Sunday, February 07, 2010

SCMP:Legco panel to call senior bankers over Lehman minibonds sales

Hong Kong's parliament is active in investigating the minibond saga. Read this report.

The Legislative Council committee investigating the Lehman Brothers minibonds saga will summon senior representatives of six banks to testify before its hearings, committee chairman Dr Raymond Ho Chung-tai said. The banks are: DBS, ABN Amro, Citibank, Dah Sing Bank, the Bank of China and Standard Chartered Bank. Securities and Futures Commission chief executive Martin Wheatley will testify before the inquiry again on Tuesday.
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5 comments:

Anonymous said...

I do not see the status of Hong Kong financial centre being shaken by all these probes on major banks. In fact Singapore Banks want to further expand their businesses in Hong Kong.

Looking back at how MAS probing the banks in Singapore, I figure those investigations are like child play compare to Hong Kong's.

February 07, 2010 4:20 PM
Anonymous said...

The mentality and attitude of S'pore govt is so 1-dimensional that it is quite easy to predict their reactions to most things. By default they will go down the road that will preserve & protect the status quo: PAP is S'pore and S'pore is PAP, high GDP, high level of sovereign reserves, control of key sectors of industry thru GLCs, high level of armed forces spending, favouring of MNCs and big corporations, favouring of higher-income individuals, fee-based approach to govt services.

If S'pore's general elections had to be called by mid-2009, I'm sure MAS reaction would be more pro-active and pro-individual investor. May not be as good as HK, but still better than what happened.

Just like now, the govt is trying to sound more pro-citizen versus PRs and foreigners. But the old leopard can never change its spots. I find it very funny how different PAP ministers contradict each other in their speeches and comments to the press, and also say one thing but act another way.

February 07, 2010 5:59 PM
Anonymous said...

I hope they punish DBS severely for selling the toxic proucts

February 08, 2010 1:49 PM
Anonymous said...

If the Govt refuses to help, it's
okay, what we are fearful of it
will work behind the scene to
sabotage the legal suits brought
by the victims against the FIs that
sold them the toxic products.
The Courts here are not that independent of politics.

February 08, 2010 11:37 PM
Anonymous said...

"I hope they punish DBS severely for selling the toxic proucts"

-Govt owned DBS
-Sgp Court
-DBS lawyer Davinder never lost a case.

What are the odds that the HN5 investors have to pay cost? My opinion? Very high.

What are the implication if HN5 investors win? Think about HK investors in High Notes. Also that Sgp Govt does not lose...

February 10, 2010 9:20 AM

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