In light of recent misleading media articles, Lehman Brothers, the global investment bank, wishes to clarify the situation relating to a review conducted by Thailand's Department of Special Investigation (DSI) with regard to the Financial Sector Restructuring Authority (FRA).
Lehman Brothers has fully cooperated with the DSI investigation, and all such inquiries preceding it, to the fullest extent possible. The Firm has volunteered full access to its people and records to all relevant authorities. Lehman Brothers has an outstanding record of compliance with the rules and regulations of all the markets in which it operates. The Firm firmly believes that following a fair review of evidence relating to the FRA’s asset sale, the relevant authorities will find that Lehman Brothers has committed no wrongdoing.
Lehman Brothers agrees with DSI Acting Director-General Kraisorn Barameeaueychai’s earlier comment in the Thai media that the evidence should be reviewed more carefully before a final conclusion is reached. The Director-General of the Revenue Department, Sirote Sawasdipanich, has also previously expressed to the Thai media that based on evidence the Revenue Department collected related to the FRA sale, the Revenue Department has found no evidence that the winning bidders have violated the tax exemption rules.
Lehman Brothers’ participation in the FRA auction process in 1998 was approved by the Thai government. Lehman Brothers proceeded in the auction with equal and full transparency and at no time did Lehman Brothers’ bidding party have access to any information not available to all other bidders. According to the FRA, Lehman Brothers’ bid was the highest of four bids they received, 26% higher than the next highest conforming bid.
Lehman Brothers has been a committed industry participant in the Thai market since it first incorporated its Bangkok office in 1989. Thailand is an important market for Lehman Brothers, where it offers a wide range of services. The Firm remains fully committed to attracting investment and developing the Thai capital markets.
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high-net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world. For further information about Lehman Brothers’ services, products and recruitment opportunities, visit the Firm's Web site at www.lehman.com .