December 22, 2008: 04:55 AM ET
HONG KONG -(Dow Jones)- The Hong Kong International Arbitration Centre said Monday it concluded its first mediation of a dispute over the selling of structured products related to Lehman Brothers Holdings Inc.
The independent body said in a statement it mediated a dispute on Dec. 10 in which investors and a bank reached a settlement after five hours of talks. It didn't give details.
The Hong Kong Monetary Authority said in late October it would refer mediation requests to the arbitration center in cases where both sides agreed to it, to try to reach voluntary settlements on the disputes.
The HKMA said earlier the costs of mediation and arbitration would be split, with banks paying half and the HKMA paying the rest on behalf of investors.
Thousands of investors claim they were misled about the risks when they purchased 'mini-bonds' backed by Lehman, only to see the value plunge after the former Wall Street giant declared bankruptcy in September.
The Hong Kong International Arbitration Centre was set up in 1985. It receives funds from the business community and the Hong Kong Government but says it is totally independent of both and financially self-sufficient.
http://money.cnn.com/news/newsfeeds/articles/djf500/200812220455DOWJONESDJONLINE000122_FORTUNE5.htm
Dear FRIENDS
ReplyDeleteIt will be very encouraging if MAS learns from Hong Kong authority -- [a] let an independent to handle the complaint [b] make the FI pays for the costs.
FROM: Cashew Nut