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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) has today (November 28) referred to the Securities and Futures Commission (SFC) 20 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 20 cases, which are the seventh batch of Lehman-Brothers-related cases referred in this way, involve alleged misconduct by three licensed banks in Hong Kong.
Since October 17, 2008, the HKMA has now referred a total of 186 Lehman-Brothers-related cases to the SFC for further action involving nine 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 November 28, 2008, received 19,082 complaints concerning Lehman-Brothers-related products. Apart from the 186 cases referred to the SFC so far, the HKMA has formally opened investigations on 2,602 complaints and is currently seeking further information on 7,237 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).
For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Peggy Lo, Manager (Communications), at 2878 1687
Ends/Friday, November 28, 2008
Issued at HKT 17:20
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