Two financial institutions, Sun Hung Kai and KGI Asia, have compensated their customers in full and 16 banks have offered to repay between 60-70% of the principal invested[Link]. The securities watchdog, SFC, is likely to reject the proposal by the 16 banks as they are demanding the banks pay investors in full. The Hong Kong authorities have found misconduct among the banks in the selling of these products[Link]. I believe Hong Kong banks will eventually compensate investors in full.
In Singapore, 5350 out of 10000 investors filed complaints. Of the 5350, 66% or roughly 3500 received offers of compensation on a no-admission-of-liability-basis. 25% or roughly 1300 received full compensation[Link]. From what I heard, many were offered about 10% in compensation. MAS response when these structured products imploded was to send investors back to the banks to file complaints as individuals. This shifted the burden of proof to individuals and allowed banks to choose who they want to compensate. The Hong Kong authorities chose to handle the issue differently conducting thorough investigations and helping investors to get a collective settlement. In the initial part of the saga, Hong Kong authorities met up with representatives of investors to decide on an approach to will result in the best outcome for investors. In Singapore, MAS met up with the banks and came up with the complaints resolution process that sent individuals back to the banks to seek compensation. Banks decided who they want to compensate. This divide and conquer approach means that those who feel they were not offered fair compensation are unlikely to succeed in a class action lawsuit because those who can offer the strongest evidence of systemic misselling will not paticipate in such a suit because they have already been compensated.
Catastrophic events such as the minibond saga that occurs in Singapore and somewhere else at the same time is rare but it allows us to compare the behavior of our leaders and the authorities with those of other countries. The type of outcome they aim for says a lot about where their interests lie.