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Hong Leong profits down 16% to $31m
Tue, Nov 04, 2008
The Straits Times

By Elizabeth Wilmot

HONG Leong Finance, a distributor of the ill-fated Lehman Minibond product, said its move to buy back the notes from its most vulnerable customers would not adversely affect its full-year results.

In the statement, which came in the company's third-quarter results released yesterday, it added that it would 'review and deal with the remaining cases in a fair and equitable manner'.

On Oct 22, Hong Leong announced its intention to buy back the Minibonds from vulnerable investors, defined as the elderly and those with little education.

 

 


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