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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (July 17) that there are currently 930 Lehman-Brothers-related cases under disciplinary consideration. These are cases which have gone through detailed investigation by the HKMA.
"A number of cases are at a very advanced stage of the enforcement process. Before making a final determination in these cases, we have to go through due process to ensure fairness, including giving the subjects of investigation an opportunity to be heard," said an HKMA spokesperson.
Since October 17, 2008 the HKMA has referred a total of 482 Lehman-Brothers-related cases (figure unchanged from last week), involving 16 banks, to the SFC for further action. These cases have been reviewed by the HKMA, which has determined that there are sufficient grounds for referring them to the SFC to facilitate its investigations into banks.
The HKMA has, up to yesterday (July 16), received 21,490 complaints concerning Lehman-Brothers-related products, of which 21,253 complaints have gone through the preliminary assessment process. As a result of the assessment, the HKMA is currently investigating 6,229 cases and seeking further information on 12,371 cases. A total of 1,723 complaints have been closed as there was not sufficient prima facie evidence found after the preliminary assessment process or no sufficient grounds and evidence found after the detailed investigation (A table summarising the complaints received so far is attached). "The closure of these cases will not affect the top-down investigations being undertaken by the SFC at the bank level," the HKMA spokesman said.
For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Peggy Lo, Manager (Communications), at 2878 1687
Ends/Friday, July 17, 2009
Issued at HKT 16:58
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