HKMA refers 29 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) 29 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 29 cases, which are the fourteenth 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 280 Lehman-Brothers-related cases to the SFC for further action involving 15 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 22 January 2009, received 19,994 complaints concerning Lehman-Brothers-related products, of which 19,601 complaints have gone through the preliminary assessment process. Apart from the 280 cases referred to the SFC so far, the HKMA has formally opened investigations on 4,596 complaints and is currently seeking further information on 14,490 complaints. Two hundred and thirty-five 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
Peggy Lo, Manager (Communications), at 2878 1687

Hong Kong Monetary Authority
23 January 2009