Unfortunately the worst-case scenario has materialised and the majority of High Notes 5 investors will not be receiving anything back.
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this is expected but not acceptable. sue until the court of appeal and never give up. hope a lawyer can charge a lower fee for victims.
People had long comment on HK’s solution of buying back at market value as bad solution because the market value is likely to be very low as in this case.
The only way to get back all the money is via the mis-selling ground. People need to press on the bad, high risk nature of the products and the promotion materials used as ground of mis-selling regardless of age / education.
Yes, don’t stop pressing PAP until getting back every cent.
What a sweeping statement. It completely discounted the cases whereby mis-representation were involved.
Sue what. Lick your wounds and move on. Take the remaining money out of the bank and move it elsewhere. Take the business –small or big– elsewhere. That’ll will be retribution enough.
Does this mean the DEVELOPMENT BANK OF SINGAPORE, who also is related to POSB, POST OFFICE SAVINGS BANK of Singapore, is saying that the MAJORITY of its High Notes 5 investors their sunk in investments are now effectively reduced to a market value of $0 ???? Am i right to say this ???
How can??? They bombastic one what. I don’t believe. I TRUST them one.
If really true, I have learnt a lesson – TRUST but must have black and white evidence of what is claimed to be safe or not safe.
yours truely,
TRANSLUCENCY
If that is DBS’s stand, then majority of the investors have no choice but to bring DBS to court. Otherwise, not a single cent can be expected to be paid out (other than the “vulnerable group” as directed by the MAS).
If the the investment is my life-savings, then this matter has become a matter of life and death for me. Why should I allow others to take away my life without a fight? If I have to die, then the other party must not expect to be able to live happily ever after.
Is this a big fish eats small fish world?
Do our laws protect the small fish from being eaten up by the big fish or help the big fish to easily eat up the small fish?
Ban(k)dits no doubt. If we don´t pool resources together against DBS, we will loose even more.
When a person, bank, organisation, or even government sells a product/ idea, they do not simply do presentation on the product, but they are also selling their reputation, credibility and capability. had the High Notes 5 been a product of another bank… say Bank of El Salvador, would it drives as much confidence to the investors when compared to DBS, the one time No. 1 bank in Singapore? Therefore, I believe investors, particularly those who have never before invested in a high risk portfolio should be refunded without conditions.
I’m not an economist so I may not get this part right, but I strongly feel the funds for reimbursement must never be from Tax Payers, it should come from their own profits and assets. If DBS feels the need to get Tax Payers to bail them out, it should be on a loan basis with their non movable assets as collateral.
If there is systemic misrepresentation or even fraud in these and related products, then a class action is probably the correct approach to get the correct response from the FIs. Remember that unity is strength. If each of the 10,000 investors contributes $1000 to the legal fund, it is a $10million war chest. What is needed is a good team of lawyers.
“If there is systemic misrepresentation or even fraud in these and related products, then a class action is probably the correct approach to get the correct response from the FIs.”
A class action should not be fighted on Singapore ground but on foreign ground. Isn’t we know the kangaroo court is running amok here ? How can one expect to have a fair fight when the kangaroo is impartial and one that sensitive to nation-building at all cost ? If DBS loses, it means that it is guilty of selling such tonix product, creating a dent as Singapore in financial hub. There is a conflict of interest when the government themselves invested in DBS and DBS recognises as government bank and yet it is the same government court that will determine the case ?
Doesn’t sound right ? What is the history that DBS ever lost a case ?
but i think even if dbs win eventually they will lost their name and singapore government will lost their name also.
if go overseas to sue can sue at the international courts is it? or that is use by countries only?
Isn’t we know the kangaroo court is running amok here ? How can one expect to have a fair fight when the kangaroo is impartial and one that sensitive to nation-building at all cost ? If DBS loses, it means that it is guilty of selling such tonix product, creating a dent as Singapore in financial hub. – Daniel (#10)
However, if DBS wins the case and the public perceived the result as a Kangaroo court outcome, Singapore´s reputation as a financial hub is also affected. If I were to be PAP, I would not want to the High Notes 5 victims to sue DBS at all. In this way, the reputation of Singapore court and that of DBS remains unscathed. Hence, you can see why it is important to push the case to court, even if it means Singapore court. It is most likely to end up with the government pressuring DBS to accept an out-of-court settlement than rather end the suit with a court judgement.
now i understand why the government want people to get married and have children and a family.
this is because as a single person there is much less concern and he can do very extreme things like telling and admitting all the truth.
for example the head of the bank can be a real hero by letting out all the truth if he is single.
but if he has a family he will not do it as there are concern about his family as well.