http://www.reuters.com/article/governmentFilingsNews/idUST25884020090611
Reuters, 11 Jun 2009, Nerilyn Tenorio
HK court asked to step in on Lehman minibonds probe
HONG KONG, June 11 (Reuters) - Hong Kong's securities watchdog said it has sought court intervention to direct Lehman Brothers Asia Ltd to produce documents that could aid its investigation into the minibonds fiasco.
The case had been scheduled for court directions on July 22, the Securities and Futures Commission (SFC) said in a statement.
Investors in Hong Kong, Singapore and Indonesia have expressed outrage that the bond-like products they bought were actually complex derivatives that led to huge losses for many of them.
The SFC said Lehman, which is undergoing liquidation, had objected to the production of certain "privileged" documents containing an internal committee's assessment of new products, including the minibonds -- credit-linked notes related to the collapsed U.S. bank.
A spokeswoman in Hong Kong for Nomura International Hong Kong Ltd was not immediately available to comment. Nomura bought Lehman's Asian, European and Middle Eastern assets last year after the collapse of the Wall Street bank (LEHMQ.PK).
Discussions between the SFC and the liquidators and lawyers of Lehman Brothers since December 2008 had not resolved the claims of privilege, the SFC added. (Reporting by Nerilyn Tenorio; Editing by Chris Lewis and Muralikumar Anantharaman)
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Reuters, 11 Jun 2009, Nerilyn Tenorio
HK court asked to step in on Lehman minibonds probe
HONG KONG, June 11 (Reuters) - Hong Kong's securities watchdog said it has sought court intervention to direct Lehman Brothers Asia Ltd to produce documents that could aid its investigation into the minibonds fiasco.
The case had been scheduled for court directions on July 22, the Securities and Futures Commission (SFC) said in a statement.
Investors in Hong Kong, Singapore and Indonesia have expressed outrage that the bond-like products they bought were actually complex derivatives that led to huge losses for many of them.
The SFC said Lehman, which is undergoing liquidation, had objected to the production of certain "privileged" documents containing an internal committee's assessment of new products, including the minibonds -- credit-linked notes related to the collapsed U.S. bank.
A spokeswoman in Hong Kong for Nomura International Hong Kong Ltd was not immediately available to comment. Nomura bought Lehman's Asian, European and Middle Eastern assets last year after the collapse of the Wall Street bank (LEHMQ.PK).
Discussions between the SFC and the liquidators and lawyers of Lehman Brothers since December 2008 had not resolved the claims of privilege, the SFC added. (Reporting by Nerilyn Tenorio; Editing by Chris Lewis and Muralikumar Anantharaman)
------------------------
More at Singapore News Alternative:
1. HK court asked to step in on Lehman minibonds probe
2. Dr Chan Heng Chee Defends Singapore's Treatment of Terrorists
3. DBS Bank India opens its 10th branch in India at Salem
4. SIA Plane Disaster Averted In India
5. Analysts expect deeper recession for Singapore
6. Singapore's meagre real-estate quarter
7. Spore & other foreign govts pay for Pentagon staff trip in exchange for contract
8. S'pore ranks 2nd with Taiwan in global hiring outlook survey
9. Citigroup sets exchange, giving US big stake, GIC's stake affected
.
