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lehman minibond investors to receive further

By International Adviser, 6 Jun 12

Investors in one of the failed Lehman-Brothers minibond series of structured investments are set to receive a further, final payment in relation to their loss.

Investors in one of the failed Lehman-Brothers minibond series of structured investments are set to receive a further, final payment in relation to their loss.

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%.”
 

Tags: Lehman Brothers

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.