The Hong Kong Monetary Authority (HKMA) has referred 53 cases involving complaints of alleged misconduct in respect of investment products related to Lehman Brothers to the country's Securities and Futures Commission (SFC) for it to decide whether to take further action.
The 53 cases, which are the sixth batch of Lehman Brothers-related cases referred in this way, involve alleged misconduct by four licensed banks in Hong Kong.
Since October 17, 2008, the HKMA has now referred a total of 166 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 20, 2008, received 18,672 complaints concerning Lehman Brothers-related products. Apart from the 166 cases referred to the SFC so far, the HKMA has formally opened investigations on 1,883 complaints and is currently seeking further information on 5,679 complaints.
However, 51 of these complaints have been found to lack sufficient prima facie evidence to support further action.
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