************************************************************
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) has today (December 5) 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 eighth 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 207 Lehman-Brothers-related cases to the SFC for further action involving 10 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 4, 2008, received 19,196 complaints concerning Lehman-Brothers-related products. Apart from the 207 cases referred to the SFC so far, the HKMA has formally opened investigations on 3,095 complaints and is currently seeking further information on 9,157 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
Hing-fung Wong, Manager (Communications), at 2878 1802
Ends/Friday, December 5, 2008
Issued at HKT 16:49
NNNN