Lawmakers have slammed financial regulators for lacking both transparency and a timetable in their handling of complaints about Lehman Brothers non-minibond cases. The complaints are related to mainly equity- linked notes.
"Some of those who invested in equity-linked notes related to Lehman Brothers are distraught as the regulators have still not given them a clear answer,'' lawmaker Starry Lee Wai-king said at a Legislative Council panel meeting on financial affairs yesterday.
The Hong Kong Monetary Authority is focusing on Lehman non-minibond complaints since regulators, including the Securities and Futures Commission, have settled the majority of minibond cases through repurchase offers by banks. Regulators have declined to issue details on the non-minibond complaints.
"We will not announce investigation results until all complaints have been dealt with,'' HKMA deputy chief executive Choi Yiu-kwan said. He added that no timetable had been set for the investigation. There are
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