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SINGAPORE: The Monetary Authority of Singapore's (MAS) announcement that over half of the investors who complained about their investments in Lehman-linked products will receive compensation may come as a relief for some. But others said it has only raised more issues that need to be addressed.
Investors whom Channel NewsAsia spoke to said the announcement by MAS holds no surprises and still fails to address certain questions. Most investors also said they would continue to pursue the issue of compensation with their financial institutions.
Chan Chee Chong, a DBS High Notes 5 investor, said: "I received the third rejection letter recently, so I don't know how the issue will go. I hope DBS can reopen my case and consider me."
According to DBS, 835 cases have been reviewed so far and 24 per cent of the DBS High Notes 5 investors will be offered full or partial settlements.
As for those who have invested in Lehman Minibond products from brokerage firms, close to 87 per cent will not be receiving any compensation.
The Consumers Association has urged investors who have been offered compensation to weigh their options before approaching the Financial Industry Dispute Resolutions Centre (FIDReC).
Seah Seng Choon, executive director, Consumers Association of Singapore, said: "If it is partial payment – 10 per cent, 20 per cent, 30 per cent or whatever – you may want to evaluate the benefits of that offer and see whether you will be able to get more if you go to FIDReC. Because if you go to FIDReC, it can be more or less."
As of January 9, FIDReC has received 210 complaints and is in the midst of investigating or mediating these cases.
- CNA/so
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