Structured Products ( incl Minibonds, High & Pinnacle Notes)

[iam802]

Seems like HK is a MUCH better place to put your assets.

Even buying the same products...HK provides better 'coverage'.

[kennynah]

except, i do not like HK society anymore... 没人情味.... it's a rather extreme...no money no talk place...

but of cos, if you are very wealthy...then you will enjoy their personalized servitude approach...

[winston]

HK banks agree on resolution for Lehman minibonds

HONG KONG (Reuters) - Sixteen Hong Kong banks have agreed on a deal to enable investors in structured products of the now bankrupt Lehman Brothers recover a majority of their investments.

Investors in Hong Kong lost nearly $2.5 billion on structured products, called 'minibonds' offered by U.S. investment bank Lehman Brothers, which collapsed in 2008.

A statement from receivers PricewaterhouseCoopers on Sunday said the agreement was to result in most of Lehman's minibond investors recovering over 80 percent of their original investment from the underlying collateral.

Distribution to minibond investors by the 16 banks, including Bank of China Hong Kong and Bank of Communications Hong Kong, is set for June this year.

Asian-focused lender Standard Chartered agreed to buy back HK$1.48 billion ($192 million) worth of equity-linked products guaranteed by Lehman, Hong Kong regulators said earlier this month.


Source: Reuters US Online Report Business News

[iam802]

Singapore Investors Lose Bid to Recoup $14 Million Lehman-Related Losses

http://www.bloomberg.com/news/2011-11-0 ... ppeal.html

A group of 213 investors in Singapore lost a bid to recoup S$18 million ($14 million) of losses tied to Lehman Brothers Holdings Inc. (LEHMQ), with an appeal court upholding a lower court ruling that dismissed their claim.

DBS Bank Ltd., which sold credit default swaps linked to Lehman, had inconsistencies in the investment’s prospectus and pricing statement, the investors claimed.

They sought to have the contracts annulled and their investments returned. DBS Bank, a Singapore-based unit of DBS Group Holdings Ltd. (DBS), Southeast Asia’s biggest bank, had declared the investments were worthless after Lehman collapsed in 2008.

The investment structure was artificial and complex, the three-judge panel of the appeal court said in today’s ruling. The formula for calculating the payouts in the event of a default is consistently stated across several documents and, as a result, the investors claim must fail, the judges said.

“A person who signs a contract which is set in a language he is not familiar with or whose terms he may not understand is nonetheless bound by the terms of that contract,” the judges said in the ruling. “The principle of caveat emptor applies equally to literates and illiterates.”

Singapore’s central bank in July 2009 banned 10 financial institutions, including DBS, from selling structured notes, such as credit default swaps, following claims by investors that they were misled on products tied to Lehman.

DBS had its ban lifted in February 2010, after the bank strengthened its internal procedures for offering financial advisory services across all investment products.

Investors in Singapore bought S$508 million of structured products linked to Lehman which lost most or all of their value when the lender failed in 2008 for the biggest bankruptcy in U.S. corporate history.

DBS Bank was represented by Davinder Singh and Una Khng from Drew & Napier LLC.

The case is Soon Kok Tiang and Others v. DBS Bank Ltd. CA6/2011 in the Singapore Court of Appeal.

[tonylim]

Why Hongkong investors got compensated without even a court case ?
Same seller , same product ?


Court of Appeal dismisses DBS High Notes 5 case
By Tanya Fong | Posted: 02 November 2011 2324 hrs

http://www.channelnewsasia.com/stories/ ... 31/1/.html

[winston]

High court awards Taiwan investor US$49m in damages

Justice Pillai finds Deutsche Bank failed in duty of care

[SINGAPORE] In what could be one of the biggest legal victories to date in Singapore for the financially inexperienced investor, the High Court awarded Taiwanese scientist Chang Tse Wen US$49 million (S$59 million) in damages plus interest and full legal costs for losses he suffered as a result of Deutsche Bank's negligent advice.

http://www.singaporelawwatch.sg/slw/hea ... dium=email