Illiterate fisherman files writ over bond investment
Hong Kong - An illiterate Hong Kong fisherman is suing the Bank of China for the return of 800,000 Hong Kong dollars (102,560 US dollars) he invested with Lehman Brothers, claiming he was deceived, a media report said Thursday.
Lai Kam-fook, who filed a writ in a district court, said he and his wife were advised by a bank executive to make a risk-free, five-year deposit with a higher interest rate, the South China Morning Post said.
Lai said he had never received or read any documentation from the bank.
"I did not read anything. It is useless to have read anything because I am illiterate anyway," Lai said in the writ. "The total sum I had invested is 800,000 Hong Kong dollars. My allegation is: the bank cheated me because I am illiterate."
Lai lost his money following the collapse of US investment bank Lehman Brothers in September. (dpa)