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Group of Singaporeans organize meeting to discuss collective action on Lehman Minibonds

A group of Singaporeans, who invested in Lehman Minibonds, is organizing a meeting on Wednesday (24 September) at the National Library to “discuss collective action and to sign a petition for submission to the authorities,” according to a notice posted on Mr Tan Kin Lian’s blog.

Jan Chan, who is part of the group from the website lioninvestor.com,  who is organizing the meet up, told TOC that they are expecting a small group of 10 to 15 people for this initial meeting. The session will also be for brainstorming for any action which they might want to take, she said.

Lehman Brothers, one of the biggest investment banks in the world, recently filed for bankruptcy as a result of the credit crisis.

The meeting on Wednesday, September 24, is as follows:

Date : Wed, September 24

Time : 7pm

Venue : Outside Hans Cafe (#01-01) at the Central Public Library, 100 Victoria Street.

Mr Tan himself, who was the Chief Executive Officer of NTUC Income, is also organizing a meeting for investors affected by the Lehman collapse, according to his blog entry.  In it, he says that he has received the “particulars of 70 investors of the credit linked securities” and will be arranging for a group meeting with them.

He is also advising affected investors to “write a letter addressed to the CEO of the financial institution” from whom they have bought the credit linked securities and to also meet with their Parliamentary representatives to let them know “how painful it is to lose the hard earned money.”

According to a Straits Times report on 23 September, Mr Tan urged the authorities to “investigate financial companies that sold retail investors these structured products, and take them to court if necessary”, if they had given “bad advice” or if they had broken the law by giving “inappropriate advice” to investors.

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Read also:

MAS says Lehman minibonds trustee HSBC has engaged legal counsel.

Priority to investors: MAS.

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