Great Eastern announced on Aug 31 that it is making a one-time redemption offer to its GreatLink Choice (GLC) policyholders. The offer will be open for acceptance from 3 August to 28 August 2009. During the offer period, GLC policyholders can, if they so choose, have their GLC units cancelled under this redemption offer and receive a sum equal to the original purchase price of $1.00 per unit, less the total annual payouts received to-date. With this, over 18,000 policyholders will be getting a full refund on the invested sum which amounts to approximately $250 million.
After reading GE financial report, the cost in the redemption is most likely to be borne by the shareholders of GE and its parent company, OCBC Bank. This is fair.
I hope the other financial institutions can take Great Eastern as their role model and come out a fair compensation to investors who have lost in structured products including the Lehman Minibonds, DBS High Notes, Morgan Stanley Pinnacle Notes and the Merill Lynch Jubilee Notes. This is a win-win situation for both Great Eastern and its policyholders. I hope Great Eastern reputation can be enhanced from this redemption.
Subscribe to:
Post Comments (Atom)
Popular Posts
-
Google url shortener service, goo.gl , is now much improved with newly included features like easier copy and paste, and ability to delete e...
-
I would like to apologize that sigining of my guestbook is not possible at the moment due to an unexpected bug. There is already 74 entries ...
-
Get accurate and real-time bus arrival information for public bus operators in Singapore, including SBS Transit, SMRT Buses, Go-Ahead Singap...
-
Installed FortiClient recently but the challenge in disabling the application/service from running automatically on every start-up annoyed m...
-
*********** Try to sleep now, close your eyes Soon the birds would stop singing Twinkling stars, are shining bright They'll be watch...
No comments:
Post a Comment
Do provide your constructive comment. I appreciate that.