PricewaterhouseCoopers (PwC), the receivers of the minibond collateral, said investors in series 5 to 7 and 9 of the products, “under agreement with the Securities and Futures Commission, the Hong Kong Monetary Authority and 16 distributing banks” will receive an additional “top-up payment” from the distributing banks.
The receiver said, as the current estimated percentage of recovery is about 30% of the principal value of the Minibond series 5 to 7 and 9, eligible customers who were below the age of 65 as at 1 July 2009 and who accepted the Minibond Repurchase Offer will receive a further payment of 10% of the principal amount. PwC said this will bring the total payments received by these investors up to 70% of the principal which it said is “on par with those eligible customers who were aged 65 or above as at 1 July 2009”.
A statement released by the SFC said: “The SFC and HKMA believes a return of 70% for eligible customers is a good outcome given that the underlying value of their investment is in the region of 30%.”
