The Standard:Minibond anger directed at Donald Tsang

About 850 angry Lehman Brothers minibond investors yesterday called for Chief Executive Donald Tsang Yam-kuen to step down for failing to help them.

The Alliance of Lehman Brothers Victims claimed 3,000 protesters, wearing red headbands bearing the Chinese character for angry, joined a march from Causeway Bay to the central government offices.

Among the group were some Singapore and Taiwan investors who also urged the Hong Kong government to handle the issue faster. The protesters vented their anger by hitting a drum, pasted with Tsang's photo, outside the government headquarters.

A Singapore investor said her government has resolved 70 percent of about 8,000 cases through judgment. "It seems the Singapore government is more reactive. It takes too long here [Hong Kong] and the compensation is too little," she said.

Alliance chairman Peter Chan Kwong-yue criticized the authorities for not carrying out their responsibilities and hit out at the Securities and Futures Commission for allowing banks to sell the minibonds, and police and the Department of Justice for not following up the complaints.

Chan was angry over Tsang's silence. "He has not showed concern to the investors since October. It is so disappointing," he said.

Democratic Party lawmaker Kam Nai-wai said he hopes Financial Secretary John Tsang Chun-wah will explain the incident to the Legislative Council.

A government spokesman said it has requested the Hong Kong Monetary Authority and the Securities and Futures Commission to seriously handle the complaints.

"We note that two SFC-licensed minibond distributors have agreed with the SFC to make a voluntary offer to purchase from their eligible clients all outstanding Lehman Brothers minibonds at a price equal to the principal amount invested.

So far, there are about 6,000 cases in which voluntary settlements have been reached or are soon to be reached with the banks concerned."