HKMA refers seven 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) seven 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 seven cases, which are the twenty-first 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 386 Lehman-Brothers-related cases, involving 16 banks, to the SFC for further action. 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 19 March 2009, received 20,458 complaints concerning Lehman-Brothers-related products, of which 20,364 complaints have gone through the preliminary assessment process. Apart from the 386 cases referred to the SFC so far, the HKMA has formally opened investigations on 5,091 complaints and is currently seeking further information on 14,177 complaints. Six hundred and sixty-eight 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:
Thomas Chan, Communications Chief, at 2878 1480 or
Hing-fung Wong, Manager (Communications), at 2878 1802

Hong Kong Monetary Authority
20 March 2009