Don’t Speak the Truth in Hong Kong.

HK Banking System has betrayed Oldies.

By Dr. Asmat Hayat ALVI.

I am writing this article on behalf of Oldies of Hong Kong who have had lost their entire hard earned life savings in Bank Scam.

Hong Kong Oldies complain that ‘Hong Kong Retail Banking System is like predators that not only wait for their pray to walk in but also hunt and convince them to try their product, misleading them to fall into their trap.’

Oldies of Hong Kong ask, ‘Where is the professionalism, credibility and responsibility of retail banks?

What have Monetary Authority, Banking Authority, SFC and Government of HKSAR done so far to help common poor old citizens who fall pray to such scams, created by Hong Kong Banking System.

Oldies of Hong Kong ask, ‘Why the authorities of HKSAR allowed our retail banks to use the banking platform to rip off customers?

Oldies of Hong Kong ask, ‘Why are Authorities not taking any disciplinary actions?

Oldies of Hong Kong ask, ‘Are Hong Kong Banks licensed to trap customers by not exposing the potential risks of their products?

Why is there is no monitoring of the process?

Oldies of Hong Kong complain, ‘The Hong Kong Banking System and the Government of Hong Kong have betrayed the common citizens of HKSAR especially; Oldies of Hong Kong.

Oldies of Hong Kong complain, ‘they have rubbed poisoned-salt into the wounds of people. The victims of this crisis, whom mostly are middle-aged, middle-class, semi-retired or retired citizens, who deposited their entire hard-earned money into banks unaware that they are being invested in the Hong Kong Securities Exchange with high potential risks.

Oldies of Hong Kong tell, ‘Victims of bank scam do not understand what Lehmann is, they only trust Hong Kong Banks which, unfortunately, only expose the positive side of their products in their information sheets while leaving no mention of the risks involved.

Oldies of Hong Kong say, ‘We victims of bank scams are not asking for any sympathy from our government but, are just demanding that our hard-earned life savings, which they thought were under fixed-deposit schemes, be returned.

Oldies of Hong Kong complain, ‘Our government has had allowed the biggest scam and rip-off perpetuated by the Hong Kong Banking System.

The banks used their financial weapons of mass destruction in the guise of legal-disclaimers that were not even properly explained to depositors. They have turned their backs on their responsibilities.

Oldies of Hong Kong weep and sob while they tell all these facts.

Date: July 15, 2010