HKMA refers six 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) 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 17 October 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 11 December 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).

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
12 December 2008