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Provisional Liquidators appointed over Lehman Brothers' Hong Kong incorporated entities
17 September 2008
KPMG's Paul Brough, Edward Middleton and Patrick Cowley were today appointed as Provisional Liquidators of two Hong Kong based Lehman Brothers companies, Lehman Brothers Securities Asia Limited and Lehman Brothers Futures Asia Limited by Order of the High Court of the Hong Kong Special Administrative Region on winding-up petitions presented by the two companies.
The Provisional Liquidators are aware that on 16 September 2008, the Securities and Futures Commission issued Restriction Notices in respect of each entity and are working with the management of the two Lehman Brothers' entities to assess their financial and operating conditions.
The Provisional Liquidators' immediate focus is therefore on working with the local management of the two Lehman Brothers' entities to understand their current situations, in order that the value in these business units can be preserved, and appropriate strategies identified to deal with them.
Further announcements will be made at appropriate times.
About KPMG
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 145 countries and have more than 123,000 professionals working in member firms around the world.
The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. KPMG International provides no client services.
KPMG China has 12 offices (including KPMG Advisory (China) Limited) in Beijing, Shenyang, Qingdao, Shanghai, Nanjing, Chengdu, Hangzhou, Guangzhou, Fuzhou, Shenzhen, Hong Kong and Macau, with more than 8,500 professionals.
For media enquiries, please contact:
Pearl Fan
Senior Manager, Markets Services
KPMG China
Tel: +852 2826 7111
e-Mail: pearl.fan@kpmg.com.hk
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