http://www.reuters.com/article/governmentFilingsNews/idUST25884020090611
Reuters, 11 Jun 2009, Nerilyn Tenorio
HK court asked to step in on Lehman minibonds probe
HONG KONG, June 11 (Reuters) - Hong Kong's
securities watchdog said it has sought court intervention to direct
Lehman Brothers Asia Ltd to produce documents that could aid its
investigation into the minibonds fiasco.
The case had been scheduled for court directions on July 22, the Securities and Futures Commission (SFC) said in a statement.
Investors in Hong Kong, Singapore and Indonesia
have expressed outrage that the bond-like products they bought were
actually complex derivatives that led to huge losses for many of them.
The SFC said Lehman, which is undergoing
liquidation, had objected to the production of certain "privileged"
documents containing an internal committee's assessment of new
products, including the minibonds -- credit-linked notes related to the
collapsed U.S. bank.
A spokeswoman in Hong Kong for Nomura International Hong Kong Ltd was
not immediately available to comment. Nomura bought Lehman's Asian,
European and Middle Eastern assets last year after the collapse of the
Wall Street bank (LEHMQ.PK).
Discussions between the SFC and the liquidators and lawyers of Lehman
Brothers since December 2008 had not resolved the claims of privilege,
the SFC added. (Reporting by Nerilyn Tenorio; Editing by Chris Lewis
and Muralikumar Anantharaman)
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better not, if sg court steps in it would only help the lehman and not investors!