Financial Times, 19 Oct 2008, Justine Lau in Hong Kong and John Burton in Singapore
Hong Kong banks have agreed to buy back complex investment products guaranteed by Lehman Brothers, known as minibonds, after complaints by investors.
On Friday, Hong Kong and Singapore said that they would investigate the banks’ sales practices for the products, which entered into default due to the Lehman bankruptcy.
Singapore suggested that some banks would compensate investors over sales of the securities.
Banks in Hong Kong agreed to buy back the minibonds under a government-led move.
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