Z
Zombie
Guest
These 2 FIs are "corporate vultures" lah.
They are here to take advantage, because minibond investors have no choice.
-
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Meeting at Speaker's Corner 18 Oct, 6-7 pm
- Thread starter Ah Hai
- Start date
These 2 FIs are "corporate vultures" lah.
They are here to take advantage, because minibond investors have no choice.
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Dear Zombie,
I am not wrong. Saving Banks are regulated in US to avoid such products. If you want to buy derivative products, go to the Investment Banks or other financial companies...
There are Ang Mo uncles who bought these stuff does not mean anything in comparison to Singapore. Its the place and method of selling. For example, is it proper for anyone to sell lottery tickets like Toto and 4D in schools? Absolutely no, that's obvious. Is it proper for people to sell Toto and 4D or set up casino right in front of Temples or Churches or Mosques? Absolutely not.
So the question is, whether is it proper for SAVING BANKS to push sales of derivative products to FIXED DEPOSIT holders? You can have your own opinion but this is a clear cut case of product mismatch and this is allowed basically because of MAS.
Yes, its all about common sense, not only about investors' but also MAS' common sense.
Goh Meng Seng
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I am pretty amazed by your reply.
You sound more like PAP now! The key is EMPATHY. You don't like PAP because they are bloody cold in melting out policies; without taking into accounts of human factors, feelings... etc. treating people like digits and economic slaves. This is basically due to lack of empathy. But yet, you are behaving exactly like them. So what if MAS doesn't give a damn? Does that mean we don't need to give a damn also? We don't need to make them to give a damn?
Goh Meng Seng
Z
Zombie
Guest
For heaven's sake, this is LPPL. As long as retail investors can access, it does not matter what kind of distribution channel.
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Zombie,
No blame, no answers.
Goh Meng Seng
Ah Seng,
Wrong blame, wrong answers.
In all the history of corporate failures, there has never ever been just one single party at fault. The banking system is made up of many complex processes and many institutions hide behind specially drawn up legal clauses to absolve the downside risks. Unfair but true.
From the MAS ... to the retirees who signed their name on the dotted line and lost everything... to the bank RMs ... to their product managers... to Lehman Brothers bankers... everyone is saying it's not their fault. And they are not wrong.
There's only one tie-breaker in situations like these - political power. Who stands to lose out the most in this episode will cut losses first.
That's why I want to thank TKL and yourself for rallying at HL. This could have saved many uncles and aunties from jumping MRT. Well done.
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SINGAPORE: Hong Leong Finance is proposing to buy back Lehman Minibond Programme notes from some of its customers.
In a statement released late Wednesday, Hong Leong Finance says it is offering to buy over the notes from its elderly and less well-educated customers.
There are two conditions attached.
The main account holder must be 62 years or older at the time of investment, with not higher than a primary school education.
The joint account holder, if any, must also not have higher than a primary school education.
Hong Leong will pay the total original investment, minus all interest paid to date.
Hong Leong says it will continue to review and deal with all remaining cases in a fair and equitable manner, and as expeditiously as possible.
Meanwhile, Maybank says it has contacted more than 50 per cent of vulnerable investors who have bought Lehman Minibonds, in a bid to help such customers.
The Monetary Authority of Singapore has urged financial institutions to give priority to vulnerable customers. They include those over 55 years old, less educated and first-time investors.
Financial institutions were also urged to take full responsibility in cases where the product was clearly inappropriate, given the customer's profile and circumstances.
Maybank says in a statement that it has already identified investors who belong to the vulnerable group and that their cases have been fast-tracked for review.
It has also conducted or scheduled interviews with 70 per cent of those investors who had written or contacted the bank.
The bank's management says it has reached a decision on deserving cases that warrant full compensation and is working out details before communicating the decision to the affected investors.
- CNA/ir
In a statement released late Wednesday, Hong Leong Finance says it is offering to buy over the notes from its elderly and less well-educated customers.
There are two conditions attached.
The main account holder must be 62 years or older at the time of investment, with not higher than a primary school education.
The joint account holder, if any, must also not have higher than a primary school education.
Hong Leong will pay the total original investment, minus all interest paid to date.
Hong Leong says it will continue to review and deal with all remaining cases in a fair and equitable manner, and as expeditiously as possible.
Meanwhile, Maybank says it has contacted more than 50 per cent of vulnerable investors who have bought Lehman Minibonds, in a bid to help such customers.
The Monetary Authority of Singapore has urged financial institutions to give priority to vulnerable customers. They include those over 55 years old, less educated and first-time investors.
Financial institutions were also urged to take full responsibility in cases where the product was clearly inappropriate, given the customer's profile and circumstances.
Maybank says in a statement that it has already identified investors who belong to the vulnerable group and that their cases have been fast-tracked for review.
It has also conducted or scheduled interviews with 70 per cent of those investors who had written or contacted the bank.
The bank's management says it has reached a decision on deserving cases that warrant full compensation and is working out details before communicating the decision to the affected investors.
- CNA/ir
- Joined
- Sep 7, 2008
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- 1,460
- Points
- 0
Relief for most investors
Three financial institutions to give priority to the less-educated elderly
By Francis Chan
DBS Bank, Maybank and Hong Leong Finance said that deserving investors may get all their money back. But such a settlement is not a sure thing for everyone. -- ST FILE PHOTOS
INVESTORS who lost huge sums in the High Notes 5 and Minibonds fiasco may get some - or even all - of their cash back after dramatic late-night moves by three financial institutions that sold the discredited products.
DBS Bank, Maybank and Hong Leong Finance said they are working hardest to help the 'highly vulnerable' investors, including the elderly and less educated.
They have fast-tracked handling such cases, contacting and meeting their affected customers to review their cases.
All three said that deserving investors may get all their money back. But such a settlement is not a sure thing for everyone.
Other Minibond investors could draw some hope from the news that two international institutions are interested in taking over the Minibond programme and letting these investment products run to maturity.
If either goes ahead, investors will likely have the choice of holding on or pulling out. The details are being finalised, the Monetary Authority of Singapore (MAS) said.
About 10,000 people sank over $500 million into the risky investment products which became virtually worthless after the American investment bank Lehman Brothers collapsed last month.
Weeks of unhappiness over their lost savings have seen them protesting at Speakers' Corner, signing petitions, and even consulting a lawyer on the possibility of taking out a class action lawsuit.
In a night of fast-moving events yesterday, Maybank was first to announce that it is giving priority to vulnerable customers and will take 'full responsibility in cases where the product was clearly inappropriate given the customer's profile and circumstances'.
This refers to 'mis-selling' of the risky product to the elderly or lowly educated.
Its management had 'reached a decision on deserving cases that warrant full compensation'. Affected investors would be told as soon as the details were worked out, it said.
Hong Leong Finance was next with its statement, saying it will buy back Lehman Minibonds from customers with only primary school education and over 62 years old when they invested.
DBS Group Holdings said it had found that 'a number of cases did not meet the standards DBS upholds and the bank will be compensating these customers' with effect from today.
It said the move could involve paying out $70 million to $80 million.
But it also said that for some, the worst-case outcome would hold true - they will lose the entire principal amount they invested.
The three institutions did not give exact details on the number of people affected.
Their action came five days after MAS managing director Heng Swee Keat urged banks to do the right thing by their unhappy customers who might have been mis-sold the products.
Last night, Mr Heng welcomed the news that the three were expediting efforts to help vulnerable investors.
It was right to give priority to such cases, he said, adding that MAS expected other financial institutions to take a similar approach.
He also said that MAS expected the financial institutions to deal with all remaining cases 'regardless of the background of the investors'.
DBS High Notes 5 was sold exclusively by the local bank while Minibonds were distributed by nine other institutions, including Maybank, Hong Leong Finance, ABN Amro and other brokerages.
Initially Minibond investors were told they might get back about 30 cents on the dollar, but over recent weeks that value was rumoured to have fallen to zero.
Some investors contacted last night were relieved to hear the news of the banks' action.
Mrs Cynthia Phua, MP for Aljunied GRC, said: 'This outcome is better than I expected. Full compensation is something that is beyond my expectation.
'The lower education level, I find that yes, that is a very good guideline. But the age of 62 could be more flexible. If investors are lower-educated, but younger, it could be their life savings as well.'
[email protected]
Three financial institutions to give priority to the less-educated elderly
By Francis Chan
DBS Bank, Maybank and Hong Leong Finance said that deserving investors may get all their money back. But such a settlement is not a sure thing for everyone. -- ST FILE PHOTOS
INVESTORS who lost huge sums in the High Notes 5 and Minibonds fiasco may get some - or even all - of their cash back after dramatic late-night moves by three financial institutions that sold the discredited products.
DBS Bank, Maybank and Hong Leong Finance said they are working hardest to help the 'highly vulnerable' investors, including the elderly and less educated.
They have fast-tracked handling such cases, contacting and meeting their affected customers to review their cases.
All three said that deserving investors may get all their money back. But such a settlement is not a sure thing for everyone.
Other Minibond investors could draw some hope from the news that two international institutions are interested in taking over the Minibond programme and letting these investment products run to maturity.
If either goes ahead, investors will likely have the choice of holding on or pulling out. The details are being finalised, the Monetary Authority of Singapore (MAS) said.
About 10,000 people sank over $500 million into the risky investment products which became virtually worthless after the American investment bank Lehman Brothers collapsed last month.
Weeks of unhappiness over their lost savings have seen them protesting at Speakers' Corner, signing petitions, and even consulting a lawyer on the possibility of taking out a class action lawsuit.
In a night of fast-moving events yesterday, Maybank was first to announce that it is giving priority to vulnerable customers and will take 'full responsibility in cases where the product was clearly inappropriate given the customer's profile and circumstances'.
This refers to 'mis-selling' of the risky product to the elderly or lowly educated.
Its management had 'reached a decision on deserving cases that warrant full compensation'. Affected investors would be told as soon as the details were worked out, it said.
Hong Leong Finance was next with its statement, saying it will buy back Lehman Minibonds from customers with only primary school education and over 62 years old when they invested.
DBS Group Holdings said it had found that 'a number of cases did not meet the standards DBS upholds and the bank will be compensating these customers' with effect from today.
It said the move could involve paying out $70 million to $80 million.
But it also said that for some, the worst-case outcome would hold true - they will lose the entire principal amount they invested.
The three institutions did not give exact details on the number of people affected.
Their action came five days after MAS managing director Heng Swee Keat urged banks to do the right thing by their unhappy customers who might have been mis-sold the products.
Last night, Mr Heng welcomed the news that the three were expediting efforts to help vulnerable investors.
It was right to give priority to such cases, he said, adding that MAS expected other financial institutions to take a similar approach.
He also said that MAS expected the financial institutions to deal with all remaining cases 'regardless of the background of the investors'.
DBS High Notes 5 was sold exclusively by the local bank while Minibonds were distributed by nine other institutions, including Maybank, Hong Leong Finance, ABN Amro and other brokerages.
Initially Minibond investors were told they might get back about 30 cents on the dollar, but over recent weeks that value was rumoured to have fallen to zero.
Some investors contacted last night were relieved to hear the news of the banks' action.
Mrs Cynthia Phua, MP for Aljunied GRC, said: 'This outcome is better than I expected. Full compensation is something that is beyond my expectation.
'The lower education level, I find that yes, that is a very good guideline. But the age of 62 could be more flexible. If investors are lower-educated, but younger, it could be their life savings as well.'
[email protected]
Z
Zombie
Guest
Yeah, like ah guan says: "Wrong blame, wrong answers."
And you better watch out those people going into class action. TKL has turned them into fearless fighters with their strength coming from TKL's "anyhow blame". MRT track may be waiting for them, when they lose big in court case.
Z
Zombie
Guest
As long as it is sufficient to cut out those people that may strengthen the case for the investor's class action. These FIs are buying insurances to protect themselves from greater losses.
Z
Zombie
Guest
The investors did not give a damn because they did not bother to find out what they invested in.
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- Sep 7, 2008
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- 1,460
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- 0
Wednesday, October 22, 2008
Marketed to Asians
Mr. Tan,
It suddenly struck me that I should share a nugget of the telephone conversation between my Financial Adviser and I which happened about 2 weeks ago.
My FA had unwittingly revealed to me that, after Lehman Bros went bust, the financial institute she is attached to found out that the structured products were protected from the US investors. She added that they were only marketed to investors in Taiwan, Hongkong and Singapore, apparently because these predominantly Chinese cities have cash rich citizens with a money-saving habit. I could tell that she was insinuating that Lehman knew very well then that those were unworthy and dangerous products for their own people. But of course, the "reason" cited for not allowing US investor participation was "owing to tax reasons". Even the term "Minibond" was coined to deceive the unsuspecting investors they had intended to court in this part of the world.
From the above information, I arrive at the conclusion that we Asians have been bullied, and taken advantage of by the faltering American financial giants. A large number of Asians have been suckered, MAS and the FIs here too have been suckered, having not done thorough research before letting onto our shores such dubiously-named, out-to-deceive investment products. In my opinion, we were all fooled BIG TIME!
Why should this Singaporean group of ill-fated investors be pushed to moan, groan, cry foul and battle their way through to convince everyone that they were indeed innocent victims bearing the brunt of a spectacular con job. Why should they be made to bear a substantial loss of their investment capital, made up of their hard-earned life savings?
Marketed to Asians
Mr. Tan,
It suddenly struck me that I should share a nugget of the telephone conversation between my Financial Adviser and I which happened about 2 weeks ago.
My FA had unwittingly revealed to me that, after Lehman Bros went bust, the financial institute she is attached to found out that the structured products were protected from the US investors. She added that they were only marketed to investors in Taiwan, Hongkong and Singapore, apparently because these predominantly Chinese cities have cash rich citizens with a money-saving habit. I could tell that she was insinuating that Lehman knew very well then that those were unworthy and dangerous products for their own people. But of course, the "reason" cited for not allowing US investor participation was "owing to tax reasons". Even the term "Minibond" was coined to deceive the unsuspecting investors they had intended to court in this part of the world.
From the above information, I arrive at the conclusion that we Asians have been bullied, and taken advantage of by the faltering American financial giants. A large number of Asians have been suckered, MAS and the FIs here too have been suckered, having not done thorough research before letting onto our shores such dubiously-named, out-to-deceive investment products. In my opinion, we were all fooled BIG TIME!
Why should this Singaporean group of ill-fated investors be pushed to moan, groan, cry foul and battle their way through to convince everyone that they were indeed innocent victims bearing the brunt of a spectacular con job. Why should they be made to bear a substantial loss of their investment capital, made up of their hard-earned life savings?
Z
Zombie
Guest
Because most asians are suckers, they don't bother to find out what they are investing. And when things happen, they anyhow blame. This minibond has just proven it.
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- Sep 7, 2008
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Thursday, October 23, 2008
Inteview with journalist (4)
Dear Mr. Tan,
1. Three financial insitutions are taking step to compensate some vulnerable investors. What are your views on this latest development?
Reply: It appears that the vulnerable investors will be compensated for the full amount of their investments, less any coupons that they have received. The only lose the interest on the money that they have invested for the past one or two years. This is a generous settlement. I believe that those who receive the offer will be relieved and happy to receive their money back.
I believe that compensation should also be given to the other investors who do not fall within the "vulnerable group", as they have also been misled into making the investments and were not properly advised about the risks. The prospectus was written in a complicated manner and were not easy to read and understand, even for the educated and knowledgeable investors. In some cases, the prospectus were distributed only after the sale was concluded. The sales representative did not highlight and explain the key information in the prospectus concerining the risks.
I suggest that these investors should be compensated for 50% to 80% of their loss.
2. Did you received any calls from investors, expressing their thoughts upon hearing this news? What's their general impression about chances of getting money back?
Reply: I have received many e-mails from investors who expressed their happiness in getting back their money.
Even those who are outside of the "vulnerable group" are hopeful of getting some compensation, although they are still anxious to know how they will be treated. We will have to wait and see. Many of the investors thanked me for organising the Petition and for speaking at Speaker's Corner to voice out their difficulties.
3. What's your advise to investors now?
Reply: I advice the investors who have not lodge their complaint of mis-selling to do so immediately. They should lodge their complaint with the financial institution that sold the structured product to them.The complaint should highlight the areas where they were misled. They have to lodge their complaint truthfully. Some of the points to be covered are set out in this FAQ:
http://tankinlian.blogspot.com/2008/10/general-advice-to-investors-of.html
4. Will you continue to speak at hong lim park this Sat?
I will continue to hold the meeting at Speaker's Corner on Saturdays from 5 to 7 pm. for the next few weeks, as long as there is a need for the investors to receive an update and to meet with other investors to exchange views and information.
Posted by Tan Kin Lian at 1:08 PM 1 comments
Inteview with journalist (4)
Dear Mr. Tan,
1. Three financial insitutions are taking step to compensate some vulnerable investors. What are your views on this latest development?
Reply: It appears that the vulnerable investors will be compensated for the full amount of their investments, less any coupons that they have received. The only lose the interest on the money that they have invested for the past one or two years. This is a generous settlement. I believe that those who receive the offer will be relieved and happy to receive their money back.
I believe that compensation should also be given to the other investors who do not fall within the "vulnerable group", as they have also been misled into making the investments and were not properly advised about the risks. The prospectus was written in a complicated manner and were not easy to read and understand, even for the educated and knowledgeable investors. In some cases, the prospectus were distributed only after the sale was concluded. The sales representative did not highlight and explain the key information in the prospectus concerining the risks.
I suggest that these investors should be compensated for 50% to 80% of their loss.
2. Did you received any calls from investors, expressing their thoughts upon hearing this news? What's their general impression about chances of getting money back?
Reply: I have received many e-mails from investors who expressed their happiness in getting back their money.
Even those who are outside of the "vulnerable group" are hopeful of getting some compensation, although they are still anxious to know how they will be treated. We will have to wait and see. Many of the investors thanked me for organising the Petition and for speaking at Speaker's Corner to voice out their difficulties.
3. What's your advise to investors now?
Reply: I advice the investors who have not lodge their complaint of mis-selling to do so immediately. They should lodge their complaint with the financial institution that sold the structured product to them.The complaint should highlight the areas where they were misled. They have to lodge their complaint truthfully. Some of the points to be covered are set out in this FAQ:
http://tankinlian.blogspot.com/2008/10/general-advice-to-investors-of.html
4. Will you continue to speak at hong lim park this Sat?
I will continue to hold the meeting at Speaker's Corner on Saturdays from 5 to 7 pm. for the next few weeks, as long as there is a need for the investors to receive an update and to meet with other investors to exchange views and information.
Posted by Tan Kin Lian at 1:08 PM 1 comments
Last edited:
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DBS to compensate some investors who bought Lehman-linked structured notes
By Timothy Ouyang, Channel NewsAsia | Posted: 23 October 2008 1313 hrs
SINGAPORE: DBS Bank will soon start to compensate nearly a quarter of its affected investors who have bought Lehman-linked structured products.
"To date, we have found that a number of cases did not meet the standards DBS upholds and the Bank will be compensating these customers with effect from tomorrow (Thursday),” said DBS CEO Richard Stanley in a statement on Wednesday.
“Based on the number of cases we've reviewed, we estimate that the total customer compensation in Singapore and Hong Kong will be in the range of S$70-80 million."
The news comes as the bank said its initial expectation of the worst-case scenario, whereby investors will lose their entire principal investment amount, is likely to materialise.
4700 customers in Singapore and Hong Kong had invested S$360 million in Lehman-linked structured products.
In Singapore, 1400 DBS customers invested a total of S$103 million in DBS High Notes 5 notes.
Of these customers, two-thirds were from its DBS Treasures private banking customers, who have a minimum of S$200,000 cash and/or investments.
80 per cent of these customers are below the age of 60.
DBS said it will make a final announcement next week when the final credit redemption amount, based on prevailing market conditions, is determined.
- CNA/yb
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/384800/1/.html
By Timothy Ouyang, Channel NewsAsia | Posted: 23 October 2008 1313 hrs
SINGAPORE: DBS Bank will soon start to compensate nearly a quarter of its affected investors who have bought Lehman-linked structured products.
"To date, we have found that a number of cases did not meet the standards DBS upholds and the Bank will be compensating these customers with effect from tomorrow (Thursday),” said DBS CEO Richard Stanley in a statement on Wednesday.
“Based on the number of cases we've reviewed, we estimate that the total customer compensation in Singapore and Hong Kong will be in the range of S$70-80 million."
The news comes as the bank said its initial expectation of the worst-case scenario, whereby investors will lose their entire principal investment amount, is likely to materialise.
4700 customers in Singapore and Hong Kong had invested S$360 million in Lehman-linked structured products.
In Singapore, 1400 DBS customers invested a total of S$103 million in DBS High Notes 5 notes.
Of these customers, two-thirds were from its DBS Treasures private banking customers, who have a minimum of S$200,000 cash and/or investments.
80 per cent of these customers are below the age of 60.
DBS said it will make a final announcement next week when the final credit redemption amount, based on prevailing market conditions, is determined.
- CNA/yb
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/384800/1/.html
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- 1,460
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Hong Leong offers to buy back Lehman notes from some investors
By Tan Soo See/Nicholas Fang, Channel NewsAsia | Posted: 22 October 2008 2305 hrs
SINGAPORE: Hong Leong Finance is proposing to buy back Lehman Minibond Programme notes from some of its customers.
In a statement released late Wednesday, Hong Leong Finance says it is offering to buy over the notes from its elderly and less well-educated customers.
There are two conditions attached.
The main account holder must be 62 years or older at the time of investment, with not higher than a primary school education.
The joint account holder, if any, must also not have higher than a primary school education.
Hong Leong will pay the total original investment, minus all interest paid to date.
Hong Leong says it will continue to review and deal with all remaining cases in a fair and equitable manner, and as expeditiously as possible.
Meanwhile, Maybank says it has contacted more than 50 per cent of vulnerable investors who have bought Lehman Minibonds, in a bid to help such customers.
The Monetary Authority of Singapore has urged financial institutions to give priority to vulnerable customers. They include those over 55 years old, less educated and first-time investors.
Financial institutions were also urged to take full responsibility in cases where the product was clearly inappropriate, given the customer's profile and circumstances.
Maybank says in a statement that it has already identified investors who belong to the vulnerable group and that their cases have been fast-tracked for review.
It has also conducted or scheduled interviews with 70 per cent of those investors who had written or contacted the bank.
The bank's management says it has reached a decision on deserving cases that warrant full compensation and is working out details before communicating the decision to the affected investors.
- CNA/ir
http://www.channelnewsasia.com/stories/singaporelocalnews/view/384629/1/.html
By Tan Soo See/Nicholas Fang, Channel NewsAsia | Posted: 22 October 2008 2305 hrs
SINGAPORE: Hong Leong Finance is proposing to buy back Lehman Minibond Programme notes from some of its customers.
In a statement released late Wednesday, Hong Leong Finance says it is offering to buy over the notes from its elderly and less well-educated customers.
There are two conditions attached.
The main account holder must be 62 years or older at the time of investment, with not higher than a primary school education.
The joint account holder, if any, must also not have higher than a primary school education.
Hong Leong will pay the total original investment, minus all interest paid to date.
Hong Leong says it will continue to review and deal with all remaining cases in a fair and equitable manner, and as expeditiously as possible.
Meanwhile, Maybank says it has contacted more than 50 per cent of vulnerable investors who have bought Lehman Minibonds, in a bid to help such customers.
The Monetary Authority of Singapore has urged financial institutions to give priority to vulnerable customers. They include those over 55 years old, less educated and first-time investors.
Financial institutions were also urged to take full responsibility in cases where the product was clearly inappropriate, given the customer's profile and circumstances.
Maybank says in a statement that it has already identified investors who belong to the vulnerable group and that their cases have been fast-tracked for review.
It has also conducted or scheduled interviews with 70 per cent of those investors who had written or contacted the bank.
The bank's management says it has reached a decision on deserving cases that warrant full compensation and is working out details before communicating the decision to the affected investors.
- CNA/ir
http://www.channelnewsasia.com/stories/singaporelocalnews/view/384629/1/.html
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Thursday, October 23, 2008
Hong Kong: Minibond investors demand full refund
Lehman Brothers minibond holders are demanding a full refund of their money following the government's proposal that banks buy back the failed US investment bank's minibonds from investors.
The Hong Kong government on Monday proposed that 19 distributor banks and brokerage firms buy back minibonds from clients at market value to shorten the painful process of individuals recovering their money and limit reputational damage to banks.
About 50 investors attended a Democratic Party meeting yesterday to discuss the proposal.
Some minibond holders said they would not be happy if they can only get back 60 to 70 percent of their investment and insisted on a 100 percent refund. They also blamed the government for lacking supervision of investment products.
The investors said they will continue to pursue legal action on the marketing practices of the banks promoting Lehman minibonds.
Undersecretary of Financial Services and the Treasury Bureau Julia Leung Fung-yee reiterated yesterday that banks "are not exempted from the investigation on marketing practices even if they are willing to buy back."
The government expects distributors to look at the proposal and assess its potential risks before deciding within a week on whether to accept.
Investors will separately meet Bank of China (Hong Kong) (2388) representatives and lawmakers at the Legislative Council today.
Hong Kong: Minibond investors demand full refund
Lehman Brothers minibond holders are demanding a full refund of their money following the government's proposal that banks buy back the failed US investment bank's minibonds from investors.
The Hong Kong government on Monday proposed that 19 distributor banks and brokerage firms buy back minibonds from clients at market value to shorten the painful process of individuals recovering their money and limit reputational damage to banks.
About 50 investors attended a Democratic Party meeting yesterday to discuss the proposal.
Some minibond holders said they would not be happy if they can only get back 60 to 70 percent of their investment and insisted on a 100 percent refund. They also blamed the government for lacking supervision of investment products.
The investors said they will continue to pursue legal action on the marketing practices of the banks promoting Lehman minibonds.
Undersecretary of Financial Services and the Treasury Bureau Julia Leung Fung-yee reiterated yesterday that banks "are not exempted from the investigation on marketing practices even if they are willing to buy back."
The government expects distributors to look at the proposal and assess its potential risks before deciding within a week on whether to accept.
Investors will separately meet Bank of China (Hong Kong) (2388) representatives and lawmakers at the Legislative Council today.
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If you have not misplaced your "EMPATHY", you would not be amazed by my reply let alone sounded like PAP.
I would definitely empathize those destitute that are suffering right now because of the current economic situation. Yet, these who are burnt, are once cash rich before being burnt. You want to place your empathy there ? Gosh......, stop poking my eyes, I have enough stars already.
Try poking Clinton666... he needs your fingers.......
I would definitely empathize those destitute that are suffering right now because of the current economic situation. Yet, these who are burnt, are once cash rich before being burnt. You want to place your empathy there ? Gosh......, stop poking my eyes, I have enough stars already.
Try poking Clinton666... he needs your fingers.......
I am pretty amazed by your reply.
The key is EMPATHY. You don't like PAP because they are bloody cold in melting out policies; without taking into accounts of human factors, feelings... etc. treating people like digits and economic slaves. This is basically due to lack of empathy. But yet, you are behaving exactly like them. So what if MAS doesn't give a damn? Does that mean we don't need to give a damn also? We don't need to make them to give a damn?
Goh Meng Seng
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If you have not misplaced your "EMPATHY", you would not be amazed by my reply let alone sounded like PAP.
I would definitely empathize those destitute that are suffering right now because of the current economic situation. Yet, these who are burnt, are once cash rich before being burnt. You want to place your empathy there ? Gosh......, stop poking my eyes, I have enough stars already.
Try poking Clinton666... he needs your fingers.......
You are making a lot of assumptions here.
People with money to buy these Minibonds not worthy to help? Just because they have money to buy things?
Many of them have these money from savings, CPF withdrawals and such. It may seem to be a lot of money to you but basically these monies are supposed to last them for the rest of their lives, maybe 10 or 20 years for their retirement.
So think before you say such things. Best, go down to Hong Lim to see for yourself, don't say I kid you.
Goh Meng Seng
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