What is the minimum percentage of compensation that you will accept"
30% 7.6%
50% 47.2%
70% 45.1%
Are you prepared to take part in a class action and spend up to $5,000
Yes 59.3%
No 40.7%
Thursday, December 18, 2008
Volunteers to help get 100,000 signatures
A group of volunteers have set up this blog to help collect 100,000 signatures for me.
Hi everyone!
We have set up a blog to generate interest in getting the 100k signatures for Mr Tan Kin Lian. We would like to invite everyone to come visit our blog here:
http://tkl100kpetition.
Please feel free to drop your comments on the articles posted at our blog. We welcome all contributions.
Also, if you would like to signup as one of our volunteers , please do drop us an email at tkl.volunteers@gmail.com
Do tell all your friends about it too! Thanks!
Volunteers
Regular visitors to Tan Kin Lian's Blog
I wish to collect particulars of regular visitors to my blog. Please provide the information requested here (all fields are optional). You can also tell me what you like best and what new information you like to see.
http://www.surveymonkey.com/s.aspx?sm=hh2uUZuh5AL0ZOA2c77dhg_3d_3d
http://www.surveymonkey.com/s.aspx?sm=hh2uUZuh5AL0ZOA2c77dhg_3d_3d
Wednesday, December 17, 2008
US Lawyers Visiting Hong Kong
Patrick Daniels, the leading counsel of the proposed class action towards HSBC, has come to HK in the last two days. He explained several important points for the case:
1) HSBC is not considered to be the defendant simply because it is the trustee. Actually, according to the minibond programme prospectus, it's shown that issuer of the minibonds (i.e. Pacific International Finance Limited), is WHOLLY owned by HSBC Cayman, and its directors are also supplied by HSBC.
2) Mr. Daniels is therefore looking into the role and responsibility of HSBC in designing, creating and operating the product, which should not be called as "bonds" as they are highly complicated deriviatives and not suitable for retail investors.
3) Class action can be commenced whenever potential clients agree on it. HK investors are still meeting and discussing whether to launch it or not, and seeking for leading plaintiffs at the same time.
1) HSBC is not considered to be the defendant simply because it is the trustee. Actually, according to the minibond programme prospectus, it's shown that issuer of the minibonds (i.e. Pacific International Finance Limited), is WHOLLY owned by HSBC Cayman, and its directors are also supplied by HSBC.
2) Mr. Daniels is therefore looking into the role and responsibility of HSBC in designing, creating and operating the product, which should not be called as "bonds" as they are highly complicated deriviatives and not suitable for retail investors.
3) Class action can be commenced whenever potential clients agree on it. HK investors are still meeting and discussing whether to launch it or not, and seeking for leading plaintiffs at the same time.
HK Banks set up legal fund
Dec 18, 2008
The 18 banks will put up the cash to challenge claims by Lehman's US lawyers that any proceeds from a proposed buy-back scheme would have to be first turned over to liquidators and not investors, the Hong Kong Association of Banks said.
'The distributors (banks) are prepared to provide finance to the trustee of up to US$100 million to assist it in the performance of its duty to protect the interests of investors,' the association said in a statement released late on Wednesday.
The move is the latest twist in the saga over compensation for thousands of Hong Kong investors who bought the so-called minibonds on the understanding their money was safe.
The collapse of Lehman Brothers in September meant the value of their investments dropped dramatically, which sparked protests across the city from investors who say they were missold the products.
The financial hub's government and the banks who sold the products then proposed for the banks to buy back the minibonds at market value, a process that was meant to begin this month.
But a unit of HSBC in the United States, which is acting as the trustee for the Hong Kong banks in the liquidation, has been told the move to compensate the investors here could be illegal under US law, the statement said.
The local banks have therefore 'decided to continue the buyback only after these legal issues have been clarified and addressed and the market value can be determined unless, in the meantime, the minibonds are redeemed early as a result of action taken by the trustee,' the statement said.
More than 40,000 Hong Kong investors - including many retirees - had put a total of HK$15.7 billion of their savings into minibonds and other complex products backed by Lehman Brothers.
http://www.straitstimes.com/Breaking%2BNews/Money/Story/STIStory_315885.html
HONG KONG - HONG KONG banks that sold financial products backed by collapsed firm Lehman Brothers will provide HK$100 million (S$18.6 million) for a potential US legal battle on behalf of investors.
The 18 banks will put up the cash to challenge claims by Lehman's US lawyers that any proceeds from a proposed buy-back scheme would have to be first turned over to liquidators and not investors, the Hong Kong Association of Banks said.
'The distributors (banks) are prepared to provide finance to the trustee of up to US$100 million to assist it in the performance of its duty to protect the interests of investors,' the association said in a statement released late on Wednesday.
The move is the latest twist in the saga over compensation for thousands of Hong Kong investors who bought the so-called minibonds on the understanding their money was safe.
The collapse of Lehman Brothers in September meant the value of their investments dropped dramatically, which sparked protests across the city from investors who say they were missold the products.
The financial hub's government and the banks who sold the products then proposed for the banks to buy back the minibonds at market value, a process that was meant to begin this month.
But a unit of HSBC in the United States, which is acting as the trustee for the Hong Kong banks in the liquidation, has been told the move to compensate the investors here could be illegal under US law, the statement said.
The local banks have therefore 'decided to continue the buyback only after these legal issues have been clarified and addressed and the market value can be determined unless, in the meantime, the minibonds are redeemed early as a result of action taken by the trustee,' the statement said.
More than 40,000 Hong Kong investors - including many retirees - had put a total of HK$15.7 billion of their savings into minibonds and other complex products backed by Lehman Brothers.
Buying a property - get a property report
I went to StreetSine (http://www.streetsine.com/) to search for a new property in the city area (district 1, 2, and 3) for a friend. I found a few suitable condominiums with reasonable prices. I was able to see the price trend and identify a few properties listed for sale. I transferred the details into MyOrganiser (provided by StreetSine).
I send messages to the agent handling these properties. Two agents called me. They were only interested to ask for my offer price. They were not able to provide details about the properties.
StreetSine told me that they will be providing a comprehensive report about a specific property for a modest fee (maybe $35). It contains a lot of detailed information about recent transactions, price trends, nearby comparable properties, amenities, etc. This is worth investing, so that I can make the right decision.
I wish to encourage property agents to make use of this comprehensive property report. When you respond to a potential buyer, ask for the e-mail address and mail the report to the buyer. This will put you ahead of all the other property agents and show that you are able to handle the potential buyer in a professional manner. You will get more business by acting in the right professional way.
http://www.streetsine.com/
I send messages to the agent handling these properties. Two agents called me. They were only interested to ask for my offer price. They were not able to provide details about the properties.
StreetSine told me that they will be providing a comprehensive report about a specific property for a modest fee (maybe $35). It contains a lot of detailed information about recent transactions, price trends, nearby comparable properties, amenities, etc. This is worth investing, so that I can make the right decision.
I wish to encourage property agents to make use of this comprehensive property report. When you respond to a potential buyer, ask for the e-mail address and mail the report to the buyer. This will put you ahead of all the other property agents and show that you are able to handle the potential buyer in a professional manner. You will get more business by acting in the right professional way.
http://www.streetsine.com/
Investors of failed structured products to know outcome of complaints by mid—Jan
Channel NewsAsia - Thursday, December 18
http://sg.news.yahoo.com/cna/20081217/tap-963-lehman-minibond-investors-know-o-231650b.html
SINGAPORE : The Monetary Authority of Singapore (MAS) on Wednesday said investors who have bought failed structured products will know the outcome of their complaints by the middle of January.
Investors had alleged that distributors had mis—sold the products and misrepresented the risks.
Minibond investor Ismail Deen was told last week that his complaint is still being looked into. He is one of nearly 5,000 investors who have complained to 10 financial institutions (FIs).
Like Mr Ismail, most investors of DBS High Notes 5, Lehman Minibonds and the Jubilee Series notes will get some answers by mid—January. Final checks are being done on some complaints.
Shane Tregillis, deputy managing director, Market Conduct Group, MAS, said: "That is to take into account the recommendations of the independent persons and to make sure they have taken into account any investigation findings, and also to check for consistency."
MAS said 9—in—10 complainants have been interviewed.
FIs have also decided on 80 per cent of the cases, but have yet to inform investors. For clear—cut cases though, investors have already been told of the outcome.
The central bank has been working with financial institutions in the past 10 weeks.
Mr Tregillis said: "We have been visiting, checking ourselves just to ensure the process, looking at the teams... the FIs have put in place in recent weeks, some of them are up to 100 people."
MAS said the FIs will review the complaints in a non—legalistic manner and it will be based on principles of fairness. However, they are expected to take legal defence if the investors decide to take them to court.
The central bank also said investors should be prepared to bear responsibility for their investment decisions. — CNA/ms
http://sg.news.yahoo.com/cna/20081217/tap-963-lehman-minibond-investors-know-o-231650b.html
SINGAPORE : The Monetary Authority of Singapore (MAS) on Wednesday said investors who have bought failed structured products will know the outcome of their complaints by the middle of January.
Investors had alleged that distributors had mis—sold the products and misrepresented the risks.
Minibond investor Ismail Deen was told last week that his complaint is still being looked into. He is one of nearly 5,000 investors who have complained to 10 financial institutions (FIs).
Like Mr Ismail, most investors of DBS High Notes 5, Lehman Minibonds and the Jubilee Series notes will get some answers by mid—January. Final checks are being done on some complaints.
Shane Tregillis, deputy managing director, Market Conduct Group, MAS, said: "That is to take into account the recommendations of the independent persons and to make sure they have taken into account any investigation findings, and also to check for consistency."
MAS said 9—in—10 complainants have been interviewed.
FIs have also decided on 80 per cent of the cases, but have yet to inform investors. For clear—cut cases though, investors have already been told of the outcome.
The central bank has been working with financial institutions in the past 10 weeks.
Mr Tregillis said: "We have been visiting, checking ourselves just to ensure the process, looking at the teams... the FIs have put in place in recent weeks, some of them are up to 100 people."
MAS said the FIs will review the complaints in a non—legalistic manner and it will be based on principles of fairness. However, they are expected to take legal defence if the investors decide to take them to court.
The central bank also said investors should be prepared to bear responsibility for their investment decisions. — CNA/ms
Subscribe to:
Posts (Atom)