HKMA refers 28 Lehman-Brothers-related cases to the SFC for further action

The Hong Kong Monetary Authority (HKMA) has today (Friday) referred to the Securities and Futures Commission (SFC) 28 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 28 cases, which are the sixteenth batch of Lehman-Brothers-related cases referred in this way, involve alleged misconduct by two licensed banks in Hong Kong.

Since 17 October 2008 the HKMA has referred a total of 315 Lehman-Brothers-related cases to the SFC for further action involving 15 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 13 February 2009, received 20,234 complaints concerning Lehman-Brothers-related products, of which 19,838 complaints have gone through the preliminary assessment process. Apart from the 315 cases referred to the SFC so far, the HKMA has formally opened investigations on 4,611 complaints and is currently seeking further information on 14,472 complaints. Four hundred and forty complaints have been found to lack sufficient prima facie evidence to support further action (A table summarising the complaints received so far is attached).

Annex

For further enquiries, please contact:
Peggy Lo, Manager (Communications), at 2878 1687 or
Hing-fung Wong, Manager (Communications), at 2878 1802

Hong Kong Monetary Authority
13 February 2009