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SINGAPORE: DBS' Hong Kong unit has agreed to pay out $651 million Hong Kong dollars or about S$115 million to some clients who bought products linked to Lehman Brothers.
Hong Kong authorities said they have reached an agreement with DBS Hong Kong without the lender admitting any liability.
Under the resolution, DBS will pay the money to customers who are classified as having a low to medium risk profile
Depending on the clients' risk profile, they may be eligible to receive the total value of their investment plus interest payable if the money was put in a fixed term deposit.
As for those customers who have a higher risk profile, DBS Hong Kong will review their complaints on a case by case basis.
Some 2,160 accounts of the low risk customers who accept the resolution scheme will receive their investment back together with interest.
Hong Kong's Securities and Futures Commission (SFC) and the Hong Kong Monetary said they consider the resolution reasonable and appropriate.
They added that the agreement is in the public interest
In view of the resolution scheme, the SFC will not take further enforcement action against DBS Hong Kong in relation to the distribution of the Lehman Brothers- related Constellation Notes except where criminal acts took place. - CNA/vm
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