MAS supports SIAS initiative to advise investors on the deadline for lodging claims against Lehman Brothers Inc (LBI)
Singapore, 5 May 2009...The Monetary Authority of Singapore (MAS) supports the Securities Investors Association of Singapore's (SIAS) initiative in organising a seminar on the 1 June 2009 deadline for lodging claims against Lehman Brothers Inc (LBI) with the trustee for LBI's liquidation in the United States. The seminar aims to help investors understand the issues involved in the 1 June deadline.
Based on our discussions with SIAS, MAS considers that it is in the public interest for affected investors to have information about the assets of the relevant Lehman Brothers entities in Singapore in order to make an informed decision on any action that they may take in response to the deadline.
There are two Lehman Brothers entities incorporated in Singapore and holding capital markets services licences granted by MAS: Lehman Brothers Pte Ltd (LBPL) and Lehman Brothers Singapore Pte Ltd (LBSPL). LBPL, LBSPL and LBI are subsidiaries of Lehman Brothers Holdings, Inc.
MAS has been informed by LBPL that based on its records as at 31 Mar 2009, LBPL held US$144,740,631 in segregated house accounts and US$153,578,500 in segregated client accounts. According to LBPL, both are held on behalf of LBI. MAS has been informed by LBSPL that based on its records as at 31 Mar 2009, LBSPL held a net cash position of S$61,552,964 and that LBSPL does not hold funds on behalf of LBI.
MAS is releasing this information in the public interest to help affected investors given the highly unusual circumstances arising from the complexities of the cross-border insolvency of Lehman Brothers, and that the relevant Lehman Brothers entities in Singapore are no longer operating entities.
MAS is not providing legal advice to investors, and in releasing this information in the public interest is not in any way suggesting that legal action is in their best interests. That is a matter for investors to take independent advice on, having regard to their own particular circumstances.