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SINGAPORE: Many investors of structured products linked to Lehman Brothers are still upset about what has been done with their investments.
Some 500 of them gathered to voice their frustrations at Speakers' Corner at Hong Lim Park on Saturday – a day after the Monetary Authority of Singapore (MAS) said it was investigating complaints of mis-selling.
Investors above 55 years old have been labelled as the "vulnerable group", and authorities have ordered banks to prioritise their cases first, amid the complaints of mis-selling.
Despite the move, many feel inadequate steps are being taken to resolve the issue.
One investor, Ho Fook Kwong, said: "(I am) very frustrated, very angry. I think they need to speed up this process because a lot of us are waiting for answers from authorities. We can't wait anymore."
"They have stepped in too late. This thing has spread like wildfire. People have been complaining to the press, but they did not take any action," another investor, Ng Ah Mun, said.
At the same time, reality has yet to hit a few investors. Some of them who spoke to Channel NewsAsia still hope to recover their entire capital.
Most investors are clinging on to any glimmer of hope they can find – one of which comes from the organiser of their gathering, former NTUC Income CEO Tan Kin Lian.
Mr Tan said he is in touch with a big bank from Hong Kong which is interested in taking over the management of the minibonds. He is also urging all affected investors to lodge complaints formally with their respective banks.
The current trustee for the Lehman Minibond Programme, HSBC Institutional Trust Services, is looking at the option of a new swap counterparty, and investors are expected to find out more about their options by the end of next week.
Meanwhile, investors have been consolidating their contact details to update one another on the latest news.
- CNA/so
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