The serene Hong Lim Park is again packed with people from all over. Most of them look tired in their eyes and were anxiously waiting for the speaker and hopefully to get some news updates from the authorities.
Crowds of people also gathered around the trees where banners and cardboards with newspaper cutting and lawyer letters attached. The following are some pictures take I have taken from the scene. Some groups of people are prepared to sue the banks while some are filing complains about the misselling by the banks or agencies.
Seriously, I am glad I didn’t buy any of these structured deposits as I was burnt with unit trusts investments. Some banks do hard selling to the elderly, asking them to sign at the dotted line.
I saw one of the brochures being pinned up. It showed that the potential interest is 5.10% for 3 yrs then 6.4% for the following 4 years. Seriously, if the bank’s relation managers would to introduce it to me, I would probably also invest in it. A word of caution, any investments like Foreign Currency FD, Unit trusts, structured deposits etc are high risk investments if it involves anything outside Singapore. Without knowing where your money goes to is doing yourself a disfavour. If you are really that interested to get a higher returns, do not exceed and place 100% of what you have in such schemes. It is way too dangerous.
So, did you invest in the minibonds and related products and are affected by this ? Post your comments below.