Seems like HK is always a step ahead of Singapore where DBS still HAVE NOT processed all the investors' complaints yet !
Holders of all Lehman Brothers minibonds with remaining value can expect to get their money by January under a buy-back proposal approved by a bank taskforce last month.
Meanwhile, two minibond investors have received refunds from Bank of China (Hong Kong), TVB (SEHK: 0511) reported last night, becoming the first minibond settlements by a bank since Lehman collapsed in September.
One of the investors did not say how much money was involved, but expressed gratitude to the bank.
Lawmaker Chan Kam-lam, of the Democratic Alliance for the Betterment and Progress of Hong Kong, who helped the investors, said the buy-back was a special arrangement by the bank, made before the minibond values were calculated, after considering the investors’ experience and financial backgrounds.
Read full article here:
http://wayangparty.com/2008/11/05/minibonds-buy-back-deal-outlined/
NOTE: SCMP is a PAID subscription. Wayangparty has subscribed to it and will post its full articles on the minibond fiasco daily on its blog.
Holders of all Lehman Brothers minibonds with remaining value can expect to get their money by January under a buy-back proposal approved by a bank taskforce last month.
Meanwhile, two minibond investors have received refunds from Bank of China (Hong Kong), TVB (SEHK: 0511) reported last night, becoming the first minibond settlements by a bank since Lehman collapsed in September.
One of the investors did not say how much money was involved, but expressed gratitude to the bank.
Lawmaker Chan Kam-lam, of the Democratic Alliance for the Betterment and Progress of Hong Kong, who helped the investors, said the buy-back was a special arrangement by the bank, made before the minibond values were calculated, after considering the investors’ experience and financial backgrounds.
Read full article here:
http://wayangparty.com/2008/11/05/minibonds-buy-back-deal-outlined/
NOTE: SCMP is a PAID subscription. Wayangparty has subscribed to it and will post its full articles on the minibond fiasco daily on its blog.
