75 year old retiree loses S$400,000 with Lehman’s collapse!! Oh my gosh!

I cannot imagine that after working over 40 years until you retire, you have save a sum of money over 40 years. You have put the money into a bond which claims to be low risk and now all the money is gone, not even 1 cent you will be getting back. Very very bad, how many nights that you cannot fall asleep. Oh my gosh! My heart pain so much for them, hope the bank could return part of the money for them.

SINGAPORE: Some 10,000 people in Singapore paid out half a billion Singdollars for structured financial products linked to the now bankrupt Lehman Brothers.

75—year—old Mary Kwok is one of them. She lost S$400,000 — money meant for her and her husband’s retirement.

She said they had never made any high—risk investments until two years ago when she was collecting interest from her fixed deposit account. That was when a financial consultant introduced her to Lehman Brothers Minibonds, promising low risks.

The total issue size of the Lehman Brothers Minibonds was S$508 million. Out of this, S$375 million was sold to about 8,000 retail investors through nine distributors in Singapore.

The Monetary Authority of Singapore (MAS) said action will be taken if its investigations uncover misrepresentation from financial institutions to their clients when selling the Lehman Brothers Minibonds.

Source from:

http://www.channelnewsasia.com/