Swiss bank UBS has emerged as among the major buyers of Goldman Sachs' Nikkei-linked listed derivatives, which have been suspended from trading since April due to errors in the listing documents. Goldman previously proposed to repurchase the four suspended warrants from investors in May. Seventy-five per cent of investors accepted the offer, constituting just 44 per cent of the outstanding warrants sold in the market. An institutional holder, who initially bought a total of 22 million warrants, has accepted a payment of HK$697,000 from Goldman Sachs for the warrants, according to a statement filed on the stock exchange by the US bank on Monday. The Nikkei 225 Index-linked warrants were launched in February with a formula giving them a higher value than intended - estimated to be in the region of HK$500 million. On March 31, the turnover of warrants soared, with one warrant surging 10 times its opening price. Trading was halted after Goldman told the stock exchange there were mistakes in the formula used to calculate the cash settlement amount. Goldman offered to pay warrant holders 110 per cent of the net purchase price of the old warrants or 110 per cent of the price of a new set of warrants calculated on the basis of a corrected formula, whichever was higher. A UBS spokeswoman confirmed that UBS had accepted the repurchase plans of the warrants by Goldman at a 'mutually agreed price' but declined to comment on the details in the stock exchange announcements. A Goldman spokeswoman said Goldman had made the buyback available again after being approached by a number of investors who were not able to participate in the initial repurchase plan which expired in May.