SFC still tries to cover up banks misselling frauds of all structure products :

Legco Ref : CP/C 635/2008 SFC ref : IMS 20080816 – LB8986

Regarding HKMA complaint no. R057 of Shanghai Commercial Bank mis-selling of Lehman related structure products, please continue your investigations concerninng Constellation Notes and Octave Notes as I refused last month of SCB offers of 60% refund of the Lehman related structure products(Constellation Notes 63 and Octave Notes 10) and 100% refund of the non-Lehman related products(Octave Notes 6).

In SCB purchaser confimation forms, these structure products were printed as Low risk and my risk profile was also changed to low-to-medium risks by the bank officials days later two times with later date(while all other times I were asked to leave these space blank during mailing) even thru I filled out these forms as low risk during purchasing with relatives (and later date called by the bank to sign another blank form again ) or with mailing each once.

I also had given these informations to HKMA high level officials during the Constellation Notes meetings last time (not today) months ago with Legco member Kam Wai inside HKMA discussion room.

However , there were no true collaterals in Octave Notes and Constellation Notes and these products should not be even low to medium risks. There are system frauds on Shanghai Commercial Bank wealth mangement system.

I also mentioned to the bank that I could accept less than 100% refund from the bank if the bank could give informations of how they were mislead by issuers that these were low to medium risk products. There were others victims in SCB that had bought Constellation Notes before that they had signed similar agreement so the victims can sue DBS later on with part of the money refunded by SCB.

Why there are no investigations by SFC of Lehman Brothers related products that were not minibonds by SFC. Sources from police tell us that then enforcement division of SFC never investigate about bank frauds except External Relations division of SFC is responsible for cover up of bank misselling frauds:

Dear Mr Wang,

Re: Bank selling Lehman Brothers related products
We refer to your email of 31 August 2010 regarding the captioned matter. We have noted and recorded the contents of the information provided.

Thank you for writing to us.
Yours sincerely,
External Relations