All investors in credit linked securities are invited to attend. There will be two short speeches by Tan Kin Lian (in English) and another speaker (in Mandarin).
Tan Kin Lian will also speak on how three laws could have been breached:
> Securities and Futures Act
> Finaancial Advisers Act
> Trustees Act
The investors can meet with other investors in similar situations.
Thursday, October 16, 2008
Ray of light and hope
Dear Mr. Tan,
I only wish to thank you for your honorable actions to many distressed Singaporeans at this point of time.
My parents especially, have been victims of this crisis and your blog has been very helpful and informational in assisting many people to get help.
I am very glad that in midst of all the fear and animosity in these dark times, there is a ray of light and hope and a firm voice from your good self and your team.
Thank you for your kindness. Kudos to the many unsung heroes behind you as well. May you be well and happy. Take care.
GL & family
I only wish to thank you for your honorable actions to many distressed Singaporeans at this point of time.
My parents especially, have been victims of this crisis and your blog has been very helpful and informational in assisting many people to get help.
I am very glad that in midst of all the fear and animosity in these dark times, there is a ray of light and hope and a firm voice from your good self and your team.
Thank you for your kindness. Kudos to the many unsung heroes behind you as well. May you be well and happy. Take care.
GL & family
Act with honour and integrity
I hope that our Monetary Authority of Singapore and the financial institutions will come forward to do the right thing.
Mistakes have been made in approving the credit linked securities and in selling these securities to the general public. At that time, these parties were probably not aware about the nature of these securities and the real risks.
Now that this matter is known, they can come forward to admit a mistake. They can offer a fair compensation to the investors. The investors cannot be made to shoulder the entire loss, due to mistakes made by people who should be more knowledgeable and institutions that they have trusted!
It is time to act honourably. This is what integrity is about.
HKMA refers Lehman cases to regulator
HKMA refers Lehman cases to regulator
The Standard
The Hong Kong Monetary Authority, the city's de facto central bank, referred 24 cases to regulators relating to the sale of investment products guaranteed by the collapsed Lehman Brothers Holding.
The cases involve "alleged mis-selling'' by two licensed banks in Hong Kong, the HKMA said, without naming the lenders.
After reviewing the evidence, the Securities and Futures Commission will consult with the HKMA on whether to impose sanctions, the statement said.
Sanctions may include suspension or revocation of registration, reprimands, fines or prohibition orders, it said.
More than 40,000 individuals in the city bought so-called minibonds, or investments guaranteed by Lehman and linked to the debt of some of the biggest Hong Kong companies.
BLOOMBERG
http://www.thestandard.com.hk/breaking_news_detail.asp?id=8091&icid=3&d_str=
The Standard
The Hong Kong Monetary Authority, the city's de facto central bank, referred 24 cases to regulators relating to the sale of investment products guaranteed by the collapsed Lehman Brothers Holding.
The cases involve "alleged mis-selling'' by two licensed banks in Hong Kong, the HKMA said, without naming the lenders.
After reviewing the evidence, the Securities and Futures Commission will consult with the HKMA on whether to impose sanctions, the statement said.
Sanctions may include suspension or revocation of registration, reprimands, fines or prohibition orders, it said.
More than 40,000 individuals in the city bought so-called minibonds, or investments guaranteed by Lehman and linked to the debt of some of the biggest Hong Kong companies.
BLOOMBERG
http://www.thestandard.com.hk/breaking_news_detail.asp?id=8091&icid=3&d_str=
Dow Jones: Hong Kong banks will buy back mini-bonds
HONG KONG (Dow Jones)--All the banks in Hong Kong will buy back the
mini-bonds backed by Lehman Brothers Holdings Inc. (LEH) that they sold to
retail investors, the Chinese-language Hong Kong Economic Journal reported
Friday, citing unnamed sources.
The paper said the banks and the Hong Kong Monetary Authority plan to
announce the details of the package Friday.
Monday, the Hong Kong Monetary Authority said Hong Kong''s banks sold
HK$20.17 billion (US$2.59 billion) worth of Lehman-related products to
retail investors, including HK$11.2 billion of mini-bonds, whose value
plunged after Lehman collapsed last month.
Separately, an 84-year-old woman and her mentally-ill son reached an
agreement with on a partial refund from DBS Group Holdings Ltd. (D05.SG) on
derivatives backed by Lehman, the South China Morning Post reported Friday,
citing the woman''s younger son.
The paper said it is the first case of settlement, but didn''t disclose the
details of the compensation.
-By Aries Poon, Dow Jones Newswires; 852-2832-2332; aries.poon@dowjones.com
mini-bonds backed by Lehman Brothers Holdings Inc. (LEH) that they sold to
retail investors, the Chinese-language Hong Kong Economic Journal reported
Friday, citing unnamed sources.
The paper said the banks and the Hong Kong Monetary Authority plan to
announce the details of the package Friday.
Monday, the Hong Kong Monetary Authority said Hong Kong''s banks sold
HK$20.17 billion (US$2.59 billion) worth of Lehman-related products to
retail investors, including HK$11.2 billion of mini-bonds, whose value
plunged after Lehman collapsed last month.
Separately, an 84-year-old woman and her mentally-ill son reached an
agreement with on a partial refund from DBS Group Holdings Ltd. (D05.SG) on
derivatives backed by Lehman, the South China Morning Post reported Friday,
citing the woman''s younger son.
The paper said it is the first case of settlement, but didn''t disclose the
details of the compensation.
-By Aries Poon, Dow Jones Newswires; 852-2832-2332; aries.poon@dowjones.com
Appeal to Financial Institutions - settle through mediation
I appeal to the financial institutions to act honorably. If your sales representatives have made a mistake and have given the wrong advice to the retail investors on the credit linked securities, please step forward and offer to settle this matter through mediation.
You can buy back the securities from the retail investors at a value that is higher than the current market value. Your institution will be able to hold the securities to the maturity date and realise a better value, compared to the current value. You will be able to minimise the loss.
You should also be prepared to offer more than the current value as your institution should bear some of the loss, due to the failure to advice the investors properly about the actual nature of the product or the risk.
I am willing to act as the mediator to get the investors to agree on a fair settlement, where both parties should share the loss fairly. Most investors are willing to take a cut on their original investment.
I suggest that the amount to be paid can be the current value plus half of the difference, i.e. the investor and distributor share the loss equally. If you like to consider this approach, please send an e-mail to kinlian@gmail.com.
You can buy back the securities from the retail investors at a value that is higher than the current market value. Your institution will be able to hold the securities to the maturity date and realise a better value, compared to the current value. You will be able to minimise the loss.
You should also be prepared to offer more than the current value as your institution should bear some of the loss, due to the failure to advice the investors properly about the actual nature of the product or the risk.
I am willing to act as the mediator to get the investors to agree on a fair settlement, where both parties should share the loss fairly. Most investors are willing to take a cut on their original investment.
I suggest that the amount to be paid can be the current value plus half of the difference, i.e. the investor and distributor share the loss equally. If you like to consider this approach, please send an e-mail to kinlian@gmail.com.
A new financial system - back to the safe old days
The current financial system has collapsed. This system was built on the following:
> private capital to fund the banks
> short term deposits
> greed of bankers, taking excessive risk
The central banks have to bail out the system by putting in taxpayers' money to recapitalised the banks. The outcome - governments will be the majority owner of most of the large banks. I think that this is a good outcome (contrary to what most other people think).
I believe that the new financial system should be built on the following pillars:
> public ownership of the large financial institutions
> a limited range of low cost, fair financial products (forget about the innovative complex products designed to cheat the public)
> government guarantee for long term bonds or deposits (better still, issued by the government)
> a bigger role for government, more government control
This was the financial system a few decades ago. Let us go back to the safe old days.
> private capital to fund the banks
> short term deposits
> greed of bankers, taking excessive risk
The central banks have to bail out the system by putting in taxpayers' money to recapitalised the banks. The outcome - governments will be the majority owner of most of the large banks. I think that this is a good outcome (contrary to what most other people think).
I believe that the new financial system should be built on the following pillars:
> public ownership of the large financial institutions
> a limited range of low cost, fair financial products (forget about the innovative complex products designed to cheat the public)
> government guarantee for long term bonds or deposits (better still, issued by the government)
> a bigger role for government, more government control
This was the financial system a few decades ago. Let us go back to the safe old days.
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