Looks like Singapore is an indirect beneficiary of Hong Kong’s landmark decision to launch a probe into the minibond fiasco. Will Singapore leap-frogged Hong Kong as Asia’s number one financial centre now since the Singapore government is resisting any pressure to investigate the local financial institutions thus far ? Perhaps the Hong Kong bankers will now emigrate en masse to Singapore to take advantage of our government’s pro business policies at the expense of its own people.
From South China Morning Post:
Lawmakers made an unprecedented decision last night to investigate Hong Kong’s financial system, with a vow to “uphold justice” and get to the bottom of why thousands of investors lost money on investment products backed or guaranteed by collapsed US investment bank Lehman Brothers.
Despite their decision to invoke the legislature’s special powers to summon officials, bankers and documents as early as next month, sources close to bankers said grey areas in the law might allow them to withhold information if the inquiry touched on private matters.
Those who lost money rejoiced at the Legco building when the resolution empowering an investigative subcommittee under the Legislative Council (Powers and Privileges) Ordinance was passed with overwhelming support.
Read full article here:
http://wayangparty.com/2008/11/13/l...anks-handling-of-lehman-brothers-investments/
From South China Morning Post:
Lawmakers made an unprecedented decision last night to investigate Hong Kong’s financial system, with a vow to “uphold justice” and get to the bottom of why thousands of investors lost money on investment products backed or guaranteed by collapsed US investment bank Lehman Brothers.
Despite their decision to invoke the legislature’s special powers to summon officials, bankers and documents as early as next month, sources close to bankers said grey areas in the law might allow them to withhold information if the inquiry touched on private matters.
Those who lost money rejoiced at the Legco building when the resolution empowering an investigative subcommittee under the Legislative Council (Powers and Privileges) Ordinance was passed with overwhelming support.
Read full article here:
http://wayangparty.com/2008/11/13/l...anks-handling-of-lehman-brothers-investments/
