Secretary for Financial Services and the Treasury Chan Ka-keung would be the first government official to face the Legislative Council subcommittee investigating the Lehman Brothers minibonds fiasco, lawmakers decided yesterday. After his public appearance before the subcommittee on February 20, it will hear testimony from Professor Chan's deputy, Julia Leung Fung-yee. The subcommittee has already said it will summon Hong Kong Monetary Authority chief executive Joseph Yam Chi-kwong and his deputy Choi Yiu-kwan to give evidence. They will testify after Ms Leung. After that, the subcommittee will hear from five officials from the Securities and Futures Commission - its chief executive, Martin Wheatley, executive directors Brian Ho, Mark Steward and Alexa Lam, and senior director Stephen Po. 'After that we will see if we will need to summon other less senior officials,' said subcommittee chairman Raymond Ho Chung-tai, who announced the names after the panel met behind closed doors yesterday. 'We may invite bank [representatives] in the future ... and we will not rule out calling these officials back' for further questioning. About 43,700 Hongkongers invested HK$15.7 billion in financial derivatives issued or guaranteed by Lehman Brothers and sold by Hong Kong banks and stockbrokers. Their investments lost much or all of their value when the US investment bank collapsed in mid-September. Most bought minibonds - which, despite their name, are not corporate bonds but complex credit-linked instruments. Investors claim the derivatives were mis-sold as low-risk. The subcommittee has been granted special powers and privileges allowing it in effect to summon witnesses and compel the production of documents for the inquiry. Witnesses will testify under oath. Raymond Ho said the subcommittee was preparing documents on the areas its questioning would cover. Officials called upon to appear would be asked to submit written evidence beforehand. The hearings would be open unless there were public-interest grounds for hearing testimony behind closed doors. 'This is because we need to have high transparency,' he said.