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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