"KODA" customer loss 21 million complaints no door

Mainland residents have no legal aid to invest in Hong Kong "at present, there is no progress on the loss of Koda products."　　Rai Jianping on the phone told Huaxia Times reporter.　　Since June 19, 2008, Rai Jianping issued a formal letter to ABN Amro (Hong Kong), all the waiting has been a failure: the fact that his account loss of HK $ more than 21 million has remained unchanged, and the Hong Kong HKMA and mainland authorities have not given a definitive response to his appeal.　　And as a lever trading, margin trading Koda products, for the so-called Koda contract has received the details of the stock, but there is no margin rule is the investment Koda products of the mainland rich are the most important reason for the loss of huge. The delay leads to a widening of the deficit "if it was just a zhangning of the private bank staff at ABN Amro's Hong Kong branch, I would have been unlucky." But a series of defaults by ABN Amro and a disregard for the interests of its clients have put us at a straw.　　Rai Jianping said his biggest loss was in fact the Dutch bank's default since June 2008. "June 19, I sent an email to the bank informing me that because of the seriousness and complexity of the problem, I decided that I would not operate the account any more and that it would be the responsibility of the bank to reduce the losses."　　Rai Jianping said his account shares were worth about HK $14 million at the time. "The Bank of Holland replied the following day, confirming receipt of my complaint, conducting an investigation and informing me of the written reply within 1 months."　　Rai Jianping said he understood that it meant he had to wait, there was no way to operate the account, and the bank didn't tell him how to handle the account. "The letter of July 16 said that it was not possible to reply within 1 months, saying that it would be answered before August 18."　　Rai Jianping said he was waiting for the Dutch bank to negotiate with him on the issue of compensation in Hong Kong August 18.　　As the bank talks about minor project compensation, Mr Lai wants a package of compensation schemes, which ultimately leads to no substantive consensus. "August 25, September 2 I again sent a letter urging, the September 5 reply, the ABN Amro Bank still did not inform the contents of the June 9 letter and how the account is handled."　　Rai Jianping said the 14 million Hong Kong dollar shares on June 19 were worth about HK $10 million by the end of August. "But by September 18 the bank told the account to be on its own, and the 3-month-old stock in the middle of about 4.2 million of the value of the Hong Kong dollar would need me to receive and deduct money from my account and pay me a loan of HK $ more than 4 million."　　"Rai Jianping said that this was the first time the Dutch bank default, 3 consecutive months did not timely, by volume, at the price of the delivery of shares to him, so he informed the Bank to terminate the contract." "It is not authorized to deduct money from my account, otherwise it is inside, and should take responsibility according to law."　　"Rai Jianping's attitude is stark," he says, which is one aspect of the Dutch bank's breach of contract. At the same time, ABN Amro's default also made him feel guilty, "September 8 take My money first, September 18 to the stock. " Why is it 10 days apart?　　This should be the customer's deduction after the next day to deliver the stock. "Giving the stock 10 days later equals buying the stock with the client's money, which is exactly when my stock falls to its lowest price in history," he said.　　Mr Lai took out the stock price movements at the time of the purchase, and September 8 The Revival international bid was HK $7.54, followed by a price of HK $5.8, HK $5.4, and HK $4, which fell to HK $2 by September 18. "It was the lowest point in history and the banks gave me the stock and they made the biggest difference in the middle."　　Rai Jianping So articulate the true reason for what he understands.　　What Rai Jianping didn't think of was that in October, he had all the shares in the bank, and that was when Hong Kong stocks fell to a record low of 10500多, at a time when the international recovery was down to a historic minimum of HK $1.2. "These are a few points in time, why can they be like immortals?" "Rai Jianping tries to analyze the rules and coincidences in these games, the relationship between banks and customers determines the role of the bank in this game: because the stock price changes, including the huge short-term fluctuation, so the bank will use its information, talent, experience and other advantages of the stock price of the future trend of the judge,　　Take appropriate measures to maximize profits. "I ended up with a negative equity of HK $2.3 million and then the Dutch bank wiped it out and I don't know what it means," he said.　　"Rai Jianping a little laugh and cry, ABN Amro is" charity "behavior or robber behavior. Outside the door "we are now in a very awkward position where Hong Kong residents can apply for legal aid to the Hong Kong Legal Aid Department, but there is no such legal support for the loss of investment by mainland residents in Hong Kong."　　Rai Jianping said that in Hong Kong to fight such an economic lawsuit, the plaintiff must pay a higher amount of margin in the legal department. Rai Jianping told the Huaxia Times reporter that Hong Kong people outside Hong Kong (including legal persons) would require the plaintiff to deposit a large amount of the defendant's legal fees with the court in case the plaintiff loses the defendant's lawyer fee.　　Therefore, the plaintiff not only to pay the margin, but also to bear the legal fees of their own, Hong Kong law does not allow lawyers to carry out risk litigation fees, that is, after the work of the results of fees, in other words, to recover the loss of HK $ more than 20 million by litigation, may have to pay 10%-20% "Now that we are all in debt by these foreign banks, where is there so much money to go to the lawsuit?" Rai Jianping said that if he wanted to try this lawsuit, he would have to pay a sum of money to the court.　　This is also the cost he must consider in his current trip to Hong Kong. "Although the mainland authorities and the HKMA have memoranda of mutual financial supervision between the two sides, the relevant regulatory authorities in the country have only accepted our complaints and handed them over to Hong Kong, and there is no below."　　Rai Jianping told reporters what he had done. And journalists such incidentsThe CBRC has not received any reply from the CBRC to the incident. "In the end, we may have to give a lawyer in Hong Kong to fight this lawsuit," he said.　　Rai Jianping said that he had fallen into the trap of "one-minute deal, one-year loss, and a lifetime of bad luck", and the greater significance of the lawsuit was the hope that a comprehensive review and revision of the legislative norms relating to Koda would be conducted to safeguard the fairness and justice of the parties and to purge the investment environment Link KODA only Southeast Asian characteristics "in fact, according to our understanding, KODA this product in Europe and the United States have no sales." Selling only to Asians is entirely a designer's own business.　　Rai Jianping Analysis said this is more like an economic war without gunpowder, is born of economic drugs.　　While the reporter consulted two foreign banks in charge of the private banking sector, two people who did not want to be named said: This is the European and American countries and Southeast Asian countries private Wealth management model results, there is a deeper cultural background. "In North America and Europe, investors have a healthy mindset, so assets must be a portfolio." But in Southeast Asia as well as in Hong Kong, most investors want to get in every day, trading in the market's high and low game.　　"A foreign bank president who has worked in European countries for many years told the Huaxia Times reporter." The reason for the dispute, he said, was that the communication between investors and banks was not smooth, and that the Koda products were too leveraged to meet investors ' investment expectations, so that customers had no money to append when stocks fell.　　That is why some private banks in Hong Kong have not given investors a clear picture of the risks and packaged their high-risk hides as "discounted shares" that deceive most investors of their irresponsible conduct. The general manager of the Wealth Management center of a foreign bank who worked for a bank in the United States said to the Chinese Times Reporter: "The European and American investors are more rational, they buy most of the products for the structure is very simple funds, stocks, so the Koda-type structure of complex products very cold." At the same time, he said: "Chinese gambling is very strong, such a cultural background led to private banks to individual investors or corporate investors to promote Koda market demand."　　"This Koda lawsuit tide is not only the mainland rich people's special session, Hong Kong Rich also has many to be involved in it." "Whether a private bank account manager is selling a product that is not guaranteed to be a product, has leverage, needs additional margin and is a long-term commitment is important, but the customer has a responsibility to understand where the risk is, and high returns are inherently risky."　　The general manager said. The general manager cautioned investors to ask questions about products that don't understand or have complex structures, or simply don't buy them. (Zhu Lian)