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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) has today (December 12) referred to the Securities and Futures Commission (SFC) six cases involving complaints of alleged misconduct in respect of investment products related to Lehman Brothers for it to decide whether to take further action. The six cases, which are the ninth batch of Lehman-Brothers-related cases referred in this way, involve alleged misconduct by a licensed bank in Hong Kong.
Since October 17, 2008, the HKMA has now referred a total of 213 Lehman-Brothers-related cases to the SFC for further action involving 11 banks. These cases have been reviewed by the HKMA, which has determined that there are sufficient grounds for referring them to the SFC.
The HKMA has, up to December 11, 2008, received 19,734 complaints concerning Lehman-Brothers-related products. Apart from the 213 cases referred to the SFC so far, the HKMA has formally opened investigations on 3,706 complaints and is currently seeking further information on 11,072 complaints. Fifty-three complaints have been found to lack sufficient prima facie evidence to support further action (A table summarising the complaints received so far is attached).
For further enquiries, please contact:
Peggy Lo, Manager (Communications), at 2878 1687 or
Hing-fung Wong, Manager (Communications), at 2878 1802
Ends/Friday, December 12, 2008
Issued at HKT 18:08
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