We have come together to seek a solution to remedy the current situation we are facing. Most, if not all, of us are faced with the loss of all of our hard earned money. As of now, we have have over 300 members. We hope that you can join our group so as to take remedial action collectively.
To join us, you can email us with your name, contact details (mobile no. and email), and the product you have invested in. At a suitable time, we will need to verify these details with you in person. Rest assured that all information provided will be treated with the strictest confidence.
We may contact you and arrange for you to meet up with other investors and with the committee. If you would like to join our group, you can also email us at: dbs.hns@gmail.com. Thank you so much for your cooperation.
We sincerely hope we can collectively urge DBS to provide us all with the fair and proper compensation due to us.
8 comments:
DBS shld not claim credit for initiating the public forum. They shld hve mentioned that the dialogue was in respond to the petition.
hello,
In your blog in the right margin below the video link thumbnails you described Tan Kin Lian as "Champion of the Underdogs". This is a derogatory phrase isn't it? IT give an uneasy feeling that the person described is unscrupulous, since underdogs is not a good description of a person. Perhaps you mean "Champion for the mis-led cheated investors" or something like that.
On the contrary, underdog means someone who is at a severe disadvantage, as opposed to a top dog, who is the dominant person in a situation. It describes the status quo we see now precisely. In fact, we are echoing the appellation given Mr Tan by a protestor during 25th Oct's Hong Lim session.
DBS letter to the HN2 investor is not accurate/correct. They should not start off by saying that they are "concern that the portfolio contains Lehman"; they have never communicated this fact before the fallout of Lehman. Nor have they communicated the HN2 customers are subjected to the risk of a further 99 companies. Further, they position the "assets" held by Constellation as Senior Notes....how could one single entry default bring down the value of the portfolio that drastically? Note that the US government had communicated that debt holders of Freddie and Fannie are protected. I suspect that the "assets" held by Constellation are toxic derivatives and could be CDS.
I am an investor of DBS High Notes. I have already wrote a formal complain letter about the mis-selling. However, I do not know where to send this letter to. Must be it a hardcopy letter or an email will suffice? What is the address? Awaiting for your enlightenment. Many thanks!!
Some time ago, a senior officer from DBS wrote an article titled HN2 is not a low risk product. The quote from the brochure " ...the product is design for (defensive) investor ........." the word defensive is missing in the newspaper report and hence she could called the HN2 as not a low risk product - no defensive investor will buy high risk product, right !!How bright, how smart and how smelly !!
My DBS relationship manager was unreachable for 2 over weeks during the saga. I managed to reach him this week. He replied that he was advised by his management to go on the block. I am more dissapointd with their attitude - esepcially at a time when you need them most.
Hello everybody, I have posted the comments below to Mr. Tan Kin Lian earlier. I thank Mr. Tan for the privilege. In the hope that our sufferings are not in vain, I have them posted here to widen the message that there is something wrong with our Society where in times like this, our voices are being muted by the inaction of those with the relevant authorities
which could make a big difference to our case. Alas, WE the VICTIMS are being cornered precisely by those who should have offered a helping hand. It seems like WE being fallen into a bottomless well and stones are being thrown to US.
Quote:
Anonymous said...
Hi, Mr. Tan
I refer to the HN5 issued by DBS. By which one Alan Corkish from Constellation Investment Ltd. said is now worth zero.
Please let me use your blog to ask all VICTIMS to call up the various BANKS' CEO to count how many coffins will be required for us!
When they sell those 'toxic things' they really speak like good friends of many years. Assuring the safety and beneficial way they help. Look what happened now? They just point to the prospectus and tell us that, all along, they are right to sell to us but, we are wrong to sign them!! The RM/BANK that we trust has now turn around and say that we are fools and their worst enemy.
Imagine our national bank washing their hands at this moment of anguish.
Imagine that we the citizens of Singapore fall victim to our own Banks. The one that many of us trusted with money that used up more than half of our lives to gather. When we just want to put our sweat and blood into a simple FD for save keeping.
Imagine that Singapore is supposed to become a Financial Hub and the first victim is its own citizens.
Imagine that MAS could NOT have forseen the implications and allow BANKS to peddle such products to many of us.
'Fools' we might be, but the BANKS and MAS should bear in mind, our loss are not only us but the reputation of the Nation and their Citizens!
Are we a Nation that seemly protect citizens in good times and abandoned in bad times?
Is it the case that after we lost our money, we are now let to die out there?
4:38 PM
Anonymous said...
Hi, Mr. Tan
This is my second comment to the HN5 from DBS and it is because I heard from the News that they will hold the final dialogue regarding their stand with us VICTIMS of this 'toxic' product.
Hope you can also allow this to be shown to One and All who are now hapless because of the cleverness of this Organisation in our Society in dividing us into two halves 'the vulnerable' and 'the gullible'
Using their own 'expertise', they play games to those they considered 'vulnerable' by playing their triumph card (because WE did'nt force you to signed it.)
And by virtue of the hands-off attitude of MAS in this instance, they are being embolden. They could now pick and choose the rules of the game. Oh yes the CASE BY CASE THINGY (and fully endorsed by people with authority.)
Guess who is going to be the winner???
They pay the 'gullible' to show that they are magnanimous.
So the former will be 'played to death?'
After all the waiting, we are just given a piece of paper with some writing and a signature from one we do not even heard off. And that is 'game over?' (I bet DBS bunch of 'expertise' could not even begin to explain why it becomes zero.) So how can WE accept that!!
Please! This last meeting is going to be telling you that 'DO NOT BOTHER ME ANY MORE' 'GO FIND YOUR OWN COFFIN AND DIG YOUR GRAVE'
And the CEO/SPOKESMAN/RM WHATEVER will only standup till the curtains fall and they could have done their their duty and go home. A good day's job for them.
What next?? US VICTIMS???? Good and Hardworking Citizens of Singapore.........
12:40 AM
Un-Quote:
After today, are WE getting the compassion from our formal benefactor (DBS) or are WE getting NEARER to our .............?
Phrases like, 'Greed', 'Concerned', 'Hands-off', 'File your Complaint', 'We will punish RM', 'Case-by-Case', 'We understand your anguist but..', 'No Case', etc.. comes off easily from their statements. Infact those are spoken words to guide the General Public that WE are the cause of their troubles and headache.
Where can we find the word 'compassion' or 'compensation' in those statements. Except the calculated move to pay a token number of VICTIMS to silence the General Public.
We the SIMPLE FOLKS had been made to endure such duress just because an organisation took us for a ride but, the other organisations who could offer solace would prefer to sit out this 'drama'(saga) and wait for the curtains to come down on US!!!
Nation building is at siege now...
Is this going final the fate of US, LAW ABIDDING CITIZENS WHO ARE THE ACTUAL VICTIMS OF TOXIC PRODUCTS!!!
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