Earlier this month, IFLR was approached by a group
of investors who lost money on Lehman-backed minibonds,
complaining that the regulator was not listening to their
The Alliance of Lehman Brothers Victims in Hong Kong also
accused IFLRs 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. Below 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
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)...