Hong Leong MiniBond Series 3

[Silver_blade]

Maybe you can start joining the group meeting @ Speaker's Corner. Try to get involves in their activity. have a better chance to get some money back via 'class-action'. Try to do a search on the internet to see what they plan to do.

[Panorama]

filial son! 3 Cheers!!!

 

maybe tell HL not to contact your momther on this blood, sweat and tears matter for fear that she may not take it lightly. Tell the bank to contact you only. Stress that you are here to handle the matter and to get back some money and any money refunded goes to her only and that you want none of her money.

 

Tell MAS too. MAS will be humane enough to understand this kind of request and may issue a directive to all banks if enuf of such requests are made. (Look at the changes to kidney transplant/sale/donation when a high profile case got highlighted a few mths ago. They changed the law to become more sympathetic).

[Gantan88]

  Quote

Hi All bros and Sis,

Anyone same plight as me ? My mum saving for all these years normally in the bank FD... but somehow 2007 when she renew the FD, the consultant managed to pursue her to switch to minibond... which is under Lehman ... i think her saving is all gone... 40k plus.. my mum only earning 800 per month think of tat make me cry...

 

I dun dare to tell my mum her saving might be all gone... i afraid she will break down if she know about it ... She cant read english so i told a lies to her its ok inside... I planning to save the money for her... after 4yrs then return her say bank return her the principal $.

 

I saw that MAS is going to help those old and cant read english one... anyone has more news about it ?? anyone same situation as me can contact me ...

 

 

My heart goes out to all those who are affected, especially those old people. They have probably slog through their life to save that amount of money, initially in biscuit tins under the bed until now where they put their hard-earned money with their "most trusted" banks only to realise that their money is all gone.

 

Yesterday my mum read the chinese paper and came to know about the Lehman Brothers filing for bankruptcy and she came to me and gave me some DBS documents and asked me if it is affected. I am only aware that DBS high notes series are affected. My mum bought Advantage account Tranche A. I dun remember reading or hearing this in the news but nevertheless i manage to check that as of 06 Oct 08, the current indicative value is standing at 99.5% of the sum invested. I felt more at ease but not totally because in the documents "ishare Lehman Brothers" is mentioned.

 

I dunno if all those petitions and gatherings at speakers corners helps. Maybe yes, a bit, but seems that it is unlikely that the victims can have their principal amount totally refunded because after all they sign the contract which is drafted to cover every millimetres of the bank's axx.

 

We are really in a L-L situation. Few pages of clauses, terms and conditions in english, how to comprehensively translate them in chinese to uncle and auntie to make them understand? Uncles and aunties put their thumbprints on the dotted line because they believe the relationship managers are experts in this field, who are actually like salesman selling appliances in supermarket selling housewives overrated woks and pressure cookers.

 

Always tell my mum not to buy those investments form banks anymore. She is lucky that she sold most of it before this tragedy happens and the only investment left is the DBS Advantage account. Now my mum told me after reading this news, she is really not buying anymore of such investment from the banks already.

 

I urge you to break the news to your mum but in a more subtle way instead of she finding out the news in one way or another ans she may find it even more difficult to handle.

 

Sorry about my long post, most are ramblings, most are already been said by others and heard by many. But i feel that i really have to get this off my chest. I wish all those uncles and aunties can get back their full amount. Good luck to them...

Edited October 20, 2008 by Gantan88

[Tarzan666]

HK govt take a proactive approach to ask the FIs to return back the $$..

Spore govt like dragging their feet.advice FIs not to take "overlegalistic approach"?

[Tigershark1976]

nowadays, its not easy to find a son like u. Thumbs up!

[Peqasus]

$ can always earn back no doubt not a small sum when can get a picanto and pay in full.

 

dun think there's any easy way out while bank and MAS settle this mess. in the mean time is damage control first lor.

 

on the brighter side of things, your mum when she knows about this will know she has a really good son.

[Gylgyl]

http://www.channelnewsasia.com/stories/sin.../384629/1/.html

 

all those affected... see this.... got abit of hope

[Modykoh]

ya...

 

HL is still people oriented. first to response...

 

look at other banks/..all act blur....when other bank interviewed, they all say they got something in place nia...

[Galantspeedz]

  Quote

Make noise at MAS. They dun seem to be doing anything.

 

is u who dun seem to know if anything is being done anot.

 

This type of thing not today happen tomorrow give you answer.....

[Gylgyl]

MMM no la... dun say that so harsh .... He just wants MAS to act faster to help all those old pple i think ... i think he has the interest of pple at heart...

[Galantspeedz]

i think he dun like the govt

 

It is pretty hard to act fast because it is not just the elderly that had bought the minibonds or highnotes. It has to be something to placate everyone but on the other hand there has to be a lesson learnt by these investors.

 

I am sorry to hear about your mom but i am pretty sure, anyone regardless of education level, knows that with high returns = higher risks.

 

If there is a full refund for these people now then next time any thing happen they will just ask the govt act.... if like this, i also want to anyhow invest my money liao.

 

Hope you dun take it wrong, i am saying this in a general term. There has to be a bottomline somewhere

 

And on hindsight, if these people that has bought the bonds and got their money back in full, should i or others who had put their money in savings a/c earning next to nothing complain why are we getting so low i/r while other people get higher i/r with no risk since they gonna get full refund

Edited October 23, 2008 by Galantspeedz

[Akula]

Hoped this piece of news will help, DBS agress to pay btn $70-$80mil to affected investors, some will get full refund, others only patial, reported in today's news. Your's HL, maybe the rest will take cue from DBS.

[Kingcopa]

If no one make noise, i dun think they will take action. The bank wont be buying those bond back.

[Galantspeedz]

I duno. should they? ultimately higher returns = higher risk = higher possibility of losing investment.

 

It is not rocket science to know this

[Kingcopa]

I agree high risk = high return = high chance u end up w nothing.

 

Somehow someone started this whole protesting stuffs, no action from them also cannot. Now got action but only those who realli dun have any clue abt investment. To me.......... make no sense at all. U buy u lose, u shld be responsible urself. Sigh.... this is sg, all kinds of weird stuff happen. We got 2 former PM still in parliment, we got a national stadium which is still closing.

[Kranjipioneer]

  Quote

haiz... noble?? mmm yar... but i am 40k poorer... thanks to the HL...

 

Top-up $40k to your mom.

I salute you.

 

Btw, are you married ?

If yes, does your wife know ?

How did she react ?

[Mzrmazda3]

Read that those whom might get full refund minus off their interest obtained ones are most likely those over 62 years or with primary school education one at the time of invest

[Galantspeedz]

yah actually alot of weird stuff but the national stadium i think no one expected the current financial climate. Even i have to cutoff spending just in case.

 

as for govt, we all know who makes the decision mah