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Minibond Holders to Get Partial Payout
In what must be the most positive news since the collapse of Lehman Brothers, the receivers of Lehman Minibonds, PwC, announced that they have reached an agreement with Lehman Brothers Special Financing (LBSF) to obtain the underlying collateral of the Minibond notes. This removes the need for any costly litigation. PwC has started the process […]
Citibank Sued by Lehman Minibond Investor
Citibank became the first financial institution in Hong Kong to be taken to court by the Consumer Council over the Lehman Minibond case. Nurse Chan Mei-ying is suing Citibank on the grounds that it misrepresented the nature and risk of a financial product. She claimed to have lost HK$500,000. The Consumer Council is also preparing […]
Minibond Investors Action Group Files Lawsuit Against Lehman Brothers
A lawsuit was filed in the high court on 9th September 2009 by the Minibond Investors Action Group (MIAG) against the issuer (Minibond Limited), arranger (Lehman Brothers Singapore Pte Ltd) and a distributor (Royal Bank of Scotland PLC (RBS)) of the Minibond Secured Note Programme (Minibond Programme). You can read the press release of the […]
Credit Linked Notes Gathering
There will be another gathering this Saturday for affected victims of structured products (Minibond, DBS High Notes, Pinnacle, Jubilee) organised by Tan Kin Lian. Date of Gathering: 22nd August 2009 Place: Speaker’s Corner, Hong Lim Green Time: 5.00 pm Activities: 1. Speech by Tan Kin Lian 2. Hold placards with messages 3. Sign petition (for […]
Great Eastern Life to Refund Greatlink Choice Investors
In a surprise move yesterday, Great Eastern Life (GE) made a voluntarily offer to do an early redemption of their Greatlink Choice (GLC) products from 18,000 of its investors. The Greatlink Choice products were sold in five tranches between 2005 and 2007, collecting $594 million in premiums. It was marketed as a safe kind of […]