Leave a Comment:
10 comments
Hi,
Just for your info below.. Hopeful that I’ll government here will take the same same step, it is obvious now that such risky product should not to be sold to retail investors in the 1st place. To some extent, the government & banks should take some responsibilities.
HONG KONG (Dow Jones)–All the banks in Hong Kong will buy back the
mini-bonds backed by Lehman Brothers Holdings Inc. (LEH) that they sold to
retail investors, the Chinese-language Hong Kong Economic Journal reported
Friday, citing unnamed sources.
The paper said the banks and the Hong Kong Monetary Authority plan to
announce the details of the package Friday.
Monday, the Hong Kong Monetary Authority said Hong Kong”s banks sold
HK$20.17 billion (US$2.59 billion) worth of Lehman-related products to
retail investors, including HK$11.2 billion of mini-bonds, whose value
plunged after Lehman collapsed last month.
Separately, an 84-year-old woman and her mentally-ill son reached an
agreement with on a partial refund from DBS Group Holdings Ltd. (D05.SG) on
derivatives backed by Lehman, the South China Morning Post reported Friday,
citing the woman”s younger son.
The paper said it is the first case of settlement, but didn”t disclose the
details of the compensation.
Dear LL
Would you happen to have the contact details of the person in HKG organising the minibond investors? A friend of mine is down the tubes to the tune of US100k and doesnt know what to do.
ReplyHi,
I am holding some DBS High Notes 2, the recent report shows that it worths $0.31, due to Lehman Brothers, Fannie & Freddie. Do I have to take any action now?
There’s a FAQ issued by DBS which might be helpful.
http://www.dbs.com.sg/dbsgroup/announcements/20081003HN2_FAQ.pdf
They will provide pricing on a daily basis.
ReplyI am holder of the Mini-Bond. I want to be included in any actions/discussions relating to resolution of matter. I suggest that bond holders have meetings with the Trustee, HSBC, on the course of action to be taken.
ReplyThe Petition URL is
http://www.petitiononline.com/PSGCLS01/petition.html
You may have to cut and paste into your browser, as the URL link in previous reply is not working.
ReplyPetition on Credit Linked Securities, Singapore
The Petition to the Singapore Government is now ready for signing at:
http://www.petitiononline.com/PSGCLS01/petition.html
Investors in the credit linked securities can now sign the Petition which will be delivered to the Singapore Government, tentatively by early October.
ReplyHi ,
I’m currently at oversea and will not be back after one year as i’m doing some research work.
Would like to know is the ” Capital guarantee DBS ‘s Triple Happiness Fund ” affected as well by the current financial turmoil ???
As i am not in singapore to check on all the documents , can ask my relatives to do it for me ??
Thanks a lot for your advice and help .
rgds,
Daniel
Hi Daniel,
Yes, you might want to ask your relatives to check with the bank for updates on that fund.
Reply