********************************************************
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) has today (December 19) referred to the Securities and Futures Commission (SFC) 21 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 21 cases, which are the tenth batch of Lehman-Brothers-related cases referred in this way, involve alleged misconduct by two licensed banks in Hong Kong.
Since October 17, 2008, the HKMA has now referred a total of 234 Lehman-Brothers-related cases to the SFC for further action involving 11 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 December 18, 2008, received 19,654 complaints concerning Lehman-Brothers-related products. Apart from the 234 cases referred to the SFC so far, the HKMA has formally opened investigations on 4,188 complaints and is currently seeking further information on 12,907 complaints. 53 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, December 19, 2008
Issued at HKT 16:46
NNNN
