Saturday, October 18, 2008

Ask MAS for advice to sort out this type of problem

Dear Mr Tan,
I need your advice as I am thoroughly confused as to how and to whom tolodge my complaint. I hold a Minibond Series 7. It was issued by a Personal Financial Manager at Hong Leong Finance, yet the receipt showed DMG & Partners and the Note Trustee to the holders of Minibond Notes is HSBC.

As far as I was concerned, I thought I had simply invested my money with Hong Leong Finance with a quarterly payout of 4.25%. I was told itwas very safe and the worse case scenerio was that the quarterly payout would be less than 4.25% or that the minibond would be recalled andthat the principal sum would be returned. I was surprised to have received the receipt from DMG & Partners, let alone learn that the investment was linked to Lehman Brothers.

REPLY
I suggest that you write to MAS and ask them. You can copy to me.