AIB Alpha Japan investment

Discussion in 'Financial campaigns and consultations' started by ABank, Apr 19, 2011.

  1. japanalphafund

    japanalphafund New Member

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    1
    I had thought I was alone in this dreadful mess but it appears many of us (all of us?) were misled by AIB. Having read so many similar cases above, I am angered by how AIB are now acting as there was clearly a problem. In my case, the adviser insisted that the investment be in tandem with a yen loan as part of the investment as it would make the investment more secure and reduce risk. I obviously wanted a safe investment and I took their advice to make the investment "safe". It turns out the investment was in euros and there never was a need for a currency loan. I have tried to discuss it with the people who advised me but no one would talk to me or return my calls. When I asked the customer service section of Bank for an explanation I was met with blanket denials that anything wrong was done. Another department of the bank is now demanding repayment of the currency losses. When I explained what had occurred they claimed ignorance and just made demands.
    What appears incredibly unfair is that there appears to me no way, without spending lots of money, of challenging them and making them own up to their mistakes and dealing with it fairly. What further concerns me is that they must be aware that they have got this wrong and are trying to cover it up, (there must be records of what occurred and is there not a duty on them?). For fear of sounding like a lunatic, would it be worth writing to the Government Minister in charge of AIB to get him/her to address this, as a lot of people were affected.
    Has anyone had any success in challenging them or gotten them to fix their mistake?
     
  2. ABank

    ABank Frequent Poster

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    36
    HI

    It seems that AIB have finally capitulated it seems and have accepted that yen loans were inappropriate in this case . They have sent us a letter offering to convert yen loan to euro loan from inception .
     
  3. js12345

    js12345 New Member

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    5
    Terrible behaviour by the Bank. Rather than admitting they had made a mistake at a minimal cost to the Bank and it's clients, they chose to fight tooth and nail on this and deny everything despite being aware of the wrongdoing. Central Bank nowhere on this.
     
  4. ABank

    ABank Frequent Poster

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    36
    Thankfully alpha investors will not suffer the scale of loss they might have had. Does anyone know why a settlement has been reached ? Was it central bank intervention or fear of the high Court action?
     
  5. johnny1234

    johnny1234 Frequent Poster

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    132
    Personally, the heat in the kitchen of AIB i'd say is sweltering. The High Court are due to be making a decision regarding Belfry funds soon and there is about to be another case started re another fund called The Portman Fund. Any property investments started by AIB have in the main being a case of Jobs for the boys.
     
  6. js12345

    js12345 New Member

    Posts:
    5