Singapore Banks in trouble!

[johnny333]

Someone posted a suggestion that people pull out their money out of local banks because our banks are in trouble. I thought it was an over reaction until I heard about whats happening to Indonesian customers.

From what I heard, Indonesians who have term deposite in Spore cannot get their money out The banks refuse to release the funds & these term deposites are automatically rolled over e.g. 5 year term deposite will be rolled over into 10 years.

The Indo customer can't go to court otherwise the Indo authorities will find out about these funds So the Indo depositors are up the creek without a paddle

Another problem is with Danamon Bank, an Indonesian bank owned by Temasek. The bank used depositors funds in unauthorised investments. The depositors were going to sue the bank but Temasek settled the issue by pumping in more capital.

Don't know whats going on with the Spore banking system. In the future I suspect the Indos are not going to trusted the Spore system.

 

[londontrader]

Someone posted a suggestion that people pull out their money out of local banks because our banks are in trouble. I thought it was an over reaction until I heard about whats happening to Indonesian customers.

From what I heard, Indonesians who have term deposite in Spore cannot get their money out The banks refuse to release the funds & these term deposites are automatically rolled over e.g. 5 year term deposite will be rolled over into 10 years.

The Indo customer can't go to court otherwise the Indo authorities will find out about these funds So the Indo depositors are up the creek without a paddle

Another problem is with Danamon Bank, an Indonesian bank owned by Temasek. The bank used depositors funds in unauthorised investments. The depositors were going to sue the bank but Temasek settled the issue by pumping in more capital.

Don't know whats going on with the Spore banking system. In the future I suspect the Indos are not going to trusted the Spore system.

Care to elaborate on this? Eg. Who are your sources of information?

 

[johnny333]

Care to elaborate on this? Eg. Who are your sources of information?

Got Indo friends & the one who told me whats going on has deposits in Spore. He was very surprised & shock when he found out because he "had" respect for Spore

The Indonesians business community has a grapevine & word will soon spread .

I often find out about Spore from my Indo friend : )

 

[samurai1110]

U are a bloody arsehole spreading rumours so that u can reduce your losses from a short position with bank shares.:oIo:
U think others are a no-brainer like u?

 

[johnny333]

U are a bloody arsehole spreading rumours so that u can reduce your losses from a short position with bank shares.:oIo:
U think others are a no-brainer like u?

Ah very simple lah

For anyone who has vested interest can do their own homework & ask their Indo friends if what I'm saying is true. You would be very foolish not to check further especially if you have money$$$ on the line.

If you are stupid enough to invest in bank stocks especially Spore banks stocks you are a gambler & not an investor.

I've long since gotten out of the Spore market, only have my Malaysian stocks(from CLOB days) & more into US market.

I was very surprised when I first heard this but when you think about all the losses suffered by banks especially those run by the Lees, one should not really be surprised with all the "talents" in Temasek

 

[tonychat]

From what I heard, Indonesians who have term deposite in Spore cannot get their money out The banks refuse to release the funds & these term deposites are automatically rolled over e.g. 5 year term deposite will be rolled over into 10 years.

oh, just like CPF, at first 55 years , then 65 years old, then 165 years old. Is it?

 

[johnny333]

oh, just like CPF, at first 55 years , then 65 years old, then 165 years old. Is it?

It's beginning to look like that, but these are rich Indonesians & not the working class of Spore. I'm sure the PAP gov't doesn't want to antagonise this group unnecessarily. So the banks probably have a liquidity problems or simply hanging on to depositors funds for a rainy day.

 

[allanlee]

So the banks probably have a liquidity problems or simply hanging on to depositors funds for a rainy day.

Not all singkie banks like dat........ only those banks with connections to tammysick

 

[johnny333]

Not all singkie banks like dat........ only those banks with connections to tammysick

Sorry if got misunderstanding "Singapore Banks" means Temasek. Famous for their cockups

I didn't even know that Temasek owned Danamon Bank. It was purchased during Megawatis time. The funds they had to divert to re-liquify the bank are probably from the illegal Indo depositors

I wasn't surprised that they are having problems such as misusing of depositors funds, who can forget DBS H.K. throwing away all those safety boxes with stuff still in them, the minibond fiasco, ..... :p

 

[borom]

problems such as misusing of depositors funds, who can forget DBS H.K. throwing away all those safety boxes with stuff still in them, the minibond fiasco, ..... :p

AND the breakdown in the ATM's when they were "rescued" by POSB, the losses/writeoffs in Thai Danu Bank (from main shareholder/managing it to just "minority" shareholder) ....
Can somebody else add to the list...