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Minibond Updates From Hong Kong
Hong Kong lawyers question whether HSBC should have done more to protect investors from the Minibond product since they provided the directors for the company that was set up to issue the Minibonds and also served as the trustee that held the Minibond collateral.
Refutal from HSBC
HSBC denies having any conflict of interests as both issuer and trustee
Small Claims Tribunal adjourned a hearing for demand of refunds from DBS until March.
The Monetary Authority and the Securities & Futures Commission have submitted a report which looks at Hong Kong’s regulatory framework with regards to the Lehman Minibond incident to Acting Financial Secretary Prof KC Chan.
The Financial Services & the Treasury Bureau will study the report and look at the recommendations to enhance investor protection and education.