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SINGAPORE: The former CEO of NTUC Income, Tan Kin Lian, has submitted a petition with 983 names to the Monetary Authority of Singapore (MAS) for it to investigate the sale of credit-linked securities.
Mr Tan told the media that MAS officials promised to look into the matter.
He hopes something can be done to help those who signed the petition, including retirees as old as 70.
He said they have lost hard-earned savings invested in structured products like Lehman Minibonds and DBS High Notes, which fell in value after US investment bank Lehman Brothers collapsed.
Mr Tan said: "The problem is this risk is not properly explained. Many of the investors thought that their money is buying the bonds of these companies. They never knew they are taking a bet where all of their money can be lost. This is where the big misrepresentation is." - 938LIVE/vm
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