Hong kong - minibond buyback proposal

http://www.thestandard.com.hk/breaking_news_detail.asp?id=7315&icid=1&d_str=20081006

Minibond buyback proposal
Financial Secretary John Tsang Chun-wah said the government has proposed that banks to buy back Lehman Brothers minibonds from customers.

''This is a way to let investors recoup some losses from their investments quickly,'' Tsang said.

The trustee of the minibonds, HSBC (0005), has agreed to disclose more information to distributors such as the value of the underlying collateral on the investment products.

Investors are unlikely to get back all their investment, he said.

Earlier today, more than 200 people who invested in the finanical products sought help from the police. The group staged a protest outside the police headquarters in Wan Chai and Democratic Party members accompanied several of them to file complaints with the Commercial Crime Bureau that salesmen had misled them.

File a police report

A lawyer suggested that investors should file a police report against the representative (of the distributor) who misled them into buying the structured product. Several investors can file the report together. This will get the police to investigate and act.

http://tankinlian.blogspot.com/2008/09/have-you-been-cheated.html

In Hongkong, the investors have filed a police report and the police have started investigation.

Securities Investors Association of Singapore (SIAS)

I like to ask investors to approach the Securities Investors Assocation of Singapore (SIAS) and see if SIAS is able to help take up this matter collectively.

http://www.sias.org.sg/

Consumer Association

I like to ask investors to approach the Consumer Association and ask CASE to take up this matter on your behalf. I hope that CASE will be willing to act. You can try CASE as an additional channel.

http://www.case.org.sg/

Collective Action against specific distributors

I have received several requests to help identify investors of specific products so that they can get together to take collective action.

I need to have volunteers who are willing to take the lead to act against specific distributors. If you are willing to volunteer, send an email to kinlian@gmail.com.

Please provide the following:
1. Your name
2. Your email address
3. Your telephone number
4. The specific distrbutor

I will provide you the particulars of the investors who bought from that specific distributor. You have to contact them, talk to them, arrange meetings and find a lawyer. If this work is too heavy for you, you can get a few volunteers from the list to help you.

If you wish to arrange meetings, you can send details for me to post in my blog.

The people who signed the Petition bought from the following distributors:

Maybank 305
Hong Leong 245
DBS 145
ABN 116
Philips 55
OCBC 53
UOB 40
CIMB 14
GYC 12
SCB 10
Citibank 10
Amex 10
Kim Eng 7
HSBC 7
Alpha 7

Unable to give individual advice or attend to individual requests

I wish to remind visitors to my blog that I am not able to:

> give individual advice
> attend to individual request

I received about 50 emails every day on the financial crisis, including many emails that concern individual situations. Please do not send me your individual problem, as I do not have the time to read and advice you.

Please read my blog for update.

Monetary Authority of Singapore - Consumer Complaint

If you wish to lodge a complaint against an agent or a financial institution, you can refer to this guide in MAS website:

http://www.moneysense.gov.sg/contact_us/Consumer_Portal_Contact_Us.html#

Here is an extract from the webpage:

(IV) REPORTING A MATTER TO MAS

As the financial sector regulator, MAS' role is to ensure that financial institutions conduct their businesses in an appropriate manner and in accordance with the law. MAS is not able to resolve commercial disputes between you and your financial institution, or order the financial institution to pay compensation to you. We are, however, interested in matters that may raise issues of supervisory concern. These include violations of our rules and regulations, and breaches of other relevant codes of practice and guidelines.

MAS can...
Investigate wrongdoings by financial institutions (e.g. market misconduct like giving inappropriate or misleading advice, misrepresentation and lack of disclosure).
Take regulatory action against financial institutions that have breached our rules and regulations.

MAS cannot...
Intervene in matters relating to service standards, commercial decisions such as pricing policies of financial institutions, contractual arrangements and civil disputes.
Give legal advice or comment on cases that have been heard in court, adjudicated by FIDReC or are pending legal action.
Order financial institutions to compensate you.
Disclose the outcome of any investigations or actions taken against individual financial institutions.

If you wish to report a problem you have with your financial institution, please click here or write to
Monetary Authority of Singapore
Consumer Issues Division
Capital Markets Department
10 Shenton Way
MAS Building
Singapore 079117

Fax : (65) 6225-9766