What’s the truth here?

I did not purchase any of the financial “offerings” from DBS Bank here in Singapore, specifically “MiniBonds” from the now defunct and bankrupt Lehman Brothers. I read that about 10,000 people invested S$500million in these bonds bought from DBS and that none of them are going to be reimbursed for their losses. While I think it is a buyer’s beware situation, it is sometimes worthwhile to see who are those who are caught up. I read that a lot of those who lost monies are retirees who invested their retirement funds and were made to believe that these were safe investments. That is disheartening and especially so when DBS Bank does not seem to want to compensate. While, in general, I will not have an issue with this, it is interesting that this same bank’s Hong Kong branch is responding to similar investors in Hong Kong with some form of a refund. See
this report in the South China Morning Post. So, what gives here? Are Singaporean customers 2nd class to a Singaporean bank? I know DBS does not care for the Singaporean customers but this is ridiculous.

One comment

  1. It’s very sad that you don’t have an insurance program on your accounts. And also another example of how the greedy few can exploit so many honest people.

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