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WSJ: Buyback of Lehman Minibonds
http://online.wsj.com/article/SB123904376634293963.html
Following a reprimand by Hong Kong's securities regulator, brokerage firm KGI Asia Ltd. has agreed to buy back about 1.6 million Hong Kong dollars (US$206,000) of derivative products issued by Lehman Brothers Holdings.
The Securities and Futures Commission raised concerns over the adequacy of measures taken by KGI Asia to "review and evaluate the nature of and risks" linked to the minibond products. It also cited inadequate guidance for sales staff to "enable them to understand the product and all its material risks."
The SFC said the brokerage firm will buy outstanding Lehman minibonds from its clients at a price equal to the principal amount invested.
KGI Asia is the second Hong Kong brokerage firm that has agreed to buy back the complex products following mass complaints from investors who lost large sums of money on the minibonds. In January, Sun Hung Kai Investment Services Ltd. said it would buy back about HK$85 million of the Lehman products following a similar SFC reprimand.
 
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Autor (Datum des Eintrages): manyfulddick  (16.04.09 01:03:56)
Beitrag: 2,145 von 2,327 (ID:36976395)
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