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

Press Releases

24 Dec 2008

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

The Hong Kong Monetary Authority (HKMA) has today (Wednesday) referred to the Securities and Futures Commission (SFC) four 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 four cases, which are the eleventh 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 238 Lehman-Brothers-related cases to the SFC for further action involving 12 banks. These cases had been reviewed by the HKMA, which has determined that there are sufficient grounds for referring them to the SFC.

The HKMA has, up to 24 December 2008, received 19,699 complaints concerning Lehman-Brothers-related products, of which 18,282 complaints have gone through the preliminary assessment process. Apart from the 238 cases referred to the SFC so far, the HKMA had formally opened investigations on 4,346 complaints and is currently seeking further information on 13,614 complaints. Eighty-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
24 December 2008

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Last revision date : 24 December 2008