of similar products like Minibonds, with some 10,000 investors affected in all.
Yesterday's rally at Hong Lim Park was the fifth organised by Mr Tan Kin Lian, former chief executive officer of NTUC Income.
One investor, Ms Lilian Tan, 54, a retired manager, said: 'If I had been informed of the risks, I can accept that my money is now gone. But I was repeatedly told that the product is very safe.'
Although several institutions have announced they will be compensating vulnerable investors, Mr Tan said only 2 per cent of the 10,000 affected investors have received compensation.
At the rally yesterday was businessman Chang Foo Chon, 47. Together with several family members, he had invested $500,000 in Pinnacle Notes Series 10 and other shaky structured products.
Said Mr Chang in Mandarin: 'I want to know which authority allowed for these flawed investment products to be sold. Someone has to be held accountable.' The Monetary Authority of Singapore has advised investors to remain patient as it explores options to help them get their money back.
[email protected]
