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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) has today (December 24) referred to the Securities and Futures Commission (SFC) four 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 four cases, which are the eleventh 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 referred a total of 238 Lehman-Brothers-related cases to the SFC for further action involving 12 banks. These cases had 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 24, 2008, received 19,699 complaints concerning Lehman-Brothers-related products, of which 18,282 complaints have gone through the preliminary assessment process. Apart from the 238 cases referred to the SFC so far, the HKMA had formally opened investigations on 4,346 complaints and is currently seeking further information on 13,614 complaints. 84 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:
Peggy Lo, Manager (Communications), at 2878 1687 or
Hing-fung Wong, Manager (Communications), at 2878 1802
Ends/Wednesday, December 24, 2008
Issued at HKT 16:54
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