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Local investors who hold minibonds issued by Lehman Brothers have been trying to get help since the US brokerage filed for bankruptcy protection on September 15 and hope to get their money back through the judicial channel with the Consumer Council's Litigation Fund.
More than 20 residents who own Lehman Brothers' debt products went to the Consumer Council on September 29 to file complaints. The council said afterwards it had received close to 900 complaints involving a total of HK$623 million in uncertain investment. However, the council insisted the Litigation Fund will be used to assist individual investors only when all efforts to mediate have failed.
According to Secretary for Financial Services and Treasury K.C. Chan, the Monetary Authority and Securities and Futures Commission had received some 3,000 complaints about the sales of products linked to Lehman Brothers.
Among the 2,000 complaints filed with the Monetary Authority, the regulator will give priority to cases that are relatively serious and suspected of violating relevant rules. It has begun investigating suspected malpractices in bond sales by certain banks, based on available information.
Chan also called on residents affected by such practices to file complaints with the Monetary Authority.
More than 20 local residents who hold debt products issued by Lehman Brothers yesterday went to the Consumer Council to vent their grievances against the way banks had sold them the Lehman Brothers minibonds.
A retired couple aged 75 and 68 invested their HK$7.2 million pension, originally saved as time deposit, in Lehman Brothers-related products. A family member said the bank clerk who sold them the products had used questionable tactics to convince the old couple.
The man, who identified himself by the last name Fan, said “the bank clerk swore the products were absolutely safe and the claims printed on the leaflets were sure bet.”
The investors insisted the banks return their investment and believed the government had come short on market regulation. ■春生 資深翻譯員
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