HKMA refers Lehman cases to regulator
The Standard
The Hong Kong Monetary Authority, the city's de facto central bank, referred 24 cases to regulators relating to the sale of investment products guaranteed by the collapsed Lehman Brothers Holding.
The cases involve "alleged mis-selling'' by two licensed banks in Hong Kong, the HKMA said, without naming the lenders.
After reviewing the evidence, the Securities and Futures Commission will consult with the HKMA on whether to impose sanctions, the statement said.
Sanctions may include suspension or revocation of registration, reprimands, fines or prohibition orders, it said.
More than 40,000 individuals in the city bought so-called minibonds, or investments guaranteed by Lehman and linked to the debt of some of the biggest Hong Kong companies.
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http://www.thestandard.com.hk/breaking_news_detail.asp?id=8091&icid=3&d_str=
Comparing to HKMA,
ReplyDeleteMAS is sigh....
This really make them looked bad.
Still thinking for being the financial hub.
Maybe not in my lifetime.
The show is about to start. The world will now see what hk mas can do for thier citizen compare to sg mas.
ReplyDeleteMAS is so afraid to investigate and is delaying and hopes that it will be spared the unpleasant task of uncovering the dirts.If If the banks are found to have mis-sold and misrpresented they may have to compensate in full and also MAS will have to punish them with hefty fines and possible some RMs' license will be revoked. This will bring shame and distrust. Public confidence will be dented.
ReplyDeleteMAS is dragging and stalling for time and it will not bode well for the central bank.
what a shame, i m always proud to be a S'pore PR, but not anymore, see how HKMA, quick to act n response compare to SG mas! Pls SG Mas do something n act immediately.
ReplyDeleteThis confirmed our suspicious that the empty talks like "everyone count" ...... are just for show.
ReplyDeleteSad Sad Sad.....
So sad and pathetic fof sg. sigh...
ReplyDeleteNow i feel disgrace, no face compare to hk mas.
ReplyDeleteDear Mr Tan,
ReplyDeleteThe HKMA is quick to act with foresight by leaning on their banks to make compensation because the poor people will eventually have to rely on the HK Govt for their livelihood. Likewise, we have to help MAS to think to be proactive along the same line - lean on the banks to get compensation now or some poorer ones will have to depend on Govt for their living expenses in time to come.
This is an eye openning experience for sporean, and for the whole world to see......
ReplyDeleteSad..
At the end of the day, whatever actions MAS seeks to take to address the current financial institution crisis so to regain or lose investors’ confidence will very well depend on whose interests she valued most and choose to represent to fulfill her role as the de facto Central Bank of Singapore.
ReplyDeleteA reminder to Our Pledge:
ReplyDeleteWe, the citizens of Singapore,
pledge ourselves as one *united* people, regardless of race, language or religion, to build a *democratic* society based on justice and equality so as to achieve happiness, prosperity and
progress for our nation.
http://www.sg/explore/symbols_pledge.htm
“How much does the Government care?”
ReplyDeleteWhose interests come first?
Is it just paying lip service or is it backed by prudent, decisive and effective actions?
This will be manifested in how serious and effective our government handles her people's complaints on the Lehman minibond issues.
The world is looking at how HKMA and MAS handles the Lehman minibond issues.
This will send a strong signal to foreign wealthy investors as to which is the safer and the preferred place to park their money.
The innocent investors who purchase the minibonds are "mini" people who can be forgotten in the eyes of MAS. Innocent or not rules are rules even if you are mislead by the FIs. There is no compassion by the authorities in power for the small people.
ReplyDeleteVery Sad
put your $ in HK. here the government is afraid to offend institutions and banks. GDP growth is on the top of their mind, not the suffering people. in HK, if u watch the video, they protest on tv with banner "DBS - No Conscience...cheat HK people of their $". so if DBS don't compensate i think the HK government revolve DBS license to operate there - pack up and go home. u think this will happen in s'pore. No ! our government will beg investors to come to boost the portfolio of foreign investors, u see that on tv very often, so and so mnc open regional office or headquarter in s'pore, then cut ribbon, give speech, bla bla bla.
ReplyDelete