Buying with cpf

[fusion3]

Dear bros and sis, would like to check anyone encounter same problem as me. Bought japanland using CPF few years ago. Company went bankrupt. So i assume my investment become worthless. But the script value ($18000) is still stuck at my CPF record and DBS record. Meaning that i can't use the first $18000 in my cpf to trade. And i can't close my DBS investment account, and have to keep paying quarterly charges to DBS. Any solution on this?

 

[Mecisteus]

http://infopub.sgx.com/FileOpen/20110629Delisting.ashx?App=Announcement&FileID=83920

arent you aware of the above? you should have sold them before delisting. now JAL is an unlisted public company. you need to sell back your shares to others. but you cant trade through SGX anymore. so i dont know how you are going to do that.

 

[fusion3]

http://infopub.sgx.com/FileOpen/20110629Delisting.ashx?App=Announcement&FileID=83920

arent you aware of the above? you should have sold them before delisting. now JAL is an unlisted public company. you need to sell back your shares to others. but you cant trade through SGX anymore. so i dont know how you are going to do that.

Yup. I know they have been delisted. But due to stupid sgx regulation, they did not offer us small retailer an exit offer. Somemore the stock suspend so long until it delist. Now even better, the company say they have closedown( bankrupt), but after they have pocket their director fee. So basically this company doesn't exist anymore. So checking any other bro or sis like me..

 

[Mecisteus]

Yup. I know they have been delisted. But due to stupid sgx regulation, they did not offer us small retailer an exit offer.

i know its too late. next time just sell away and bite the losses early.

 

[fusion3]

i know its too late. next time just sell away and bite the losses early.

Yeah man. But now the issue is my cpf and dbs account is stuck. So want to check anyone having same problem? I call cpf and the lady say i must use $18000 cash to buy back my paper! But now the company is bankrupt, i don't even know what paper am i getting if i pay $18000

 

[tiny]

You are still paying for the quarterly CPF custodian fee? Bit by bit all adds up, pay until steam.

 

[fusion3]

You are still paying for the quarterly CPF custodian fee? Bit by bit all adds up, pay until steam.

Yup. Don't know what i am paying for...

 

[bliss-po]

Dear bros and sis, would like to check anyone encounter same problem as me. Bought japanland using CPF few years ago. Company went bankrupt. So i assume my investment become worthless. But the script value ($18000) is still stuck at my CPF record and DBS record. Meaning that i can't use the first $18000 in my cpf to trade. And i can't close my DBS investment account, and have to keep paying quarterly charges to DBS. Any solution on this?

1.Suggest see your MP..let them find the solution as govt approves use of cpf funds for share investment. I always like to give them work and make them gainfully employed

2. It is ridiculous for DBS to charge you custodian fees, have it waived. As a matter of principle, there is nothing for them to look after..No share at all..No role as intermediary or as an agent ..ie sending advices for dividens, AGM notices etc.

3. Get an answer from SIAS..we pay clearing fees, etc etc..and they just sit on their fat ass collecting fees and doing very little. They are suppose to look after our interest...

 

[Paul Lee]

OMG! Thanks for sharing! Yet another reason (in my growing list) of why not to used your CPF monies for investment.

But something does not make sense. Maybe you should take a trip down to DBS and/or CPF to clarify things. Some things are easier to explain face-to-face. It will help if you can print out all the SGX announcement and other letters which the company had sent to you.

And pls lah. Dun bother your MP with this before you make an effort to resolve with DBS and CPF. Let them solve the issues for the needy first before you go to him. And dun think your MP is a genie or a magician. They cannot make the issue disappeared.

And pls also be clear that SIAS is an association. SIAS only looks after your interest if you are a members (just like CASE) The clearing fee does not goes to them! They wont bother with u if you are not a member.

 

[nauhchop]

OMG! Thanks for sharing! Yet another reason (in my growing list) of why not to used your CPF monies for investment.

But something does not make sense. Maybe you should take a trip down to DBS and/or CPF to clarify things. Some things are easier to explain face-to-face. It will help if you can print out all the SGX announcement and other letters which the company had sent to you.

And pls lah. Dun bother your MP with this before you make an effort to resolve with DBS and CPF. Let them solve the issues for the needy first before you go to him. And dun think your MP is a genie or a magician. They cannot make the issue disappeared.

And pls also be clear that SIAS is an association. SIAS only looks after your interest if you are a members (just like CASE) The clearing fee does not goes to them! They wont bother with u if you are not a member.

cpf monies only to be used in those stocks with steadier dividend. Like kep corp, st, starhub, etc. because it beats the 2.5% interest anytime.

 

[Paul Lee]

cpf monies only to be used in those stocks with steadier dividend. Like kep corp, st, starhub, etc. because it beats the 2.5% interest anytime.

Agree! Which kinda makes you wonder how a company like Japanland makes it on the list of companies that you can use your CPF monies to invest in.

I feel for TS. While he has accepted his bad investment choice (lesson learnt), he can't move on if he's been screwed by DBS over a phantom stock and screwed by the system which probably didn't take such an eventuality into consideration. Or maybe it did, but just that its obscure that most people would not know of it.

 

[nauhchop]

Agree! Which kinda makes you wonder how a company like Japanland makes it on the list of companies that you can use your CPF monies to invest in.

I feel for TS. While he has accepted his bad investment choice (lesson learnt), he can't move on if he's been screwed by DBS over a phantom stock and screwed by the system which probably didn't take such an eventuality into consideration. Or maybe it did, but just that its obscure that most people would not know of it.

Sometimes i wonder why cpf allows people to buy into stocks by foreign companies.
The system is in place to screw us from the beginning.

 

[genie47]

Go with as few stocks as possible for CPF. That Permanent Portfolio setup is good.

STI not a chance of it being off'd from the board. Ditto with any long govt bond and then there is the gold ETF.

With a 40% deviation for all the components I doubt you can even rebalance once a year. With input from your contributions, I think once every two years!

 

[starbugs]

I also agee. CPFIS really must be used for ultra-stable stocks or blue chips. If the dividend yield cannot exceed CPF yield, then there is no need to touch the CPF fund at all.

 

[athulican]

So far, my CPF investment records beat cash investment hands down. This is because I always buy on the way down with cash first, until no more bullets, then I thought of using CPF. As a result, the CPF investment tend to buy at the lowest point. Also, I don't trade in and out on CPF stocks, so the run up is also fantastic.

 

[Dividends Warrior]

So far, my CPF investment records beat cash investment hands down. This is because I always buy on the way down with cash first, until no more bullets, then I thought of using CPF. As a result, the CPF investment tend to buy at the lowest point. Also, I don't trade in and out on CPF stocks, so the run up is also fantastic.

2 lessons to learn from here.

 

[Paul Lee]

Sometimes i wonder why cpf allows people to buy into stocks by foreign companies.
The system is in place to screw us from the beginning.

Before the CPFIS was introduced, people complained about not having any control on their money. When they make money, they complained they cannot withdraw the profit. When they loss money, they complained CPF never protect them. So people are forever complaining no matter what the govt do.

So I think we should have some freaking backbone and stopped blaming the system all the time!! Blame yourself if you screwed up and make the wrong decision.

And you wonder why people continue to refer to us as a nanny state.

 

[nauhchop]

Before the CPFIS was introduced, people complained about not having any control on their money. When they make money, they complained they cannot withdraw the profit. When they loss money, they complained CPF never protect them. So people are forever complaining no matter what the govt do.

So I think we should have some freaking backbone and stopped blaming the system all the time!! Blame yourself if you screwed up and make the wrong decision.

And you wonder why people continue to refer to us as a nanny state.

I think you don't get it, mr Paul.

The system was there to screw people from the beginning, because there is no opt out. Its opt in by mandate.

Its not about having backbone or no backbone. Maybe you think that by not talking about the system means you have a bit more backbone than others.

And if u read what i wrote, ( provided u can read clearly in the 1st place ) my peeve was on the beginning which meant the formation of CPF.

Your understanding of the beginning means allowing people to buy stocks using CPF.

To me, the formation of CPF by not allowing people to opt out and be given 2.5% interest by "force" is a screw up from the start.

By being in this forum longer does not put you in a position to tell others whether they have or do not have backbone. If you really want to dish such advices, do it to your children in real life. Don't do it on an Internet forum and think of others as small kids.

If you wish to be a nanny, do it to your kids, no one bothers.

 

[Dividends Warrior]

This thread is escalating!

 

[nauhchop]

This thread is escalating!

Well, in the Internet, there are some who take pleasure in putting down others to show their egoistic side.

If i want to talk about someone without backbone, i must at least know who is that person or someone i knew in real life.

But to use such insulting terms on the Internet thinking that he knew me, sorry, but keep all those advices for people he knew.

We don't need nannies here. ( tongue in cheek )