Rachel Evans
Asia editor
In December 2009, IFLR was approached by a group of investors that lost money on Lehman-backed minibonds, complaining that the regulator was not listening to its concerns. The Alliance of Lehman Brothers Victims in Hong Kong also accused IFLR's coverage of focussing on reforms proposed by the Securities and Futures Commission (SFC) to protect investors, rather than the causes of mis-selling. So IFLR met Philip Chiu, a spokesperson for The Alliance, to hear his side of the story. We then raised some of his concerns with Paul Kennedy, executive director and chief operating officer at the SFC. Here are their thoughts.
IFLR: The sales processes for Lehman minibonds have been widely criticised. Do you think there were problems with how these products were documented?
Philip Chiu, spokesperson, The Alliance of Lehman Brothers Victims in Hong Kong: It is impossible to understand the credit-linked and collateralised debt obligation (CDO)...