Singapore
FOUR out of every five investors who received settlement offers for the failure of their investments in Lehman Brothers-linked structured products have accepted the settlements.
Offers for Lehman investors: 79% accepted
What other recourse is there for investors like us when a big financial institution won’t act even when MAS asks it to permit Fidrec to handle the full claim?
Minibonds: Bank adamant despite MAS advice
When questioned, UOB, in its written reply, dismissed it as an ‘oversight’ by its personal banker, again declining to compensate my father and referring us to the Financial Industry Disputes Resolution Centre (Fidrec).
‘Guaranteed’ principal was just an ‘oversight
So when I read ABN Amro’s reply that the bank is ready to address a client’s concerns, I cannot help but consider it an attempt at being politically correct and paying lip service.
Paying lip service to ‘addressing concerns’?
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Hong Kong
In Hong Kong, despire the all public protests and supports from political parties in early months, the victims are not closer in getting their money back. Some victims are protesting outside the banks at Central district everyday or take turn protesting outside banks at different locations. But the effort is not producing any result.
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Taiwan
Close to 800 victims in Taiwan also getting nowhere
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Previous video: Opposing Public Order Act
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While the CEO of DBS died, his sins still live on in the heart and soul of the DBS High Notes Investors.
Why do you want to say this?
Do you really think he was out to swindle old folks? Just because there are some cases of mis-selling does not mean there is an intent from the organization to do so.
If your father died, do you like to hear this sort of swears yourself?
hi abc xyz,
Firstly, he is not my father. If he is your father, congratulate on your inheritance.
Secondly, it is still his fault because he overlooked and failed to prevent mis-selling when he was alive as DBS CEO. Mis-selling occured under his watch, regardless if he directed them or not.
Thirdly, the people who suffer from the mis-selling are still alive. Being dead only absolve his responsibility to them, but not his guilt.
These are not insults. These are mere reminders that the pain of the living far exceed that of the dead.
I am not sure if misselling was under his watch or Jackson Tai – you may be cursing the wrong soul!
Also the lack of control of MAS in curbing misselling – and not doing anything afterwards – the govt at large takes some blame.
I feel that many old folks who went to DBS got screwed – but the blame may not be on the latest dead CEO……
Regards
I am not cursing anyone, merely pointing out people’s suffering goes on.
smallvice_585,
What you said is so true.
Why should one reap the benefits / take credit for others’ good work and not take responsibility when things cock up? If the top management takes the reward of others’ hard work, they should also be accountable for the mistakes of the staff under them.
Rest well , my dear revered ex-leadership from DBS.
life is so unfair isn’t it?
I most certainly do not think the misselling occurs under his watch but of the ex-CEO.
Hi W,
Mis-selling occured under both their watch. When Richard took over the previous CEO and still failed to detect mis-selling and prevent it from getting worse, it is still his failure. If the the previous CEO failed to detect mis-selling, the one taking over also would not know unless he goes through a detailed department review. Did Richard do it or not? No. Mis-selling occured under his watch.
Justice must be seen to be done. I am still waiting for
the authorities to tell us the result of their investigations.