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Sep 15, 2008, 10:41 GMT

Germany freezes Lehman Brothers activities (Extra)

Bonn, Germany - Financial regulators slapped a freeze Monday on dealings by the Frankfurt branch of Lehman Brothers, just hours after the US parent said it would file for bankruptcy protection. The subsidiary, Lehman Brothers Bankhaus AG, has branches of its own in Milan in Italy, the South Korean capital Seoul and the British capital London. The Bonn-based financial-services regulator BaFin said the unit was barred from selling assets or making payments. It was also not allowed to accept any payments except those in repayment of debts owed to Lehman. The order was aimed at protecting Lehman assets which will be needed to settle liabilities of 14.3 billion euros to institutional customers.

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