The crisis debate

Author: | Published: 1 Dec 2008

Rachel Evans
Asia editor

Who was to blame for the credit crunch? How should we deal with it now it’s happened? These were the questions dominating the minds of counsel at this year’s Asia Forum. That and accountants, again. Here are the top stories from the event.

Legco's minibond intervention is dangerous

The decision of Hong Kong's legislative counsel to wade into the Lehman minibond debacle is "interesting and dangerous", according to counsel. Legco should have instead allowed the regulators to deal with the claims.

On November 12, Legco voted in favour of government investigation into the collapse of minibonds connected to Lehman Brothers. When Lehman failed, these products failed with it, leaving many retail investors out of pocket.

"Legco getting involved is a turn for the worse," said Martin Rogers, Clifford Chance's head of dispute resolution. "It is interesting and dangerous, particularly as giving evidence...