MACAO
mulberry udsalg , Oct. 14 (Xinhua) -- The Monetary Authority of Macao Special Administration Region (SAR) has warned that if any misconduct of the financial institutions that distributed here the minibonds tied to the bankrupt Lehman Brothers Holdings Inc. is found, the Authority will "take disciplinary actions" against them to protect the investors. Thousands of investors in Hong Kong have complained that they lost heavily in the minibonds related to the Lehman Brothers, the hundred-year-old global financial services firm, that
Mbt sko filed for bankruptcy protection last month. The minibonds were also sold in Macao through banks and other financial institutions. As of Oct. 10, 2008, the Authority in Macao has received a total of 140 enquiries and 132 complaints, of which 52 cases were filed in person while 80 in writing, according to the Authority, adding that 24 cases were replied, 108 under verification, 18 in investigation, and one with superficial evidence.
mbt sko It said in a press release Monday that it has taken immediate follow- ups and formed two internal working groups respectively responsible for receiving enquiries and complaints and for investigating the complaints received, in the wake of the Lehman Brothers minibonds incident. In addition to following up on individual enquiries and complaints, the Authority also claimed that it has required distributing institutions to provide full information about the affected situation, maintain close contact with the coordinating
mbt udsalg distributor and trustee in Hong Kong, conduct self-assessment on the selling procedures and internal controls on distribution of the minibonds, and submit self-assessment report to the Authority, etc. Prompted by protests from investors, the Hong Kong Monetary Authority (HKMA) announced last Thursday it is investigating nine banks over the sales of the Lehman Brothers minibonds, which some investors alleged to be coaxed by the staff of the banks into buying. According to the HKMA, some
nike sko Salg 9,281 complaints about the munibonds sales were received so far, of which 41 investigations were opened. HKMA Deputy Chief Executive Y.K. Choi told a recent news conference that the regulator supports a proposal for banks to buyback the financial structured products at market value, which would be less than what they were sold for. The distributing institutions in Macao have stated that they would "follow suit in this regard", the Authority in Macao said.
