Wednesday, October 08, 2008
Lehman Brothers minibond holders are demanding a full refund of their money following the government's proposal that banks buy back the failed US investment bank's minibonds from investors.
The Hong Kong government on Monday proposed that 19 distributor banks and brokerage firms buy back minibonds from clients at market value to shorten the painful process of individuals recovering their money and limit reputational damage to banks.
About 50 investors attended a Democratic Party meeting yesterday to discuss the proposal.
Some minibond holders said they would not be happy if they can only get back 60 to 70 percent of their investment and insisted on a 100 percent refund. They also blamed the government for lacking supervision of investment products.
The investors said they will continue to pursue legal action on the marketing practices of the banks promoting Lehman minibonds.
Undersecretary of Financial Services and the Treasury Bureau Julia Leung Fung-yee reiterated yesterday that banks "are not exempted from the investigation on marketing practices even if they are willing to buy back."
The government expects distributors to look at the proposal and assess its potential risks before deciding within a week on whether to accept.
Investors will separately meet Bank of China (Hong Kong) (2388) representatives and lawmakers at the Legislative Council today.
- ► 2019 (1839)
- ► 2018 (1406)
- ► 2017 (1258)
- ► 2016 (828)
- ► 2015 (691)
- ► 2014 (144)
- ► 2013 (501)
- ► 2012 (1269)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1654)
10/05 - 10/12
- Distributor: UOB Kay Hian
- Social responsibility to Singaporeans
- Speaker's Corner - 11 Oct 2008
- File an affidavit to support your claim
- Rebuilding the Global Financial System
- High cost of life insurance at older ages
- Class action against Lehman Brothers in USA
- Is MAS at fault?
- Unhappy with bank's complaint handling process (3)...
- Hong Kong - selling of structured products
- MAS publishes timeline for Minibond resolution pro...
- Climate of fear and intimidation
- Risky to trade on leverage
- Feedback on complaint handling process
- Difficulty with travel insurance claim
- Lehman Bond Probe Widens
- ST Index approaching 1900
- Petition has been lodged
- How the market really works
- Hong kong: Curb on banks' investment sales aired
- Complaint to MAS against a financial institition
- SCMP - DBS offers full compensationto mini-bond ho...
- Fiduciary duty
- HKMA vs MAS
- Global Financial Crisis - subprime loans
- Get information from my blog
- Book on financial planning
- Unhappy with bank's complaint handling process (2)...
- Bank agree to buy back risky investments
- No personal investment in credit linked securities...
- Media interviews on Petition
- Call for investors to take the next step
- Unhappy with bank's complaint handling process
- Financial institution fined for mis-selling
- Oversight of the complaint handling process
- Misleading advertisements
- Hong Kong: Minibond investors demand full refund
- Restrict the issue of credit cards
- Petition to Singapore Government - 983 signatures
- HKMA investigates complaints of alleged mis-sellin...
- South China Morning Post: 2003 case sets precedent...
- New type of foreign talent
- Poor payout on Anticipated Endowment policy
- Is bond fund risky?
- Legal fees - action against distributor
- Credit default swaps - who benefits?
- Coordinated interest rate cuts
- Reduced bonus under Income policies
- Dividend under STI ETF
- Credit default swap
- Full particulars of investors of credit linked sec...
- Hong kong - minibond buyback proposal
- File a police report
- Securities Investors Association of Singapore (SIA...
- Consumer Association
- Collective Action against specific distributors
- Unable to give individual advice or attend to indi...
- Monetary Authority of Singapore - Consumer Complai...
- ST Index is still falling
- Lodge your complaint with the Distributor
- Write to Monetary Authority of Singapore
- Meet the Member of Parliament
- My blog passes 500,000 visitors on 6 Oct 2008
- Petition to Singapore Government - Credit Linked S...
- Expensive to battle in court
- Consumer banking sells the structured products
- Loss of retirement savings
- Speaker's Corner, Saturday 11 October, 5 - 7 pm
- Section 199 of the Securities and Futures Act
- Section 27 of the Financial Advisers Act
- Request for help from Relationship Managers
- Petition on Credit Linked Securities, Singapore
- Capital protected product
- Service to the people
- CNBC short video on Minibond
- Is it wise to cash out on the structured product n...
- A highly risky structured product
- Selling of life insurance through multi-level
- Engaging a lawyer
- Elderly get hit the most!
- ▼ 10/05 - 10/12 (80)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)