SCMP: Angry investors protest

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SCMP:Angry investors protest
25 Oct 2008
Peter So

About 100 desperate investors who bought retail structured notes and equity-linked notes from local banks linked to the bankrupt US investment bank Lehman Brothers protested to the Hong Kong Monetary Authority and the Securities and Futures Commission yesterday morning.

They said the authorities had only paid attention to the victims of Lehman-linked minibonds but ignored those who bought other structured products. Minibonds are not corporate bonds but consist of high-risk creditlinked derivatives.

The protesters included customers of Citic Ka Wah Bank, Chong Hing Bank, DBS Bank, Citibank, Standard Chartered Bank, ABN Amro, Royal Bank of Scotland and Dai Sang Bank.
They said the banks had deceived them into putting their life savings into the high-risk investment products and urged the banks to make full repayments. DBS said it would notify clients yesterday of the value of their structured products linked to Lehman, and would compensate the customers for losses if mis-selling was found.

But protester Wong Kam-chuen, who invested more than HK$2 million in the bank’s retail structured notes, said he had heard nothing from DBS.

“The bank staff couldn’t tell me when the investigation [into alleged mis-selling] will finish. I really have no idea of when I can have my money back,” said Mr Wong.