US Lawyers Visiting Hong Kong

Patrick Daniels, the leading counsel of the proposed class action towards HSBC, has come to HK in the last two days. He explained several important points for the case:

1) HSBC is not considered to be the defendant simply because it is the trustee. Actually, according to the minibond programme prospectus, it's shown that issuer of the minibonds (i.e. Pacific International Finance Limited), is WHOLLY owned by HSBC Cayman, and its directors are also supplied by HSBC.

2) Mr. Daniels is therefore looking into the role and responsibility of HSBC in designing, creating and operating the product, which should not be called as "bonds" as they are highly complicated deriviatives and not suitable for retail investors.

3) Class action can be commenced whenever potential clients agree on it. HK investors are still meeting and discussing whether to launch it or not, and seeking for leading plaintiffs at the same time.