Karl Thomson to refund minibond clients

Karl Thomson Investment Consultants will pay up to HK$1.8 million in compensation to 11 minibond clients, according to a settlement it reached with the Securities and Futures Commission. The firm sold HK$2.57 million worth of Lehman Brothers minibonds to investors and will pay back 70 per cent to those aged over 65 and 60 per cent to the rest. Karl Thomson also agreed to give the HK$38,453 commission it earned from the minibond sales to Hong Kong Securities Institute for staff training on the sale of products to retail investors.