MAS has appointed Mr Davinder Singh, Senior Counsel and CEO, Drew & Napier, to advise MAS on the implications of the legal issues raised by the lawyers acting in the Chapter 11 proceedings for Lehman Brothers in the United States.
2. This appointment is in addition and separate from the legal counsel advising PricewaterhouseCoopers Singapore, as receivers for the defaulted Lehman Minibond Notes Series.
3. In light of recent developments, MAS will also be extending the appointment of Deloitte & Touche Corporate Finance Pte Ltd to continue to provide independent advice to MAS.
4. MAS cautions that the trustee and receivers have highlighted that it may not be possible for any resolution to be reached within a short span of time. Nevertheless, MAS expects the trustee and receivers to pursue all appropriate avenues to protect noteholders' interests.
