Seminar discusses June 1 deadline to file claims against Lehman Brothers
By Hoe Yeen Nie, Channel NewsAsia | Posted: 05 May 2009 2012 hrs
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SINGAPORE : A seminar on Tuesday evening sought to clear the air on a June 1 deadline for Lehman Brothers minibonds investors to file claims against the company.
About 120 people attended the forum by the Securities Investors Association of Singapore (SIAS).
The Monetary Authority of Singapore (MAS) has come forward to support the efforts by the association to help investors understand the issues involved in the June 1 deadline to make claims against Lehman Brothers Inc.
In a statement, which was read out at the meeting, MAS said it was of public interest for affected investors to have information about the assets of the relevant Lehman Brothers entities in Singapore, and to be able to make an informed decision.
There are two Lehman Brothers entities incorporated in Singapore and holding capital markets services licences granted by MAS. The two are - Lehman Brothers Pte Ltd (LBPL) and Lehman Brothers Singapore Pte Ltd (LBSPL).
Both, along with Lehman Brothers Inc, are subsidiaries of Lehman Brothers Holdings. The relevant Lehman Brothers entities in Singapore are no longer in operation.
As of 31 March 2009, Lehman Brothers Pte Ltd held US$144,740,631 in segregated house accounts, and US$153,578,500 in segregated client accounts. Both are held on behalf of Lehman Brothers Inc (LBI).
Lehman Brothers Singapore Pte Ltd held a net cash position of S$61,552,964 (as of end March), but it does not hold funds on behalf of Lehman Brothers Inc.
The MAS said it was releasing this information to help affected investors, given highly unusual circumstances due to the cross-border insolvency of Lehman Brothers.
But it stressed that it is not providing legal advice to investors, and in releasing this information, "is not in any way suggesting that legal action is in their best interests". - CNA /ls
By Hoe Yeen Nie, Channel NewsAsia | Posted: 05 May 2009 2012 hrs
Photos 1 of 1
SINGAPORE : A seminar on Tuesday evening sought to clear the air on a June 1 deadline for Lehman Brothers minibonds investors to file claims against the company.
About 120 people attended the forum by the Securities Investors Association of Singapore (SIAS).
The Monetary Authority of Singapore (MAS) has come forward to support the efforts by the association to help investors understand the issues involved in the June 1 deadline to make claims against Lehman Brothers Inc.
In a statement, which was read out at the meeting, MAS said it was of public interest for affected investors to have information about the assets of the relevant Lehman Brothers entities in Singapore, and to be able to make an informed decision.
There are two Lehman Brothers entities incorporated in Singapore and holding capital markets services licences granted by MAS. The two are - Lehman Brothers Pte Ltd (LBPL) and Lehman Brothers Singapore Pte Ltd (LBSPL).
Both, along with Lehman Brothers Inc, are subsidiaries of Lehman Brothers Holdings. The relevant Lehman Brothers entities in Singapore are no longer in operation.
As of 31 March 2009, Lehman Brothers Pte Ltd held US$144,740,631 in segregated house accounts, and US$153,578,500 in segregated client accounts. Both are held on behalf of Lehman Brothers Inc (LBI).
Lehman Brothers Singapore Pte Ltd held a net cash position of S$61,552,964 (as of end March), but it does not hold funds on behalf of Lehman Brothers Inc.
The MAS said it was releasing this information to help affected investors, given highly unusual circumstances due to the cross-border insolvency of Lehman Brothers.
But it stressed that it is not providing legal advice to investors, and in releasing this information, "is not in any way suggesting that legal action is in their best interests". - CNA /ls
