The 172,000 investors in Malaysian securities purchased in the CLOB market in Singapore have valid grounds to be thoroughly dissatisfied and angry.Their shares have been frozen since Sept 1998 with no solution in sight. Instead of doing the proper thing to unfreeze the shares in stages, CLOB investors are expected to go for dubious proposals by greedy third parties who expect to take a cut from the RM16 billion market value. To put a little fear into the Singaporeans (gempar sikit-sikit) the shares will be transferred to the Ministry of Finance if solution is agreed in 6 months. This mistreatment of legitimate foreign investors will be long remembered and yet another blot on Malaysia's regulatory record.