Refund for minibond investors
23-01-2009
It's been announced that Sun Hung Kai Investment Services has agreed to make a full refund to Lehman Brothers minibond investors. The $85 million buyback deal was announced on Thursday night. The offer came at the same time as the Securities and Futures Commission reprimanded the company for internal systems and control failures relating to the sale of the minibonds. The securities watchdog said the firm could face disciplinary action if the shortcomings pinpointed in its investigation are not addressed. Sun Hung Kai Investment Services has denied any wrongdoing, but nonetheless agreed to repurchase all minibonds it sold, at the original price.
