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SINGAPORE: Pinnacle Notes investors gathered at the Speakers' Corner on Saturday following the announcement by Morgan Stanley on Friday that the Pinnacle Notes Series 9 and 10 may now be worthless.
About 700 retail investors in Singapore invested some S$26 million in the product.
"My mum don't know English and when I went with her to see the consultant to talk about the product, (everything) that they showed (was) in English, and what happened is they did not give my mother all the facts (and tell her) all the risks involved," said the son of a Pinnacle Notes investor, Lim Boon Lee.
Investors will be appealing to the Monetary Authority of Singapore (MAS) to deal with the Pinnacle Notes as they did with mini-bonds.
A Pinnacle Notes investor, Yin Mun Poh, said: "They show you this money goes to these places, but how much money went to these government bonds we don't know. Now they say that the money (was) being put into Lehman Brothers and all the housing society loans, I didn't know (that)."
Many investors are saying they feel cheated and that the Pinnacle Notes Series 9 and 10 were mis-sold to them by financial institutions.
Investors who have been in touch with distributors here in Singapore say that response has been minimal.
Pinnacle Notes 9 and 10 were distributed in Singapore by DMG & Partners Securities, Hong Leong Finance, Kim Eng Securities, OCBC Securities and UOB Kay Hian.
Investors who bought the product through Hong Leong Finance have been asked to sit for an interview in two weeks, although the investors do not know what the interview will entail.
MAS said that investors who feel the product has been mis-sold to them should seek advice from the relevant financial institutions.
- CNA/yt
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