Report to Creditors December 2009 by wuzhengqin

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									REPORT TO CREDITORS


LEHMAN BROTHERS AUSTRALIA LIMITED
(IN LIQUIDATION)
ACN 066 797 760

9 December 2009

S. J. Parbery & N. G. Singleton
Joint Liquidators




                                    1
      Contents

Section                                          Page

          Annexure Listing                        3

          Abbreviations                           4

  1       Executive Summary                       5

  2       Proceedings to Terminate the Deed       8

  3       Summary of Financial Position           10

  4       Unwinding of Lehman Originated CDO’s    11

  5       Meeting of Creditors                    13

  6       Other Matters                           15




                                                        2
       Annexure Listing

Annexure   Description

   A       Potential Outcomes of Deed Termination
           Proceedings

   B       Form 529 - Notice of Meeting

   C       Form 532 - Proxy

   D       Form 535 – Formal Proof of Debt

   E       Receipts and Payments from 26 September 2008
           to 30 November 2009

   F       Deed Administrators/Liquidators time costs for the
           period 18 September to 30 November 2009




                                                                3
          Abbreviations
Act means the Corporations Act 2001                                  LBA Holdings means Lehman Brothers Australia Holdings Pty
ASIC means the Australian Securities and Investments                 Limited (Subject to Deed of Company Arrangement)
Commission                                                           LBAM means Lehman Brothers Asset Management Limited (in
Australian Lehman Group means Lehman Brothers Australia              Liquidation), formerly known as Grange Asset Management
Holdings Pty Limited and its subsidiary and related companies        Limited
BNY means Bank of New York Mellon                                    LBHI means Lehman Brothers Holdings Inc, the ultimate US
Bond means a debt security issued by a borrower to the               Holding Company that has filed a voluntary petition for
bondholder who is a creditor                                         reorganisation pursuant to Chapter 11 of the Bankruptcy Code
CDO means Collateralised Debt Obligation which is a financial        of the United States
instrument                                                           LBIE means Lehman Brothers International (Europe)
Collateral means a security interest held over identified            LBSF means Lehman Brothers Special Financing Inc
securities and other assets, available to the issuer of securities   LBTC means Lehman Brothers Treasury Co BV (In Bankruptcy)
Company means Lehman Brothers Australia Limited                      Parkes Council means Parkes Shire Council
Contingent Litigation Creditor means entities or persons that        Perpetual means Perpetual Trustee Company Limited
have commenced, or are contemplating commencing,                     Plaintiffs means Wingecarribee, Parkes and Swan together
proceedings against LB Australia for, amongst other things,          Liquidators means the Provisional Liquidator of the Lehman
misleading and deceptive conduct in offering for sale certain        Brothers Asian Entities
financial products                                                   Supreme Court means the Equitable Division of the Supreme
Corporations Act means the Corporations Act 2001                     Court in each applicable State of Australia
Deed means Deed of Company Arrangement                               Swan Council means City of Swan Council
Federal Court means Federal Court of Australia                       USD means United States Dollar
Full Federal Court means a full bench of the Federal Court           US Bankruptcy Court means US Bankruptcy Court, Southern
High Court means the High Court of Australia                         District of New York
LB Asia means Lehman Brothers Asia Limited (Liquidators              Wingecarribee means Wingecarribee Shire Council
Appointed).
LB Asia Holdings means Lehman Brothers Asia Holdings
Limited (Liquidators Appointed)
LB Australia means Lehman Brothers Australia Limited (In
Liquidation) formerly known as Grange Securities Limited
LB Inc means Lehman Brothers Incorporated
LBA Finance means Lehman Brothers Australia Finance Pty
Limited (Subject to Deed of Company Arrangement)
LBA Granica means Lehman Brothers Australia Granica Pty
Limited (Subject to Deed of Company Arrangement)



                                                                                                                                    4
  1      Executive Summary
1.1   PROCEEDINGS TO TERMINATE THE DEED                             1.2   DETERIMINATION OF LIABILITIES & DIVIDEND
                                                                          DISTRIBUTION
As noted in previous Reports, legal proceedings were
commenced by the Plaintiffs in the Federal Court to terminate       There has been no significant change in the financial position of
the Deed. At the commencement of the proceedings, the               the Administration since our 11 September report.
Plaintiffs had proposed that a series of questions be answered
by the Federal Court prior to the substantive argument as to        We continue to review claims made by the contingent creditors
whether or not the Deed should be terminated on the grounds of      that have been filed with our office. However, we are unable to
unfair prejudice or oppression. These separate questions were       provide any further complexion as to the population and nature
heard before the Full Federal Court.                                of such claims as the process has yet to be completed.

The Full Federal Court handed down its findings with respect to     At this time, given the future of the Company is uncertain, we
the separate questions on 25 September 2009. At a subsequent        are unable to provide any indicative timing as to when a dividend
Federal Court hearing on 2 October 2009, the Company was            is likely be paid. Furthermore, if the Company remains in
wound up and we were appointed Official Liquidators.                liquidation following the completion of the appeal process,
                                                                    distributions to creditors will not proceed until such time that all
On 23 October 2009 we were notified that LBHI and LB Asia           creditor claims (i.e. actual and contingent) have been
Holdings had filed applications with the High Court for Special     determined.
Leave to Appeal the Full Federal Court decision.
                                                                    1.3   UNWINDING OF LEHMAN ORIGINATED CDO’S
The Special Leave Application is set down to be heard on 11
December 2009. In the instance leave is granted, we are             As discussed in previous reports, in particular our 11 September
hopeful that the High Court will be in a position to hear the       Report, various Lehman originated CDO’s are being unwound
substantive appeal in the first quarter of 2010. However, the       with proceedings taking place in the United Kingdom and the
timing of the hearing will be dependent upon the High Court’s       United States to recover the underlying collateral.
availability.
                                                                    As noted in the 11 September Report, the Noteholders were
We discuss these legal proceedings in further detail at Section 2   successful at trial on the Noteholder priority issue in the United
of this Report.                                                     Kingdom. The effect of this decision should be that Noteholders
                                                                    directly receive from the trustee the underlying collateral rather
                                                                    than such amounts being paid to LBSF (the counterparty to a
                                                                    credit default swap).     This should ultimately see the loss
                                                                    suffered by Noteholders (if any) significantly reduced. LBSF
                                                                    subsequently lost an appeal of that decision to the Court of
                                                                    Appeal and the first instance decision remains in place.



                                                                                                                                           5
  1      Executive Summary (cont)
However, immediately following that ruling, LBSF asked the          Clayton Utz
Court of Appeal for consent to appeal to the Supreme Court.         Level 34
This application failed. We understand that LBSF intends (if not    1 O’Connell Street
already) to file leave to appeal directly with the Supreme Court.   Sydney NSW
We will update creditors with respect to this aspect of the
litigation in due course.                                           The purpose of this meeting is to discuss this Report and to
                                                                    provide creditors with a forum to ask questions surrounding the
Finally, we note that there remain two further issues in the        current position of the liquidation.
matter that the Court needs to consider, being the extent of the
indemnity to be given by the Noteholders to the trustee and         In addition to the above, it is also our intention to provide
whether the English proceedings should be stayed i.e. deferred      creditors with an opportunity to form a Committee of Inspection.
to the US Court. These matters are not expected to be heard
until after the Noteholder priority issue has been finally          Notice, proxy and proof of debt forms are attached at Annexures
determined by any appeal to the Supreme Court.                      B, C and D respectively.

Contemporaneously, there are proceedings taking place in the        Please refer to Section 5 of this Report for further information
United States in which LBSF had filed a motion for summary          with respect to this meeting.
judgment in respect to Mahogany Notes (the material terms of
which mirror the other Lehman originated CDO’s in relation to       1.5   ADMINISTRATORS' REMUNERATION
Noteholder priority).
                                                                    As detailed in previous communication, creditors approved the
The hearing with respect to this matter took place on 18            Deed Administrators future remuneration to an interim upper
November 2009. As at the date hereof, no decision has been          limit of $750,000 plus GST.        To date, we have drawn
handed down.                                                        $743,829.25 plus GST in respect to those costs for the period 12
                                                                    June to 17 September 2009.
We understand that there is an automatic right of appeal and
would therefore expect BNY, as trustee, on behalf of the            As discussed in previous reports, we had proposed to circulate
Noteholders to take advantage of such right should an adverse       our ongoing costs in this matter to the Committee for approval at
decision be forthcoming.                                            regular intervals rather than being provided with a further interim
                                                                    limit. However, as a consequence of the Company being placed
1.4   MEETING OF CREDITORS                                          in liquidation, the Committee was rendered nugatory and as
                                                                    such, was not capable of determining any matters, including the
A meeting of creditors has been scheduled for 05 January 2010       approval of the Deed Administrators' remuneration.
at 11.00am. This meeting will be held at the following location:




                                                                                                                                          6
  1      Executive Summary (cont)
We note that we have outstanding costs in this matter which
amount to $544,279 (plus GST) for the period 18 September to
30 November 2009. We attach at Annexure F a summary of
those costs. We will be requesting that creditors approve these
time costs at the forthcoming meeting of creditors.




                                                                  7
     2     Proceedings to Terminate the Deed
2.1      BACKGROUND                                                         Creditor against a Lehman Entity are forever released,
                                                                            discharged and extinguished?
Following the meeting of creditors held on 28 May 2009 which
approved the Company executing a Deed of Company                        6   If the answer to the above question is ‘yes’, are the
Arrangement, legal proceedings were commenced by the                        provisions of the Deed binding having regard to provisions
Plaintiffs in the Federal Court to terminate the Deed on the                of the Corporations Act?
grounds that it was oppressive and prejudicial to their interests.
                                                                        7   If the answer to any of questions 2, 4 or 6 is ‘no’, is the
The Plaintiffs proposed that a series of questions be answered              Deed properly constructed and if not, void and of no effect?
by the Federal Court prior to argument in respect of the
substantive proceedings. An abridged version of the questions           The position of the First to Third Defendants (LB Australia and
was provided at pages 17 and 18 of the 11 September Report              both Deed Administrators) was there was little, if any, utility in
and which is reproduced hereunder:                                      referring separate questions to a Full Court of the Federal Court
                                                                        before the final hearing, as it would further delay and would add
“1    Whether the Deed confers on the Deed Administrators the           unnecessary expense to the proceedings because even if the
      sole power to conduct and control insurance claims against        separate questions were resolved in favour of the plaintiffs, it
      the Company’s insurers (Refer Section 8.3 of our 19 March         was unlikely to dispose of the proceedings.
      Report)?
                                                                        On 23 July 2009, Rares J heard and determined the plaintiff’s
2.    If the answer to the above question is ‘yes’, is the Deed valid   application for the determination of separate questions and
      and binding having regard to provisions of the Corporations       ordered that the questions would be heard before the Full
      Act?                                                              Federal Court on 7 August 2009. The Full Court heard the
                                                                        matter on that day.”
3     Whether the Deed operates so as to provide a moratorium
      against a General Creditor and/or a Litigation Creditor in        The Court handed down its findings with respect to the separate
      respect of a claim or an Insurance Claim, in favour of a          questions on 25 September 2009 and found that the Deed of
      Lehman Entity?                                                    Company Arrangement was void. It subsequently ordered that
                                                                        the Company be wound up and we were appointed Official
4     If the answer to the above question is ‘yes’, are the             Liquidators on 2 October 2009.
      provisions of the Deed binding having regard to provisions
      of the Corporations Act?

5     Whether the Deed operates such that, upon payment in full
      of the Litigation Creditors’ final dividend, all claims and
      insurance claims of a General Creditor and/or a Litigation



                                                                                                                                             8
  2       Proceedings to Terminate the Deed (cont)
2.2    SPECIAL LEAVE TO APPEAL TO THE HIGH COURT                       2.3     EXPECTED OUTCOME AND TIMING

On 23 October 2009, we were notified that LBHI and LB Asia             It is uncertain at this stage whether the High Court will grant
Holdings (the Appellants) had filed applications with the High         Special Leave to Appeal. However, were it to do so, we would
Court for Special Leave to Appeal the findings of the Full             expect that the matter would be expedited which could possibly
Federal Court.                                                         result in the matter being heard in the first quarter of 2010.

The Appellants argue that the Full Federal Court erred in              If the matter is heard by the High Court, there are essentially
concluding that provisions of a Deed providing for releases of         three different outcomes that could arise:
claims of certain creditors against third parties arising out of the
same or substantially similar facts and circumstances as those               The decision of the Federal Court is upheld i.e. the company
which gave rise to those creditors’ claims against the Company               would remain in liquidation;
were outside the scope of Part 5.3A of the Act.
                                                                             The decision is overturned on a qualified basis, i.e. the deed
The Appellants also argue that the Court erred in concluding that            is reinstated, but without the third party releases, which in
Section 447A of the Act did not permit the Court to amend a                  any event may result in the company being placed back into
Deed so as to empower the Deed Administrators to execute on                  liquidation in due course;
behalf of certain creditors releases of the claims against non-
parties to the Deed, as such releases are within the scope of                The decision is overturned in full i.e. the deed is reinstated
Part 5.3A of the Act.                                                        in its entirety.

A directions hearing with respect to this matter was heard on 3        We have provided at Annexure A a summary setting out the
November 2009. The Application for Special Leave to Appeal             potential consequences from the above possible outcomes in
will be heard on 11 December 2009. We shall update creditors           general terms.
with respect to the High Court’s decision as to whether or not
leave will be granted at the forthcoming meeting of creditors and      The final position and direction of the matter will be
will also issue a short advice which will be posted on our website     indeterminate until clarity has been obtained from the potential
(www.ppb.com.au). As parties to the original proceedings, the          High Court sitting and any subsequent proceedings in the
Company and the Liquidators are respondents to the appeal.             Federal Court.      Once that outcome is known, we shall
Submissions supporting the reinstatement of the Deed have              communicate same to creditors.
been filed with the High Court, on behalf of the Company.




                                                                                                                                              9
     3       Summary of Financial Position
3.1       ASSET REALISATIONS                                          Wingecarribee itself is an actual creditor of the Company but
                                                                      also to allow the liquidators to use any findings of the Court in
We refer you to our 11 September 2009 report which discussed          relation to damages suffered by Wingecarribee (if any) as a
in detail the financial position of LB Australia at that date         guide to the assessment of the loss of other contingent creditors
(Section 2).                                                          (further discussed at Section 6.1).          The Wingecarribee
                                                                      proceedings have been stayed pending the outcome of the
There have been no significant changes in the financial position      application for special leave to the High Court.
of LBA since the 11 September report. However, by way of
update, we advise as follows:                                         3.3    DISTRIBUTION OF MONIES TO CREDITORS

1.       Funds held by the Liquidators at 30 November 2009            At this time, given the future of the Company is uncertain, we
         amount to $83.16m.       Attached at Annexure E is a         are unable to provide any indicative timing as to when a dividend
         Summary of Receipts and Payments for the entire period       is likely be paid. Furthermore, and in any event, distributions to
         of the Administration i.e. 26 September 2008 (date of        creditors will not proceed until such time that all creditor claims
         appointment as Voluntary Administrators) to 30 November      (i.e. actual and contingent) have been determined.
         2009.

2.       The current status of proceedings to unwind the Lehman
         CDO’s for the benefit of Noteholders, including LB
         Australia, is discussed at Section 4 of this report.

3.2       DETERMINATION OF LIABILITIES

We continue to review claims made by the contingent creditors
that have been filed with our office. However, we are unable to
provide any further complexion as to the population and nature
of such claims as the process has yet to be completed.
Particularly, we note that the majority of claimants have
attributed values to securities which are in our view incorrect at
first instance, and secondly, fail to properly value the securities
themselves.

In light of the above, the Liquidators requested that the Federal
Court lift the stay of proceedings with respect to the
Wingecarribee matter so as not only to determine whether



                                                                                                                                            10
  4        Unwinding of Lehman Originated CDO’s
4.1     GENERAL                                                          The Trustee has requested an order from the English Court
                                                                         that it be entitled to a full indemnity from Noteholders in
In our 11 September Report we provided creditors with an                 respect of any distribution of the collateral.
update with respect to the proceedings in the United Kingdom
and the United States surrounding the unwinding of Lehman            As noted in the 11 September Report, the Noteholders were
originated CDO’s.                                                    successful at trial on the Noteholder priority issue in the UK
                                                                     Court. LBSF subsequently appealed that decision to the Court
We set out below a summary of recent developments in this            of Appeal but lost.
aspect of the administration.
                                                                     Immediately following that ruling, LBSF sought consent from the
4.2     ENGLISH PROCEEDINGS                                          Court of Appeal for permission to appeal to the Supreme Court.
                                                                     However, this application failed. We understand that LBSF
As noted in the 11 September Report, The Noteholders had             intends (if not already) to file leave to appeal directly with the
caused the termination of the credit default swaps underlying a      Supreme Court. We will update creditors with respect to this
number of the Notes issued in the Dante Series. These                aspect of the litigation in due course.
Noteholders subsequently issued proceedings in the English
High Court seeking orders that BNY distribute the underlying         Finally, we note that there remains two further issues that the
Collateral in accordance with Noteholder priority provisions         Court needs to consider but which are not expected to be heard
within the supporting documents.                                     until after the Noteholder priority issue has been finally
                                                                     determined by any appeal to the Supreme Court.
There were essentially three elements to the proceedings:
                                                                     Whilst LB Australia is a Noteholder, such notes having a face
      LBSF (the counterparty to the credit default swap) is          value in the order of $8.0m, it is not at this time a party to the
      challenging Noteholder priority and is arguing that the        proceedings.
      clauses in the documents that rank Noteholders ahead of
      LBSF should be struck out so that LBSF ranks first;            We have been approached by the lawyers acting for those
                                                                     Noteholders who are party to the proceedings, to consider
      LBSF is arguing that the English proceedings should be         providing limited funding in connection with the two remaining
      stayed i.e. the English Courts should defer to the US courts   issues (on a proportionate basis with other Noteholders). As the
      and so not make any orders as to the Collateral until the US   outcome of the proceedings may have a material effect on the
      Courts have decided whether Noteholder priority offends the    value of contingent creditor claims, we are giving consideration
      US Bankruptcy Code; and                                        to this request.




                                                                                                                                          11
  4      Unwinding of Lehman Originated CDO’s (cont)
4.3   US PROCEEDINGS

As noted in our 11 September Report (at page 16), LBSF filed a
motion for summary judgment in respect to Mahogany Notes
(the material terms of which mirror the Dante Programme as
concerns Noteholder priority) on its claim in the US Bankruptcy
Court.

The hearing with respect to this matter took place on 18
November 2009. It is understood a decision is likely to be
issued within two to eight weeks.

We understand that there is an automatic right of appeal and we
would therefore expect BNY to take advantage of such right on
behalf of Noteholders.




                                                                  12
  5      Meeting of Creditors
5.1    GENERAL                                                      corporate creditors are also required to submit a proxy if they
                                                                    wish to be represented at the meeting.
A meeting of creditors has been scheduled for 5 January 2010
at 11.00 a.m. (A.E.D.S.T.). This meeting will be held at the        Creditors are requested to return the completed proxy form (and
following location:                                                 if applicable, proof of debt form) by no later than 10:00 a.m. on 4
                                                                    January 2010 to one of the following:
Clayton Utz
Level 34                                                            By Facsimile: +61 (0)2 8116 3111
1 O’Connell Street
Sydney NSW 2000                                                     By email:     lehmans@ppb.com.au

Notice of this meeting is attached at Annexure B.                   By Mail:      Lehman Brothers Australia Limited
                                                                                  C/- PPB
5.2    PURPOSE OF MEETING                                                         Level 46 MLC Centre
                                                                                  19 Martin Place
The purpose of this meeting is to discuss this Report and to                      SYDNEY NSW 2000
provide creditors with a forum to ask questions surrounding the
current position of the liquidation.                                              Attn: Ms Carol Pang

In addition to the above, it is also our intention to provide       We note that proxies received after 10:00 a.m. on 4 January
creditors with an opportunity to form a Committee of Inspection.    2010 may not be accepted to vote at the meeting.

5.3    SUBMISSION OF PROOF OF DEBTS AND PROXIES                     We ask that if you submit your proxy and proof of debt (if
                                                                    applicable) by electronic means, that you forward the original
We have attached at Annexure C and D proof of debt and proxy        copy of same within 72 hours.
forms.

Any creditor who has already lodged a proof of debt will not
need to complete a new proof in the event the level of their debt
remains unchanged.

Creditors who are unable to attend the meeting and who wish to
be represented should ensure that a proxy form, power of
attorney (or evidence of appointment of the company
representative) is completed. In accordance with the Act, all



                                                                                                                                          13
  5        Meeting of Creditors (cont)
5.4     VOTING RIGHTS

Motions at the meeting will be carried if:

      The majority of the creditors voting (whether in person, by
      attorney or proxy) vote in favour of that motion; and

      The value of the debts owed by the Company to those
      voting in favour of the motion are more than half of the total
      debts owed to all creditors voting at the meeting.

Prior to the meeting, the Chairman will apply the following
approach to adjudicating on the admission of creditor claims for
voting purposes:

      Each proof of debt will be considered individually;

      Where claims are contingent or unliquidated in nature, the
      Chairman will consider the basis of that contingent or
      unliquidated claim and the sufficiency by which that claim
      has been particularised; and

      With respect to related parties that intend to vote at the
      second meeting, the Chairman will allow such claimants to
      vote in accordance with general ledger balances obtained
      from the Company’s accounting records unless that
      company can otherwise show that such amounts are
      incorrect by providing supporting documentation.

Any adjudication of proofs for voting purposes at the meeting of
creditors is distinctly different to any adjudication made at a later
stage by the Liquidator (or Deed Administrator if the Deed is
reinstated).




                                                                        14
  6        Other Matters
6.1     WINGEECARRIBEE PROCEEDINGS
                                                                          The extent of any deductibles to be applied.
As a consequence of the appointment of Liquidators to LB
Australia, the proceedings brought by Wingecarribee (being a        In relation to the prospects of claim against LB Australia’s
claim for loss and damage arising from its investments in           overseas policies, we confirm that receipt of our claim has been
CDO’s) were automatically stayed.                                   acknowledged and further information has been provided as
                                                                    requested. The claim is under consideration.
The parties appeared before the Federal Court following the
Liquidator’s appointment. Lawyers for Wingecarribee did not         6.3     ADMINISTRATORS' REMUNERATION
seek leave to proceed and sought an adjournment of the
proceedings until after the High Court special leave application    As detailed in previous communication, creditors approved the
is heard.                                                           Deed Administrators' future remuneration to an interim upper
                                                                    limit of $750,000 plus GST.        To date, we have drawn
The Liquidators however petitioned the Court for leave to           $743,829.25 plus GST in respect to those costs for the period 12
proceed immediately on the basis that determination of the          June to 17 September 2009.
matter by the court would provide guidance as to the extent of
LB Australia’s liability (if any) and the damages arising thereon   As discussed in our 11 September report, we had proposed to
to contingent creditors.                                            circulate our ongoing costs in this matter to the Committee for
                                                                    approval at regular intervals rather than being provided with a
The Court determined to adjourn the proceedings until 18            further interim limit.   However, as a consequence of the
December 2009.                                                      Company being placed in liquidation, the Committee was
                                                                    rendered nugatory and as such, was not capable of determining
6.2     INSURANCE                                                   any matters, including the approval of the Deed Administrators'
                                                                    remuneration.
In the absence of a significantly increased offer of settlement
from LB Australia’s Australian based insurer, we have instructed    We note that we have outstanding costs in this matter which
Counsel to advise in relation to:                                   amount to $544,279 (plus GST) for the period 18 September to
                                                                    30 November 2009. We attach at Annexure F a summary of
      The merits of LB Australia’s claims under the relevant        those costs.
      policies;
                                                                    In summary, the major aspects of our work over this period
      The beneficiaries of any settlement proceeds;                 included, amongst other matters:

      The appointment of any settlement proceeds between the              Attending to matters surrounding the Court proceedings to
      beneficiaries; and                                                  terminate the Deed, including instructions to lawyers,



                                                                                                                                       15
6    Other Matters (cont)
reviewing submissions, attending Court hearings, preparing        Management of asset book, including for instance
affidavit evidence.                                               management of CDO’s unwinding and associated legal
                                                                  proceedings thereon.
Attending to matters surrounding the Wingecarribee
proceedings, including detailed review of the file, meetings      Ongoing communication with creditors, including preparation
with former Company employees, briefings with lawyers and         of previous notices to creditors, this Report, responding to
Counsel etc.                                                      general enquiries etc.

Meeting with various stakeholders to discuss alternatives to      Various statutory duties including preparation of accounts
current stalemate.                                                and various other lodgements with the ASIC and the ATO.

Conducting investigations with respect to intercompany         At the forthcoming meeting of creditors, we will request that
account balances and reconciliations thereon.                  creditors consider, and if thought appropriate, approve the
                                                               aforementioned remuneration.
Conducting investigations and preparing claims against
various Lehman Global entities, including claims against
LBHI and LBSF.

Participating in various International Protocol meetings and
sub committee meetings/teleconferences to discuss matters
surrounding the orderly winding down of affairs where
relevant to LB Australia.

Continuing to operate the safe custody accounts and
ongoing coupon payments to investors including efforts to
shift irregular/small parcel holdings.

Commencement of further investigations.

Adjudicating upon unsecured creditor claims.

Reviewing contingent creditor claims and developing model
to assist with adjudication process.




                                                                                                                                 16
        Execution Page
Should you have any queries in respect to this Report, please
contact Marcus Ayres of this office on +61 2 8116 3295.

Dated this 9th day of December 2009
LEHMAN BROTHERS AUSTRALIA LIMITED




N. G. SINGLETON
Joint Liquidator




                                                                17
UPDATE REPORT TO CREDITORS

LEHMAN BROTHERS AUSTRALIA LIMITED
(SUBJECT TO DEED OF COMPANY ARRANGMENT)
ACN 066 797 760

ANNEXURE A

Consequences of Appeal to High Court
Consequences of Appeal to High Court in Relation to Decision of Federal Court to Overturn Deed of Company Arrangement

Potential Outcomes                 Expected Consequences
1. Federal Court Decision Upheld   •     LBA will remain in Liquidation
                                   •     LBA will make application to Federal Court to proceed with Wingecarribee matter (to provide guidance concerning
                                         determination of damages, calculations and extent of liability to Contingent Creditors).
                                   •     Realisation of assets continues
                                   •     Adjudication of Contingent Creditor claims (litigation/mediation)
                                   •     Subject to the above, distribution of funds to creditors

2. Federal Court Decision          2.1       In Full
   Overturned                                Deed of Company Arrangement is reinstated

                                   2.2       In Part (e.g. third party releases are excised from Deed)
                                             Deed of Company Arrangement is reinstated in all respects other than the provision of releases to third
                                             parties, but the Company may return to liquidation, if creditors of the company, particularly LB Asia Holdings,
                                             petition the deed administrators to hold a meeting and resolve to terminate the deed under clause 19.1(b) of
                                             the deed (in which case refer to 1 above).

                                   In either of the above scenarios, the likely consequences are:
                                   •     Realisation of assets continuing
                                   •     LBA’s Administrators will make application to the Federal Court to proceed with Wingecarribee matter.
                                   •     The Plaintiffs will continue with proceedings in the Federal Court to terminate the Deed on grounds of oppression
                                         and prejudice.

                                                     Plaintiff successful in Federal Court
                                                     −     Deed is terminated
                                                     −     Company placed in Liquidation (Refer 1 above)

                                                     Plaintiffs unsuccessful in Federal Court
                                                     −     Deed survives
                                                     −     Distribution of Funds in accordance with Deed
UPDATE REPORT TO CREDITORS

LEHMAN BROTHERS AUSTRALIA LIMITED
(SUBJECT TO DEED OF COMPANY ARRANGMENT)
ACN 066 797 760

ANNEXURE B

Form 529 – Notice of Meeting
                                        FORM 529

                              CORPORATIONS ACT 2001
                                                                   Subregulation 5.6.12(2)



                          NOTICE OF MEETING OF CREDITORS

                     LEHMAN BROTHERS AUSTRALIA LIMITED
                              A.C.N. 066 797 760
                              (IN LIQUIDATION)

Notice is hereby given that the Meeting of Creditors of the Company will be held on
Tuesday, 5 January 2010 at the offices of Clayton Utz, Level 34, 1 O’Connell Street,
Sydney NSW at 11:00 a.m. (A.E.D.S.T.)


                                        AGENDA

1.   To discuss the Liquidators Report to Creditors dated 9 December 2009.

2.   To consider and if thought appropriate, approve the remuneration of the Deed
     Administrators and Liquidators for the period 18 September 2009 to 30 November
     2009 in the amount of $544,279.00 plus GST.
3.   To elect a Committee of Inspection.
4.   Any other matters.

Telephone conference facilities are available upon request. Please contact Carol Pang
of this office for arrangements.

Registrations will commence at 9.30 a.m. (A.E.D.S.T.)

DATED this 9th day of December 2009



N. G. SINGLETON
Joint and Several Official Liquidator

C/- PPB
Level 46 MLC Centre
19 Martin Place
SYDNEY NSW 2000
Phone: +61 2 8116 3000
Facsimile: +61 2 8116 3111
REPORT TO CREDITORS
PURSUANT TO SECTION 439A OF THE ACT

LEHMAN BROTHERS AUSTRALIA LIMITED
(ADMINISTRATORS APPOINTED)
ACN 066 797 760

ANNEXURE C

Form 532 - Proxy
                                                                    FORM 532
                                                               Corporations Act 2001
                                                                                                                                  Regulation 5.6.29
                                                           APPOINTMENT OF PROXY

                                                   LEHMAN BROTHERS AUSTRALIA LIMITED
                                                            A.C.N. 066 797 760
                                                            (IN LIQUIDATION)


I/We (1)           ……………………………………..…………………………………… a creditor of Lehman Brothers

Australia Limited appoint (2)……..……………..….…………………....................................…………............... or in

his/her* absence ..................................................…………………………………..as *my/*our *general/*special

proxy to vote at the meeting of creditors to be held on 5 January 2010 at 11:00 a.m. A.E.D.S.T. or at any

adjournment of that meeting, and to vote:

*generally as he/she determines on my/our behalf

OR

*specifically in accordance with the following special instructions below (3)

                                                                                                                      For        Against          Abstain

 1.    To approve the remuneration of the Deed Administrator and Liquidator for
       the period 18 September to 30 November 2009 in the amount of $544,279.00
       plus GST.

 2.    To appoint a Committee of Inspection.




I*/We* authorise .......................................................................................................................... [insert name and
address of person authorised] to represent me*/us* on the Committee of Inspection should one be elected.


Dated this ............................. day of .................................. 20


                                                                         The common seal (4) of ...................... was affixed hereto in
                                                                         the
                                                                         presence of

                                                            OR
 .......................................................
 (Signature (5) of individual or                                         .........................................                ..............................
 person authorised (6) by corporate                                      Director/Secretary                                       Director
 resolution to represent corporation)
                                                            CERTIFICATE OF WITNESS (special cases (7))


I, ................................................................... of ................................................................... certify that the above instrument approving a
proxy was completed by me in the presence of and at the request of the person appointing the proxy and read to him/her* before
he/she* attached his/her* signature or mark to the instrument.

Dated this ................................. day of ........................ 20


Signature of witness ....................................................                          Description ................................................................

Place of residence .....................................................…………………………………………………………………………
*strike out if inapplicable


Notes:

1.     If a firm, strike out “I” and set out the full name of the firm.                              5.     The signature of the creditor, contributory,
2.     Insert name, address and description of person appointed.                                            Debenture holder or member is not to be attested
3.     If a Special Proxy, tick either “to vote for” or “to vote                                            to by the person nominated as proxy
       against” the resolution                                                                       6.      Corporations Act Sec 250D.
4.     The method of affixing the common seal should be                                              7.     This certificate is to be completed only where the
       prescribed by the creditors’ Articles of Association.                                                person giving the proxy is blind or incapable of
                                                                                                            writing.

       Form 532.
REPORT TO CREDITORS
PURSUANT TO SECTION 439A OF THE ACT

LEHMAN BROTHERS AUSTRALIA LIMITED
(ADMINISTRATORS APPOINTED)
ACN 066 797 760

ANNEXURE D

Form 535 – Formal Proof of Debt or Claim
Ref: PUBALPI:AMS:C/CRS
                                                                            FORM 535
                                                                                                                       Subregulation 5.6.49(2)
                                                                  Corporations Act 2001



                                   LEHMAN BROTHERS AUSTRALIA LIMITED
                               FORMAL PROOF OF DEBT OR CLAIM (GENERAL FORM)
To the Joint and Several Administrators of Lehman Brothers Australia Limited:

1.      This is to state that the company was on 26 September 2008 and still is, justly and truly
        indebted to:
1
    .................................................................................................. ABN ....................................... for
..........................................................................................dollars and .................................... cents.
Particulars of the debt are:
                     2                                             3                               4               5
Date                  Consideration                                  Total Inclusive of           GST               Remarks
                                                                           GST                  amount of
                                                                             $                     $




2.  To my knowledge or belief the creditor has not, nor has any person by the creditor’s order, had
    or received any satisfaction or security for the sum or any part of it except for the following6:
Date           Drawer                 Acceptor                     Amount                 Due Date
                                                                       $




*3. I am employed by the creditor and authorised in writing by the creditor to make this statement.
     I know that the debt was incurred for the consideration stated and that the debt, to the best of
     my knowledge and belief, remains unpaid and unsatisfied.
*3. I am the creditor’s agent authorised in writing to make this statement. I know that the debt was
    incurred for the consideration stated and that the debt, to the best of my knowledge and belief,
    remains unpaid and unsatisfied.

DATED this                           day of                                         2009

Signature .................................................                 Occupation                 ...................................................
Name              .................................................         Daytime Telephone ...................................................
Address           .................................................         Email Address              ...................................................
                 ........................................................
OFFICE USE ONLY
                                                            ADMIT                             $
REVIEWED BY:
                                                            GST INCLUDED ABOVE                $
AUTHORISED BY:                                              REJECT                            $
Date entered:                         /     /               WITHDRAW                          $
                                                            CONSIDERATION                     $
AMT. Per RATA                     $
                                                            TOTAL PROOF                       $

                                                DIRECTIONS

  *   Do not complete this part, if this proof is made by the creditor personally.

      1. Insert full name and address of the creditor, and if applicable, the creditor’s partners. If prepared
         by an employee or agent of the creditor, also insert a description of the occupation of the creditor.

      2. Under “Consideration” state how the debt arose, for example “goods sold and delivered to the
         company between the dates of …………………………….”, or “moneys advanced in respect of the
         Bill of Exchange”.

      3. Total amount is inclusive of GST

      4. Notate separately the GST portion of the total amount

      5. Under “Remarks” include details of vouchers substantiating payment. Notate separately the GST
         portion of the total amount.

      6. Insert particulars of all securities held. Where the securities are on the property of the company,
         assess the value of those securities. If any bills or other negotiable securities are held, specify
         them in a schedule in the above form.




      OFFICE USE ONLY
      Ranking of Claim                      Tick
      Secured
      Priority
      Unsecured
      Type of Claim                         Tick
      RATA
      Additional
      Employee
REPORT TO CREDITORS
PURSUANT TO SECTION 439A OF THE ACT

LEHMAN BROTHERS AUSTRALIA LIMITED
(ADMINISTRATORS APPOINTED)
ACN 066 797 760

ANNEXURE E

Summary of Receipts and Payments for the period
26 September 2008 to 30 November 2009
Rece ipts and Paym ents 26 Se pte m ber 2008 to 30 Novem be r 2009
                                                                       VOLUNTARY ADMINISTRATION PERIOD                               DEED PERIOD                                  LIQUIDATION PERIOD
                                                                        26 Septem ber 2009 to 11 June 2009                 12 June 2009 to 1 October 2009                2 October 2009 to 30 Novem ber 2009
                                                                                          $                                                 $                                                $

TRADING RECEIPTS
 Coupon Income                                                                                        7,342,773.81                                     3,446,544.62                                       551,558.03
 Dividends                                                                                               48,698.37                                        15,758.48                                        31,424.66
 Interest Income                                                                                      2,132,968.38                                       748,000.91                                       342,766.50
 Other Income                                                                                            42,500.04                                           201.93                                         2,913.32
                                                                                                      9,566,940.60                                     4,210,505.94                                       928,662.51

NON TRADING RECEIPTS
 Accounts Receivable (PreAppointment)                                                                    33,386.81                                                                                          9,603.24
 Bank Guarantee                                                                                       4,598,022.00
 Employee Loan Repayments                                                                                     0.00                                       384,872.59
 PAYG Withheld (Preferred Dividend)                                                                           0.00                                     1,722,996.72
 Cast at Bank - 552 955 163                                                                                   0.00                                        52,971.71
 Securities / Derivative Maturity                                                                    28,960,000.00                                     2,050,000.00
 Monies held in Third Party Trust on Appointment                                                                                                                                                            4,400.00
 Cash at Bank Citigroup 206 450 037 (pre appt a/c)                                                      322,043.74
 Cash at Bank Citigroup 206 450 045 (pre appt a/c)                                                   44,944,016.48
 Other Current Assets                                                                                 3,080,127.36                                                                                         94,230.95
  Plant and Equipment                                                                                 1,279,003.68
                                                                                                     83,216,600.07                                     4,210,841.02                                       108,234.19
NONTRADING PAYMENTS
 Advertising                                                                                            (4,606.25)
 Appointee Costs                                                                                      (207,231.98)
 Deed Administrators Costs                                                                                    0.00                                      (36,613.90)
 Appointee Fees                                                                                     (2,285,785.57)
 Deed Administrators Fees                                                                                     0.00                                     (955,060.06)
 Liquidators Costs                                                                                            0.00                                                                                        (28,870.87)
 Bank Charges                                                                                             (807.50)                                         (121.00)                                           (67.00)
 Dividend for Preferred (Employee) Creditors                                                                  0.00                                   (5,469,830.90)
 Employee Loans                                                                                       (384,872.59)
 Bank Guarantee                                                                                     (4,598,022.00)
 Coupon payment                                                                                        (67,761.42)
 Document Storage                                                                                       (4,375.64)
 GST Control: GST Paid (Received/Payment)                                                             (153,963.00)                                         9,109.58                                   (1,436,514.00)
 Hire & Leasing                                                                                         (3,732.66)                                       (2,887.50)                                      (11,550.00)
 Legal Fees                                                                                         (1,973,579.76)                                     (820,430.68)                                     (260,479.48)
 Reimburse payment to LEHREHOLD*                                                                              0.00                                     (165,960.90)
 Mail redirection                                                                                         (913.50)
 Rent & Rates                                                                                           (1,100.00)
 Telephone & Fax                                                                                           (81.07)                                      (24,581.34)
 Utilities expenses                                                                                    (12,037.02)
 Valuation f ee                                                                                        (33,000.00)                                                                                        (16,500.00)
 Securities Payment Reversal                                                                           (68,000.00)
 Printing Costs                                                                                        (27,674.52)                                       (3,242.80)
 Travel Expenses                                                                                        (4,604.09)                                       (6,591.27)
 Custody Fees                                                                                           (7,891.94)                                       (4,550.31)                                       (2,885.49)
                                                                                                    (9,840,040.51)                                   (7,480,761.08)                                   (1,756,866.84)

NET RECEIPTS AND PAYMENTS                                                                            82,943,500.16                                       940,585.88                                     (719,970.14)
  Opening Balance                                                                                             0.00                                    82,943,500.16                                    83,884,086.04

  Closing Balance                                                                                    82,943,500.16                                    83,884,086.04                                    83,164,115.90
  Notes
  * Monies deposited through a pre appointment account w ith Citi bank in company name w ere attributable to Lehman Brothers Australia Real Estate Holdings Pty Ltd. These monies w ere repaid on 9 September 2009.
REPORT TO CREDITORS
PURSUANT TO SECTION 439A OF THE ACT

LEHMAN BROTHERS AUSTRALIA LIMITED
(ADMINISTRATORS APPOINTED)
ACN 066 797 760

ANNEXURE F

Administrators/Liquidators Remuneration Tables
Client Name:                    LEHMAN BROTHERS AUSTRALIA LIMITED

CALCULATION OF REMUNERATION
PROFESSIONAL FEES INCURRED FOR THE PERIOD 18 SEPTEMBER 2009 TO 30 NOVEMBER 2009

          Employee                    Position         Rate (Ex    Hrs       Total                                                                          Task Area
                                                         GST)                 ($)          Administration     Hrs      Assets     Hrs   Creditors     Hrs    Dividend    Hrs   Employees   Hrs   Investigation     Hrs   Trade On     Hrs

 SINGLETON, NEIL                Partner                  710.00     155.05   110,085.50        27,512.50     38.8    9,514.00    13.4   41,748.00    58.8         -      -           -     -       28,826.00      40.6    2,485.00    3.5
 SIMS, TONY                     Partner                  710.00      83.20    59,072.00         3,266.00      4.6      142.00     0.2    3,124.00     4.4         -      -        142.00   0.2     52,398.00      73.8         -      -
 ROBINSON, MARK                 Partner                  710.00       1.40       994.00           994.00      1.4         -       -           -       -           -      -           -     -             -         -           -      -
 LORD, BRETT STEPHEN            Partner                  710.00       0.10        71.00              -        -           -       -           -       -           -      -           -     -             -         -         71.00    0.1
 NOLAN, MATTHEW                 Director / Principal     645.00      28.00    18,060.00              -        -           -       -           -       -           -      -           -     -       17,092.50      26.5      967.50    1.5
 BLOCK, PETER                   Director / Principal     645.00       0.50       322.50              -        -        322.50     0.5         -       -           -      -           -     -             -         -           -      -
 GUNSON, PAUL                   Director / Principal     645.00       0.10        64.50            64.50      0.1         -       -           -       -                              -     -             -         -           -      -
 AYRES, MARCUS                  Director / Principal     645.00     236.50   152,542.50         3,483.00      5.4   25,090.50    38.9   41,989.50    65.1    2,257.50    3.5         -     -       73,465.50     113.9    6,256.50    9.7
 HATFIELD, CHRISTOPHER          Senior Manager           555.00       8.25     4,578.75              -        -           -       -           -       -           -      -           -     -        4,578.75       8.3         -      -
 HOGAN, MICHAEL                 Senior Manager           555.00      86.30    47,896.50         5,938.50     10.7   17,926.50    32.3      555.00     1.0         -      -           -     -       22,477.50      40.5      999.00    1.8
 EVANS, MARK WAYNE              Senior Manager           555.00      11.40     6,327.00         1,498.50      2.7         -       -      4,551.00     8.2         -      -           -     -          277.50       0.5         -      -
 KHO, JULIE                     Supervisor               405.00       0.20        81.00            81.00      0.2         -       -           -       -                              -     -             -         -           -      -
 DUGGAN, ADAM                   Supervisor               405.00      65.80    26,649.00        12,051.00     29.7      810.00     2.0    8,302.50    20.5      243.00    0.6      607.50   1.5      4,230.00      10.5      405.00    1.0
 CHANG, GARETH                  Senior Analyst 1         340.00       2.20       748.00           204.00      0.6         -       -           -       -           -      -           -     -          544.00       1.6         -      -
 JACKSON, ROSS                  Senior Analyst 1         340.00       2.00       680.00           680.00      2.0         -       -           -       -           -      -           -     -             -         -           -      -
 BRAZIER, WARWICK               Senior Analyst 1         340.00      16.50     5,610.00              -        -           -       -      5,610.00    16.5         -      -           -     -             -         -           -      -
 PANG, CAROL                    Senior Analyst 2         320.00      84.90    27,168.00        20,016.00     62.6    2,752.00     8.6    3,456.00    10.8         -      -        112.00   0.4           -         -        832.00    2.6
 MAY, KELLY                     Analyst 1                285.00      21.00     5,985.00         5,928.00     20.8         -       -         57.00     0.2         -      -           -     -             -         -           -      -
 WYNNE, TOM                     Analyst 2                265.00       0.50       132.50              -        -           -       -        132.50     0.5         -      -           -     -             -         -           -      -
 HANNES, DAVID                  Analyst 2                265.00       0.30        79.50              -        -           -       -         79.50     0.3         -      -           -     -             -         -           -      -
 BASSIRI, FARNAZ                Graduate                 215.00       1.50       322.50              -        -           -       -        322.50     1.5         -      -           -     -             -         -           -      -
 GOLD, ROBERT                   Graduate                 215.00       0.70       150.50              -        -           -       -        150.50     0.7         -      -           -     -             -         -           -      -
 DENNIS, MICHAEL                Graduate                 215.00      73.40    15,781.00        10,965.00     51.0         -       -      4,644.00    21.6         -      -           -     -             -         -        172.00    0.8
 KIM, CATHERINE                 Graduate                 215.00     189.00    40,635.00         8,170.00     38.0    8,213.00    38.2    2,150.00    10.0   12,835.50   59.7       21.50   0.1      3,870.00      18.0    5,375.00   25.0
 FERNANDES, DWAYNE              Graduate                 215.00       0.30        64.50              -        -           -       -         64.50     0.3         -      -           -     -             -         -           -      -
 CRAWFORD, PETER                Undergraduate            175.00       0.20        35.00              -        -           -       -         35.00     0.2         -      -           -     -             -         -           -      -
 MOSTAFA, MAG                   Bookkeeper               160.00       0.30        48.00              -        -           -       -           -       -           -      -           -     -             -         -         48.00    0.3
 WRIGHT, CHRISTINE              PA                       145.00       0.50        72.50            72.50      0.5         -       -           -       -           -      -           -     -             -         -           -      -
 SCOTTON, KATE                  PA                       145.00       2.90       420.50           420.50      2.9         -       -           -       -           -      -           -     -             -         -           -      -
 SARE, GEMMA                    PA                       145.00      22.85     3,313.25         3,313.25     22.9         -       -           -       -           -      -           -     -             -         -           -      -
 SPELLMAN, CONAL                Administration           130.00     100.00    13,000.00         2,782.00     21.4    5,239.00    40.3      143.00     1.1         -      -        325.00   2.5      4,407.00      33.9      104.00    0.8
 SLOANE, VIVIENNE               Administration           130.00      22.10     2,873.00         2,873.00     22.1         -       -           -       -           -      -           -     -             -         -           -      -
 RUIZ, SUSAN                    Administration           130.00       3.20       416.00           416.00      3.2         -       -           -       -           -      -           -     -             -         -           -      -
 TOTAL                                                            1,221.15   544,279.00       110,729.25    341.5   70,009.50   174.4   117,114.5   221.7   15,336.00   63.8    1,208.00   4.7    212,166.75     368.1   17,715.00   47.1
GST                                                                            54,427.90
TOTAL (including GST)                                                         598,706.90
Average hourly rate (excluding GST)                                               445.71
 Company                     Lehman Brothers Australia Limited
 Period From                 18 September 2009 to 30 November 2009
 Practitioners               Neil Singleton and Stephen Parbery          Firm         PPB Pty Limited
 Administration Type         DEED OF COMPANY ARRANGEMENT & LIQUIDATION
A summary of the work undertaken throughout the conduct of the Administration of the company is detailed as below
table:
 Task Area           General Description             Includes
                     General Supervision             Ensure all conditions of Deed are complied with,
                                                     including statutory obligations.

                                                     Attend and respond to Court proceedings regarding
                                                     application to terminate Deed.

                     Correspondence                  General correspondence inward.

                     Document maintenance/file       Monthly administration review.
                     review/checklist
                                                     Filing of documents.

                                                     File reviews & Updating checklists.

 Administration      Bank account                    Preparing correspondence opening and closing
                     administration                  accounts re term deposits etc.

                                                     Entering payments, processing receipts etc.

                                                     Bank account reconciliations.

                     ASIC                            Preparing and lodging required documentation with the
                                                     ASIC, including notifications, accounts etc.

                     ATO & other statutory           Attend to GST reporting obligations.
                     reporting

                     Books and Records               Dealing with records in storage, including listing
                                                     records and other document management issues.
                                                     Sending job files to storage


                     Debtors                         Reviewing and assessing debtor claims for offsets

                     Financial Assets                Monitoring position of financial assets, including
                                                     CDO’s.

                                                     Instructing solicitors with respect to certain financial
 Assets                                              assets and disputes regarding same.

                     Related Party Debts             Reconciling intercompany accounts.

                                                     Preparation of claims against certain Lehman entities,
                                                     including LBHI and LBSF for, amongst other matters,
                                                     guarantee issues.
                Creditor reports              Preparing report/updates to creditors advising of
                                              progress of administration.

                Creditor enquiries            Correspondence with creditors on various matters.

                Dealing with proofs of debt   Entering all claims into database and maintaining
                                              registers.

                                              Request and discuss with claimants further information
                                              regarding their claims.
Creditors
                                              Reviewing intercompany accounts and liaising with
                                              relevant intercompany creditor to reconcile account.

                Litigation Creditors          Attending to litigating claims and analysis of same.

                                              Correspondence and meetings with litigation creditors.

                                              Respond to various queries from litigations creditors.

                                              Attend and address Court proceedings with respect to
                                              the Wingecarribee matter.

                Processing Proofs of Debt     Preparation of correspondence to potential creditors
                                              inviting lodgement of claims and intended declaration
Dividend
                                              of dividends.

                                              Adjudicating on claims.

                Employee Enquiries            Attend to all general employee queries regarding,
Employees                                     amongst other matters, tax issues.

                Conduct Investigations        Reviewing historical records and commence more
                                              detailed investigation programme.
Investigation
                                              Reviewing computer records and commence forensic
                                              searches on particular issues of concern.

                Custodian Account             Management of custodian account issues with back
Trade On                                      office team, including coupon payment and
                                              management of small/irregular parcel issues.

								
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