HKMA refers seven 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) seven 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 seven cases, which are the fifteenth 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 287 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 5 February 2009, received 20,140 complaints concerning Lehman-Brothers-related products, of which 19,679 complaints have gone through the preliminary assessment process. Apart from the 287 cases referred to the SFC so far, the HKMA has formally opened investigations on 4,595 complaints and is currently seeking further information on 14,508 complaints. Two hundred and eighty-nine 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
Hing-fung Wong, Manager (Communications), at 2878 1802

Hong Kong Monetary Authority
6 February 2009