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In response to media enquiries about Lehman Minibonds, a spokesman for the Financial Services and Treasury Bureau today (September 21) said the following:-
In the past week, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have been in close contact with the representatives of Lehman Brothers and the distributors of Lehman Minibonds to obtain an understanding of the impact on the minibond holders after Lehman Brothers filed for bankruptcy protection. The SFC and HKMA have also contacted the trustees of the Minibonds in the hope of finding ways to protect investors' interest. Representatives of SFC and HKMA met with Lehman Minibond holders yesterday to understand their concern.
The collateral assets backing the Lehman Minibonds are now in the custody of the trustees. The trustees are actively exploring various options in relation to the treatment of the assets. The trustees also agreed to provide the latest information to the investors for consideration as soon as possible. On the mechanism for disseminating information, both the SFC and the HKMA have asked the distributors to proactively liaise with their clients. Distributors for Lehman Minibonds are looking at ways to improve the communications channel with the investors. As to complaints regarding the sales practices of distributors, the SFC and HKMA will act on individual complaints of malpractice.
Ends/Sunday, September 21, 2008
Issued at HKT 19:23
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