Dear Mr Tan, You may want to reproduce this article on your main blog for the rest to read. It is reported by The Standard - Hong Kong newspaper:
Minibond investors looking at January for partial refund
Holders of Lehman Brothers minibonds may recover part of their investments as early as January next year, according to the Hong Kong Association of Banks.
Katherine Ng and Alfred Liu
Wednesday, November 05, 2008
Holders of Lehman Brothers minibonds may recover part of their investments as early as January next year, according to the Hong Kong Association of Banks. Investors have about two weeks from early next month to decide whether they accept the valuation and buyback offers from distributor banks, which will then have around 20 days for settlement, said Ann Kung, chairwoman of the HKAB Lehman incident task force.
To get the most reasonable prices, Kung said the task force will invite investment banks to offer indicative prices for underlying assets of the minibonds, both sum-of- the-parts and each series as a whole.
She said the best hope is to have independent financial adviser Ernst & Young set the final assets valuation by the end of this month before banks begin the minibond buybacks in early December.
Kung, however, refused to say if banks would shoulder processing costs as it was not a priority item on the agenda.
Democratic Party chairman Albert Ho Chun-yan said about four to six minibonds holders with investments of hundreds of thousands to millions each, are expected to sue the distributors of the failed investment products if the banks still refuse to discuss settlement with them by 5pm today.
The Hong Kong Monetary Authority has referred 72 cases to the Securities and Futures Commission, but the SFC has yet to set a timetable for its investigation.
Ho brought about 10 investors to meet the two regulators yesterday, when more than 100 investors protested outside government headquarters and the Central Government Liaison Office.
SFC chief executive Martin Wheatley, in response to requests for speeding up the probe, said: "We assure the SFC is committed to doing so. The SFC must act in accordance with the legal process."
Meanwhile, a local television station reported that BOC (Hong Kong) (2388) has reached settlements involving one Lehman equity-linked product and one Lehman minibond holder.
Dear Mr Tan,
ReplyDeleteYou may want to reproduce this article on your main blog for the rest to read. It is reported by The Standard - Hong Kong newspaper:
Minibond investors looking at January for partial refund
Holders of Lehman Brothers minibonds may recover part of their investments as early as January next year, according to the Hong Kong Association of Banks.
Katherine Ng and Alfred Liu
Wednesday, November 05, 2008
Holders of Lehman Brothers minibonds may recover part of their investments as early as January next year, according to the Hong Kong Association of Banks.
Investors have about two weeks from early next month to decide whether they accept the valuation and buyback offers from distributor banks, which will then have around 20 days for settlement, said Ann Kung, chairwoman of the HKAB Lehman incident task force.
To get the most reasonable prices, Kung said the task force will invite investment banks to offer indicative prices for underlying assets of the minibonds, both sum-of- the-parts and each series as a whole.
She said the best hope is to have independent financial adviser Ernst & Young set the final assets valuation by the end of this month before banks begin the minibond buybacks in early December.
Kung, however, refused to say if banks would shoulder processing costs as it was not a priority item on the agenda.
Democratic Party chairman Albert Ho Chun-yan said about four to six minibonds holders with investments of hundreds of thousands to millions each, are expected to sue the distributors of the failed investment products if the banks still refuse to discuss settlement with them by 5pm today.
The Hong Kong Monetary Authority has referred 72 cases to the Securities and Futures Commission, but the SFC has yet to set a timetable for its investigation.
Ho brought about 10 investors to meet the two regulators yesterday, when more than 100 investors protested outside government headquarters and the Central Government Liaison Office.
SFC chief executive Martin Wheatley, in response to requests for speeding up the probe, said: "We assure the SFC is committed to doing so. The SFC must act in accordance with the legal process."
Meanwhile, a local television station reported that BOC (Hong Kong) (2388) has reached settlements involving one Lehman equity-linked product and one Lehman minibond holder.
Safe travels Mr Tan. You're missed already.
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