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Tuesday, October 21, 2008

Collective letter to distributor

The investors of the High Notes have submitted a collective letter to DBS to seek an open forum with the senior management.

I suggest a similar approach be taken by the investors who bought from the other distributors, such as Hong Leong, Maybank, ABN and others. The leaders of the group can take the lead to collect the signatures.

The collective letter should ask for a meeting to address the following:
1. the alleged mis-selling of the product
2. get the product arranger and/or the trustee to give a full statement of account
3. how the distributor can help the investors to reduce their loss or to give appropriate compensation.

Note: This letter to the other distributors should be worded differently from the letter to DBS - as DBS is both the product arranger and the distributor. For the other distributors, they are NOT the product arranger, so the statement of account has to be given by the product arranger.

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