SFC and HKMA welcome Lehman progress
Thursday, June 16, 2011 at 8:31AM On 14 June 2011 the SFC and HKMA reported that they are pleased by PwC’s announcements concerning the distribution of the underlying collateral for the Minibond series 10 to 12, 15 to 23 and 25 to 36 (the Relevant Series) to the nominal holders of the Relevant Series via the Clearing Systems in accordance with the terms of the settlement agreement with Lehman Brothers.
The SFC and the HKMA are also pleased to note that the recovery percentages on a weighted basis are on average 1.6% higher than the indicative recovery percentages stated in the announcement by the Receivers dated 28 March 2011. The recovery of collateral at a higher level, together with the additional ex-gratia payment by the 16 Lehman Brothers' Minibond distributing banks, will increase the level of recovery of eligible customers to between 85% and 96.5% of their initial investment.
Further details and regulator comments are available here.
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