Markets

Sun Hung Kai to buy back HK$85 million Lehman minibonds

By Rita Raagas De Ramos | 23 January 2009
Keywords: lehman | minibondssun hung kai | sfc

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Hong Kong’s Securities & Futures Commission has reprimanded the company for inadequate internal and compliance controls.

Sun Hung Kai Investment Services has agreed to repurchase Lehman Brothers minibonds it sold to its clients at their original value, estimated to be worth a total of HK$85 million ($7.7 million). Although the compensation figure seems modest at best, it represents the biggest amount involved in a settlement of a case involving complaints of mis-selling in Hong Kong, albeit Sun Hung Kai Investment Services has not admitted to any wrongdoing.

Compensation for those who lost their investments – and in some cases, life savings – in the minibonds has been among the main priorities of ...

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