Progress of the HKMA's investigation in Lehman-Brothers-related cases

The Hong Kong Monetary Authority (HKMA) announced today (Friday) that, up to 6 August 2009, it has received 21,602 complaints concerning Lehman-Brothers-related products, of which 21,260 complaints have gone through the preliminary assessment process. As a result of the assessment, the HKMA is currently investigating 6,283 cases and seeking further information on 12,054 cases. A total of 1,993 complaints have been closed as there was not sufficient prima facie evidence found after the preliminary assessment process or no sufficient grounds and evidence found after the detailed investigation (A table summarising the complaints received so far is attached).

"A proportion of the complaints concerning Minibonds are eligible for a repurchase offer under the Lehman Brothers Minibonds Repurchase Scheme announced by 16 Distributing Banks on 22 July 2009. The Distributing Banks are identifying the Eligible Customers under the Scheme and have started issuing offer letters today," said by an HKMA spokesperson.

Since 17 October 2008, the HKMA has referred a total of 501 Lehman-Brothers-related cases (unchanged from last week), 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 to facilitate its investigations into banks.

Table

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
7 August 2009