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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Hong Kong lawmakers debate Lehman probe By DIKKY SINN,Associated Press Writer AP - 1 hour 29 minutes ago HONG KONG - Hong Kong lawmakers debated Wednesday whether to invoke special powers in order to launch an investigation into the sale of investment products linked to collapsed U.S. investment bank Lehman Brothers Holdings Inc. The motion is expected to be endorsed with little opposition as lawmakers across the political spectrum have publicly backed it. If passed, it would empower a subcommittee to order testimony and relevant documents during the investigation. "The Legislative Council has the responsibility to investigate the cause of the saga, whether there's any dereliction of duty and whether there should be any punishment," said Kam Nai-wai, a Democratic Party legislator who helped investors with Lehman-linked products over the past two months. Hundreds of investors who lost money protested outside the legislative building Wednesday while lawmakers were debating inside for hours. They have complained bank sales staff did not fully explain that the financial products they purchased were linked to the bankrupt U.S. company, leading them to believe it was a low-risk investment. Banker David Li said any investigation would slow banks' efforts in reaching settlements with their clients and damage Hong Kong's reputation as an international financial center. "Subjecting banks to what amounts to an unlimited power to demand documents and the appearance of bank managers before the subcommittee will only draw resources away from the great efforts banks are making," said Li, who represents the banking sector in the legislature. Billions of dollars in bad debt forced Lehman Brothers Holdings Inc., once the fourth-largest investment bank in the U.S., to file for bankruptcy in September amid the world's worst financial crisis in decades. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Kraft chocolate factory to close in RomaniaAP - 1 hour 21 minutes ago Bank of England: Inflation to fall below 2 pct.AP - 1 hour 16 minutes ago Hong Kong lawmakers debate Lehman probeAP - 1 hour 29 minutes ago Spain: Iberia profits plummetAP - 1 hour 32 minutes ago EU backs proposed Alitalia takeoverAP - 1 hour 43 minutes ago Enlarge Photo Hundreds of investors in financial products related to failed U.S. investment bank Lehman Brothers hold slogans during a protest outside the Legislative Council in Hong Kong Wednesday, Nov. 12, 2008. The investors urged lawmakers to invoke special powers to investigate the possible mis-selling of Lehman Brothers financial products from the local bank. (AP Photo/Kin Cheung) Most Popular – Business Viewed Britney Spears's son hospitalized: statement Ancient 4,300-year-old pyramid discovered in Egypt US expands record bailout of insurance giant AIG Obama, Bush discuss world of challenges Swiss fear more pressure on bank secrecy after Obama victory View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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