Distributors of Lehman Brothers-guaranteed minibonds in Macao should follow the measures taken by their Hong Kong parent companies and buy them back, the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, said today. As most of the parent companies of Macao distributors were in Hong Kong, he said, the sale of minibonds in Macao could be seen as part of the sale in Hong Kong. Therefore, the parent companies should also deal with the complaints of Macao investors and offer them the same solution given to the Hong Kong investors, he said. By adopting the measures provided by the Hong Kong parent companies, minibond investors in Macao could get an early and practical settlement for their investment, he said. He disclosed that there were some 1,200 cases in Macao, involving about 700 million patacas. He pledged that the Government would continue to follow the minibond cases, which might have involved misselling, and urged distributors to take up their responsibilities. Some distributors would meet their clients this week and discuss solutions. The Government would also carry out a full-scale review on the sale of such financial products and would strengthen its supervision on similar products, he said. Mr Tam made these comments when he spoke to reporters at the airport before leaving for Sichuan Province to attend a trade fair. On Macao’s economy, Mr Tam told reporters that most residents had expected the economy would begin to slow down next year. He urged people to work with the Government and prepared themselves for the economic downturn.
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