93.8 Live did a short segment on the Lehman Minibonds and DBS HN5. The show included an interview with Tan Kin Lian. (click on the start button to hear).
"They are very dangerous and high risk products" - Tan Kin Lian
For those of you who still have doubts that there was misrepresention involved in the sale of these products consider this : the Lehman Minibonds were not even bonds. It was a synthetic derivative created by Lehman to insure against the default of debt of a number of reference entities. The "return" that investors receive was paid out by Lehman as an insurance premium against the default of the reference entities. It is certainly not a "safe investment" and investors unknowingly got involved in derivatives.
Their best chance now for recovery of their money is collective action. It is a waste of time going to the bank individually and have them explain why most of your money is lost. Most investors understand by now that most of the money is gone with the fall of Lehman. The main issue is misrepresentation and misselling. While the authorities in Hong Kong are directly involved in the collective action of investors, Singaporeans have to get this thing done themselves as the authorities are expected to distance themselves. Tan Kin Lian and the Lion Investor are trying to get investors organised to seek redress.