Was not HL denied a FQB licence simply cos the chairman refused to submit to Old Fart? So much for meleetocracy in Peesai!
Hong Leong Finance starts paying out to vulnerable investors
By Valarie Tan, Channel NewsAsia | Posted: 03 November 2008 2202 hrs
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SINGAPORE: Hong Leong Finance has started compensating investors who bought Minibonds linked to the failed US investment bank, Lehman Brothers. It has sent out letters to vulnerable investors – aged over 62 and who only have primary school education.
But the financial institution is not saying when or how many investors will get the 100 per cent refund. The investors were simply told to complete some forms and to wait about three days before receiving their capital sum, minus interest.
Some 47 other investors who bought structured products like Lehman Brothers Minibonds, Merrill Lynch Jubilee and Morgan Stanley Pinnacle Notes through UOB Kay Hian are calling for a forum with the brokerage house.
A date has not been fixed, but the request first appeared on the blog by retired NTUC insurance chief, Tan Kin Lian. The investors are also requesting for Hwang Soo Jin, an independent party appointed by the Monetary Authority of Singapore (MAS), to be present.
The message said the forum is for investors, regardless of whether they have attended interviews with UOB Kay Hian. A spokesperson for the group added that the forum is for investors who do not know what to do.
In response, UOB Kay Hian said it is not ready to meet with investors just yet, but it is following the compensation guidelines set by the MAS and it has interviewed nearly all affected investors.
The company said having a meeting now may affect the evaluation process, even though it understands the anxiety of investors.
Separately, DBS Bank will go ahead with its second and last dialogue with investors of its High Notes 5 on Tuesday. The dialogue session will be the last time for investors to meet with the bank's management.
The meeting, which will be held at the Suntec Convention Centre, will have the same agenda as the one held on October 30. Overwhelming response to that session had prompted the bank to hold another meeting.
- CNA/so
Hong Leong Finance starts paying out to vulnerable investors
By Valarie Tan, Channel NewsAsia | Posted: 03 November 2008 2202 hrs
<TABLE cellSpacing=0 cellPadding=0 width=260 align=right border=0><TBODY><TR><TD align=right width=20> </TD><TD align=right width=240>
</TD></TR><TR><TD> </TD><TD class=update> </TD></TR><TR><TD> </TD><TD></TD></TR></TBODY></TABLE>
SINGAPORE: Hong Leong Finance has started compensating investors who bought Minibonds linked to the failed US investment bank, Lehman Brothers. It has sent out letters to vulnerable investors – aged over 62 and who only have primary school education.
But the financial institution is not saying when or how many investors will get the 100 per cent refund. The investors were simply told to complete some forms and to wait about three days before receiving their capital sum, minus interest.
Some 47 other investors who bought structured products like Lehman Brothers Minibonds, Merrill Lynch Jubilee and Morgan Stanley Pinnacle Notes through UOB Kay Hian are calling for a forum with the brokerage house.
A date has not been fixed, but the request first appeared on the blog by retired NTUC insurance chief, Tan Kin Lian. The investors are also requesting for Hwang Soo Jin, an independent party appointed by the Monetary Authority of Singapore (MAS), to be present.
The message said the forum is for investors, regardless of whether they have attended interviews with UOB Kay Hian. A spokesperson for the group added that the forum is for investors who do not know what to do.
In response, UOB Kay Hian said it is not ready to meet with investors just yet, but it is following the compensation guidelines set by the MAS and it has interviewed nearly all affected investors.
The company said having a meeting now may affect the evaluation process, even though it understands the anxiety of investors.
Separately, DBS Bank will go ahead with its second and last dialogue with investors of its High Notes 5 on Tuesday. The dialogue session will be the last time for investors to meet with the bank's management.
The meeting, which will be held at the Suntec Convention Centre, will have the same agenda as the one held on October 30. Overwhelming response to that session had prompted the bank to hold another meeting.
- CNA/so
