Lehman won't return client assets for 'months'
'The administrators treat the identification and return of client monies and assets (client assets) of LBIE as a very important and urgent matter' - PwC
Lehman Brothers Europe administrators have said in a statement that it could
take ‘several months’ to conclude the process of returning client funds and
assets held by the bank.
‘The administrators treat the identification and return of client monies and
assets (client assets) of LBIE as a very important and urgent matter. A
procedure for that identification has been agreed with the FSA, with whom the
administrators have been working very closely in relation to this aspect of the
Administration. To complete the above processes will take considerable time. Our
current view is that this process could take several months to conclude. Once
certain aspects of the process are completed, the Administrator may consider
partial returns subject to conditions. We are working closely with the FSA in
the conduct of this vital process,’ PwC said in a statement.
Over the weekend Prime Minister Gordon Brown referred to Lehmans at the
Labour Party’s annual conference, calling for the return of £4.4bn to Lehman
Brothers in London, which is thought to have been transferred to Lehman Brothers
headquarters in New York before the bank announced bankruptcy last weekend.
Brown said he would be discussing the issue with global financiers and
authorities in the US on Wednesday.
Further reading:
PwC
statement: Lehman Brothers International (Europe) – client money and assets