Was out of “professional investor” Jacky Cheung, Eric Tsang did not have to pay to buy Lehman
???? Banks and regulatory agencies after seven months of marathon negotiations, the end of fans on the Lehman debt buy-back program to reach ultimate agreement, Lehman Although most victims do receive compensation equal to the principal, but at the same time, even under 1400 bitter about the main reason is defined as professional or experienced investors, and will not be a single cent of compensation, including entertainment celebrities Jacky Cheung, Eric Tsang, Lin and Zhong Jian-ming, such as ice.
Zhong Bing shelling is “discrimination against the rich,” says Lin Jian-ming also lashed out at the Government and the SFC “absurd.” Some Members also criticized the definition is unreasonable, to require banks to leniency, as far as possible so that everyone can benefit.
Hong Kong Monetary Authority, Securities and Futures Commission and all 16 fans Lehman debt agreement yesterday distribution banks, the banks will be sending letters to its 29,000 customers lost Claims, notice the details of repurchase. 65 years of age in which customers can obtainrepurchase, 65 years old or more repurchase, followed by customers can be lost to the debt by banks for the return of some of the residual value of collateral. Authorities estimate that the vast majority of customers will be the finalcompensation, the total amount of about 6.3 billion.
‘Professional investors’ the definition of injustice
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Members of the Legislative Council of Hong Kong Kam Nai-wai pointed out that some so-called professional investors is illiterate, the definition of the relevant experience of the investors is even more unreasonable: “no reason to buy 4 high-risk products, there was compensation, not have to pay 5 times ! ”
He added that these investors a higher amount of loss, have a greater incentive to sue and hope the banks according to the actual situation of individual customers leniency.
Hong Kong Securities and Futures Commission Chief Executive Martin Wheatley, vice president and the HKMA Mr Choi said the repurchase program, such as customer acceptance, the regulatory authorities would put an end to their complaint, but if a complaint involving fraud and other criminal offenses, it will continue to investigate the cases do not accept the buy-back , the regulatory authorities will continue to follow-up, the customer can also make legal claims on their own.
Eric Tsang: We are hard-earned money!
However, with more than eight million Hong Kong dollar investment portfolio of “professional investor”, as well as the first fans to buy Lehman debt 3 years ago, in the same bank have been 5 times in high-risk investment product transactions, “the experience of investors,” are not eligible to participate in buy-back, it is estimated that the aggrieved party of the total number of customers is less than 5 percent, or about 1,400 people. The sources explained that the banking sector, the clients have a certain amount of investment experience and expertise, Lehman fans should understand the content and the risk of debt to be responsible for their investment decisions and therefore should not be compensated.
By definition, a Lehman than the entertainment business, including the aggrieved Jacky Cheung, Eric Tsang, Lin Zhong Jian-ming and ice, are certainly not able to benefit. Eric Tsang also says: “I have to forget the pain, I hope the Government will take care of our group, we are hard-earned money to.”