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10/31/2008

Hong Kong watchdog may sue banks

Hong Kong watchdog may sue banks over Lehman minibond sales 31 October 2008 1343 hrs . HONG KONG - Hong Kong's Consumer Council said Friday it was considering suing banks which allegedly mis-sold minibonds backed by failed US investment bank Lehman Brothers as risk-free investments.... "We now have 16 million dollars in our legal action fund. But the government has promised that it will give us unlimited financial support once we have identified cases with good grounds," she said. (Johannes Chan, chairman of the council's legal action fund) Would any govt body or CASE take up the case of the minibond and high notes investors and sue our banks? Quite inconceiveable for it to happen. It even sounds queer.

9 comments:

Anonymous said...

To your last question, " in your dreams".

Matilah_Singapura said...

Wah? HK becoming socialist? This, I'd like to see!

redbean said...

As reported in Today, Seah Seng Choon, Executive Director, has been quoted to say that CASE is prepared to help investors to sue banks like its counterpart in Hongkong.

I thought that it was a queer idea when I mooted it yesterday. It is becoming a reality.

this will set everyone thinking.

Anonymous said...

Is it reality yet?

redbean said...

wait and see how the drama unfolds. the hindraf affairs in malaysia was the straw that broke the camels back and caused a series of dramatic changes. you need a catalyst to create turmoil that leads to change.

many slip ups have started in this case and it is snowballing.

Anonymous said...

HK has been turning towards socialism after 1997.

Matilah_Singapura said...

Yes, that's true. But there have been "spurts" back to hard-ass reality smoking Cantonese Capitalism now and then.

I would say HK political economy is in flux. It'll be interesting to see which ideas will prevail.

I of course will be waving the flag for the Prophets of Profit: The Combative Honkie Deal Maker who is the hard-partying, unapologetic, and self-interest-motivated individualist business-person. And a special bonus cheer to those gorgeous high-maintenance Cantonese women who keep their men working hard for the "sugar-daddy" money. :)

As long as the women are "expensive", because they have "high value", Capitalism will prevail.

Women rule the world. That's my theory.

Anonymous said...

Since when anyone win against the kangaroo court ? How can they sue and expect to win when the kangaroo court and Leegime who own the bank are one big happy Kangaroo family ?

It is the kangaroo bank and the citizen expect to win ?

The citizen must fight the case outside kangaroo state and court in Hong Kong, otherwise the kangaroo will jump with joy and kick the citizen's dicks.

Matilah_Singapura said...

Actually over the weekend, I treated my mates to Kangaroo Rendang. I used a basic recipe found on the web, and modified it with my own "personal touches". Like: coconut cream instead of milk, Indian curry leaves in the broth whilst cooking, a little tamarind, and galangal.

Damn, it was good :)