Sun Hung Kai agrees to Minibond buyback as SFC asks for reforms
Sun Hung Kai Investment Services has voluntarily agreed to purchase all outstanding Lehman Brothers Minibonds bought by eligible clients after the Hong Kong Securities and Futures Commission (SFC) issued a reprimand over sales of the products dating back to 2002. Sun Hung Kai will purchase the notes at a price equal to the principal amount invested, estimated to be HK$85 million (US$11 million).
The decision follows an investigation by the SFC that raised a number of concerns with Sun Hung Kai
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