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 twenty-second batch of Lehman-Brothers-related cases referred in this way, involve alleged misconduct by three licensed banks in Hong Kong.

Since 17 October 2008, the HKMA has referred a total of 414 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 26 March 2009, received 20,578 complaints concerning Lehman-Brothers-related products, of which 20,380 complaints have gone through the preliminary assessment process. Apart from the 414 cases referred to the SFC so far, the HKMA has formally opened investigations on 5,263 complaints and is currently seeking further information on 14,009 complaints. Six hundred and ninety-four 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
27 March 2009