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Thread: HK banks to repay minibonds investors

  1. #1

    Default HK banks to repay minibonds investors

    HK banks to repay minibonds investors

    About 60 have so far received compensation from the banks. -AFP

    Wed, Dec 10, 2008

    HONG KONG - HONG Kong banks have paid back HK$30 million (S$5.8 million) to investors who said they were missold financial products backed by failed US giant Lehman Brothers, a lawmaker said on Wednesday.

    About 60 people have so far received compensation from the banks, Democratic Party legislator and lawyer Albert Ho said, in the scandal that has led to protests across the Asian financial hub.

    But Mr Ho lamented that the settled cases represented fewer than one percent of the 7,000 cases the party has been handling.

    'After more than two months' effort, we have successfully pressured the banks to settle about 60 cases through mediation, allowing the victims to get back the money they earned with their blood and sweat,' Mr Ho told AFP.

    He added that the investors had managed to get a full refund in some of the cases, but refused to give a breakdown.

    'However, this number is very small. Many times, we had to threaten them with lawyers' letters before the banks agreed to settle,' he said.

    More than 40,000 Hong Kong investors - including many retirees - had put a total of HK$15.7 billion of their savings into minibonds and other complex products backed by the investment bank.

    Former Wall Street icon Lehman Brothers collapsed in September under mountains of debt, making many of the investments completely worthless.

    Mr Ho said other cases may have to use the courts to find a settlement.

    He added a group of US lawyers will fly to Hong Kong later this month to discuss a proposal for a cross-country lawsuit against the US institutions involved in the handling of the Lehman-backed products.

    Meanwhile, two Singaporean residents have become the first to launch a lawsuit in Hong Kong's High Court over the minibonds saga, The Standard newspaper reported on Wednesday.

    In a writ filed on Tuesday, Stephen Tou and Wong Fung-chun sought HK$9.83 million in compensation from DBS Bank (Hong Kong).

    They said they had put almost all their life savings into Lehman-backed structured notes after staff at the bank told them the investment was safe.

    source :-

  2. #2

    Default Re: HK banks to repay minibonds investors

    I wonder if Singaporeans will get something back?

  3. #3
    Join Date
    Dec 2008
    Singapore, Singapore

    Default Re: HK banks to repay minibonds investors

    I guess maybe sporeans will get back 50% ? what puzzles me most is...when we buy investment stuff with like DBS make me sign a booklet which states they are not liable for lost and to put in layman term it my sole duty to understand and go in with my eyes open....thats what i sign...i remembered...Like my Unit Trust investment in Europe has dipped badly due to crisis....does it mean now i can also sue the bank for bad advice on the UT investment???
    Last edited by cqprime; 10th December 2008 at 03:20 PM.
    5D MKII,1000D,16-35mm f/2.8 L USMII,75-300mm,18-55mm,EF 50mm f/1.8 II,EF 85mm f/1.8 USM

  4. #4

    Default Re: HK banks to repay minibonds investors

    ***amended to stay within guidelines***
    Singaporeans will always be depending on zheng ***censored***, everyone becomes meek and quiet (all follow law), very much unlike Hong Kong, Thailand, Msia and Indonesia where if people not happy, they just SHOW IT (and without the almighty thumb with the lightning tattoo squashing them). I must say Hong Kong really has true democracy, with advanced economy and freedom of speech, unlike the little red dot.

    Unless Sporeans learn to unite and start giving pressure to some govt agencies (like the LTA wasting taxpayers money building stupid traffic junctions in roads which have practically very few cars, and u end up waiting behind the red lights like a blooming fool when there's practically no cars around the vicinity, and LTA wasting taxpayer's money with the SPEED CAMERAs in the CTE when you can't even go faster than 20kph, and URA artifically keeping the prices of land in spore high(by limiting the sale of land at this recessionary period so as to keep land price high) so that landlords who bought the property are forced to pay high prices and thus, forced to charge high rents and as such, the coffeeshops are selling home made ice lemon tea at $1.40 with 3/4 ice on a plastic cup which size resembles my 2 yr old son's drinking cup, things are gonna stay the same for a long while.

    Hong Kong is critical to Singaporeans' financial wellbeing, bcos the spore government only takes heed of what HK is doing and they will adjust their policies accordingly, and that is because HK is the only country capable of giving direct competition to Singapore. Spore only listened to the former NTUC chief bcos the media and internet have exploded and SPH is unable to keep this problem under wraps, so they have to respond, or rather, show the world that they are responding, so as to maintain their reputation to the world that Spore is a safe financial haven. Without HK's proactive policies, these minibond investors in spore can expect getting next to nuts back from their investments.

    We all hope that this worldwide economic recession would bring down prices of Lenses and Camera Bodies soon!

    (qian bu shi wan neng de, bu guo mei you qian shi wan wan bu neng)
    Last edited by gunawan; 24th December 2008 at 02:47 PM. Reason: amending to stay within CS guidelines

  5. #5
    Moderator ortega's Avatar
    Join Date
    Nov 2004
    Singapore, Singapore, Singapor
    Blog Entries

    Default Re: HK banks to repay minibonds investors

    please remind yourselves of ClubSNAP's Terms of Use, Rules and Regulations

    especially our stand on politics and/or political posts and views
    i believe that there are forums that cater to politics that would welcome political discussions.
    but we are a photography forum.


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