HK investors protest
Hundreds of protestors swarmed other major banks and the city's legislature and demanded help from lawmakers to recoup their money. -- PHOTO: AP
HONG KONG - FURIOUS investors clashed with police outside Bank of China's Hong Kong headquarters on Wednesday and demanded the repayment of investments linked to failed US bank Lehman Brothers.
Scuffles erupted outside the Bank of China building, as protesters tried to push through the police's barricade, an AFP photographer at the scene said.
Hundreds of protestors also swarmed other major banks and the city's legislature and demanded help from lawmakers to recoup their money.
The protestors, who complain that the banks which sold them the so-called 'mini-bonds' had not fully explained the risks involved, held placards and shouted slogans to demand a full refund of their investments.
Lawmakers, grabbed by protesters as they were on their way to the first session of the new legislature, promised to do all they could to pressure the government to take more aggressive action against the banks.
Wong Kin-ming, a retired hawker who had put his entire savings of 2.52 million Hong Kong dollars (S$469,000) into the bonds, said his financial advisor at one major bank told him there was no risk in the investment.
'He told me I would not lose my principal no matter what happened. Tell me what that is if it is not deception?' Mr Wong said.
The 53-year-old said he had had trouble sleeping for three weeks. 'I took three sleeping pills yesterday night. I will need a psychiatrist soon.'
The protestors gathered initially at the legislature on Wednesday morning, before they divided themselves into smaller groups and marched towards the headquarters of their own banks and the Hong Kong Monetary Authority.
Political parties said they would meet with some of the banks on Wednesday afternoon to discuss plans to resolve the crisis.
The government proposed on Monday that the banks buy back the products at their estimated value from investors, who bought an estimated 12.7 billion dollars (S$2.39 billion) of the products.
But the proposal failed to pacify bond holders, who said the market value of the products is now much lower than their purchasing price.
Lehman Brothers, one of Wall Street's most established banks, collapsed last month, sparking turmoil on financial markets across the world. -- AFP
Hundreds of protestors swarmed other major banks and the city's legislature and demanded help from lawmakers to recoup their money. -- PHOTO: AP
HONG KONG - FURIOUS investors clashed with police outside Bank of China's Hong Kong headquarters on Wednesday and demanded the repayment of investments linked to failed US bank Lehman Brothers.
Scuffles erupted outside the Bank of China building, as protesters tried to push through the police's barricade, an AFP photographer at the scene said.
Hundreds of protestors also swarmed other major banks and the city's legislature and demanded help from lawmakers to recoup their money.
The protestors, who complain that the banks which sold them the so-called 'mini-bonds' had not fully explained the risks involved, held placards and shouted slogans to demand a full refund of their investments.
Lawmakers, grabbed by protesters as they were on their way to the first session of the new legislature, promised to do all they could to pressure the government to take more aggressive action against the banks.
Wong Kin-ming, a retired hawker who had put his entire savings of 2.52 million Hong Kong dollars (S$469,000) into the bonds, said his financial advisor at one major bank told him there was no risk in the investment.
'He told me I would not lose my principal no matter what happened. Tell me what that is if it is not deception?' Mr Wong said.
The 53-year-old said he had had trouble sleeping for three weeks. 'I took three sleeping pills yesterday night. I will need a psychiatrist soon.'
The protestors gathered initially at the legislature on Wednesday morning, before they divided themselves into smaller groups and marched towards the headquarters of their own banks and the Hong Kong Monetary Authority.
Political parties said they would meet with some of the banks on Wednesday afternoon to discuss plans to resolve the crisis.
The government proposed on Monday that the banks buy back the products at their estimated value from investors, who bought an estimated 12.7 billion dollars (S$2.39 billion) of the products.
But the proposal failed to pacify bond holders, who said the market value of the products is now much lower than their purchasing price.
Lehman Brothers, one of Wall Street's most established banks, collapsed last month, sparking turmoil on financial markets across the world. -- AFP
