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The following is issued on behalf of the Hong Kong Monetary Authority:
While the Hong Kong Monetary Authority (HKMA) is continuing to collect information from investors on complaints about the selling practices of banks regarding investment products related to Lehman Brothers, investigations into some of the complaints have already started.
An HKMA spokesperson said "The HKMA will look into all complaints from investors. The HKMA is endeavouring to conclude the investigations as soon as possible by mobilising extra resources. However, the investigations are complex and will obviously take some time."
"The HKMA cannot comment on individual cases while investigations are continuing," the spokesperson added.
Once the investigations are concluded, if any allegations of misconduct are found to be substantiated, the HKMA may take appropriate action against individual bank/ employees authorised to sell investment products.
For further enquiries, please contact:
Thomas Chan, Senior Manager (Press), at 2878 1480 or
Hing-fung Wong, Manager (Press), at 2878 1802
Ends/Friday, September 26, 2008
Issued at HKT 19:56
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