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SINGAPORE: DBS Bank will hold at least two formal dialogue sessions on Thursday and Friday with investors who bought the DBS High Notes products, which failed after US investment bank Lehman Brothers collapsed last month.
Channel NewsAsia understands that the dialogue will explain what DBS is doing to compensate the investors and its compensation review process. The dialogue comes after investors called for the bank to clarify various issues.
A DBS spokesperson said at least three of the bank's top management will speak to the investors at the dialogue sessions. DBS' independent external adviser, Gerard Ee, who is tasked to oversee the complaints and resolution process for the bank's investors, will also be present.
Separately, Channel NewsAsia understands that over hundred DBS High Notes investors will meet informally on Monday to learn more about their products from a lawyer and banker. They want to know what kind of compensation they might be entitled to.
For the third Saturday in a row, the Speakers' Corner was the meeting place for those who bought DBS High Notes and Lehman Brothers Minibonds. Over 300 turned up to share more information with fellow investors.
Eric Tan, an investor, said: "On the first day, there was a feeling of anger, frustration, heartache... After hearing how to lodge a complaint, people are aware and (there is) a bit of calmness there. I'll see what sort of fair compensation they'll give to me. Otherwise, my next step will be to go to the FIDReC."
For 57-year-old George Woo, he still feels investors lack the necessary information.
"The government should come out strongly to tell us what we should do. Unlike the contaminated milk case, we can't just throw this product away. These investments are our hard-earned money. I'm still a bit worried because we don't know exactly how much we can get back," he said.
Independent parties handed out complaint forms to help investors provide critical information to financial institutions. These complaint forms will then be sent to various banks.
Many are also calling on the financial institutions to provide a full disclosure on compensation amounts eventually.
- CNA/so
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