DBS gives hope to Lehman investors in Hong Kong

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Saturday, 11 October 2008

Alfred Liu
The Standard

Investors in Lehman Brothers-backed investment products and who bought them from DBS Bank (Hong Kong) are likely to be given refunds.

The distributor of the troubled structured products said the issuer, Constellation Investment, will redeem the notes early.

"DBS Bank has voluntarily appointed an independent institution ... to ensure a fair and transparent valuation process of the credit event redemption amounts," the bank said.

Calculation of the credit event redemption amount is expected to be completed on or about October 24.

Managing director Linda Wong said the bank will not buy back the structured retail notes, which have the failed US investment bank among their reference entities, as what DBS distributed were not minibonds.

She said the bank has arranged for more than 100 staff to handle complaints and it will offer a full refund to investors if it is found that they were misled into buying the products.

http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=72716&sid...

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Comments (8)

Sun 12 Oct 2008 11:45 AM | Bernard Chan - What about Singaporeans?

DBS is afraid of the Hong Kong people and offers full compensation.

Then how about Sinaporeans? Are they not to do the SAME?

I believe not ...bec. Singaporeans are too timid. They dare not fight for their rights. They allow LKY to kick them around without any noise, let alone protest.

Sun 12 Oct 2008 8:03 PM | V.Benedict - Singaporeans is easy to bully

65% have given them full power and mandate to do whatever they want.

So now, complain what and for what? Just eat the medicine and bite the bullet, as what being told by PAP.

Sun 12 Oct 2008 8:41 PM | AnnA - Can Be Covered

All Singaporean have to do is to demand all ministers and CEOs working for PAP to pay out using all the excess money that they had claimed to be talented brains on their salaries. Those excess money kept somewhere in their house and Int'l banks can cover all loses made to Singaporean investors. I'm talking about billions.

Sun 12 Oct 2008 10:37 PM | V.Benedict - I borrowed a statement from someone

I came across an article written by someone in this forum saying "many years back, then DPM Dr Tony Tan said if Singapore were to build F1 and casino, it has already ran out of ideas."

Exactly, PAP has already ran out of ideas and also time. A rogue wave is approaching at the front door of PAP Building. Your days of reckoning is coming.

Seemingly, the freedom to speak at the speaker's corner is doing some good to opposition as a whole.

Sun 12 Oct 2008 10:55 PM | Jeff - Should we support local bank then !!!

DBS bank, as one of the largest home-grown bank is ungrateful to the Singaporean. They do not deserve any of our supports if they do not offer any compensation to those badly hit investors . Why should we need them then! Invest in any other bank or even safer put in our own pocket.

Sun 12 Oct 2008 11:13 PM | Mike - who are the other talented Singaporeans?

The Chees?

May be a bit better than many PAP ministers, but certainly not by much.

Mon 13 Oct 2008 12:55 AM | AnnA - To: Mike, Certainly Better

[quote=Mike]The Chees?
May be a bit better than many PAP ministers, but certainly not by much.[/quote]

Why not put your confidence on people who are really and truly feel for their fellow Singaporean?? When you boost them (SDP) with your confident and trust, I am sure they can do a good job in handling Singapore. I am sure they can hire capable, honest and sincere Singaporean to help maintain this country and stay focus with better performance and integrity after what PAP had done to us. Furthermore, with Singapore in financial turmoil, it's time to hire real talented people to work on it.

Out with PAP who have been trying to-do-us-in all these years with citizens' money. (Talking about it, I wonder if LKY will blame the US to-do-him-in with this crisis or not?) Hmmm..

Tue 14 Oct 2008 1:55 AM | | Daniel Ling - re: who are the other talented Singaporeans?

[quote=Mike]The Chees?

May be a bit better than many PAP ministers, but certainly not by much.[/quote]

Dun u worry getting a pay cut with this statement?

Becozzzzzzzzz if "The Chees is a bit better than many PAP ministers" then y r the ministers there but not The Chees?

Sincerely although I do not entirely agree with SDP on everything but i surely do not agree with the current ones even more.