Shanghai Commercial Bank fails HKMA guidance
Yam distressed about unsettled issue on Lehman minibond
"24 Feb 2009
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Joseph Yam Chi-kwong, the chief executive of Hong Kong Monetary Authority (HKMA), the city's de facto central bank, said he feels distressed that the reputation of Hong Kong banks has been hurt by the unsettled issue on Lehman Brothers minibond, the Standard reported.
Yam said, early last year, some banks failed to follow the HKMA's guidance to adjust the ratings of investment products when they turned more risky.Yam also said what the banks are doing in their banking business has been acceptable and the banking system is rather robust.
Meanwhile, the banking regulator was accused of failing to warn investors who expected to buy the Lehman Brothers-guaranteed minibond. Yam said, as a regulator, it is impossible to warn that a specific product or a specific financial organization is not doing well and ask investors to sell their products right away. "
So it is the HK banks duties to warn their customers and to sell high risk products. Banks such as Shanghai Commercial Bank that refused to put their structure products as high risk up to 28th Feb 09 (Shanghai Commercial bank put high risk in their bank statement only start in 1st March 09) are all quilty of bank frauds under HKMA rules.
"24 Feb 2009
Content provided by:
http://finance.hktdc.com/content.aspx?data=banking_content_en&contentid=1072533&SRC=IN_FinNews&w_sid=194&w_pid=704&w_nid=10468&w_cid=1072533&w_idt=1900-01-01&w_oid=343&w_jid=
Joseph Yam Chi-kwong, the chief executive of Hong Kong Monetary Authority (HKMA), the city's de facto central bank, said he feels distressed that the reputation of Hong Kong banks has been hurt by the unsettled issue on Lehman Brothers minibond, the Standard reported.
Yam said, early last year, some banks failed to follow the HKMA's guidance to adjust the ratings of investment products when they turned more risky.Yam also said what the banks are doing in their banking business has been acceptable and the banking system is rather robust.
Meanwhile, the banking regulator was accused of failing to warn investors who expected to buy the Lehman Brothers-guaranteed minibond. Yam said, as a regulator, it is impossible to warn that a specific product or a specific financial organization is not doing well and ask investors to sell their products right away. "
So it is the HK banks duties to warn their customers and to sell high risk products. Banks such as Shanghai Commercial Bank that refused to put their structure products as high risk up to 28th Feb 09 (Shanghai Commercial bank put high risk in their bank statement only start in 1st March 09) are all quilty of bank frauds under HKMA rules.
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Light for minibond victims
http://www.thestandard.com.hk/ne ... d_str=20090403&fc=8
Katherine Ng
"Friday, April 03, 2009
Relief appears to be near for Lehman minibond holders.
There are sufficient grounds for disciplinary action against some bank staff accused of misselling the minibonds, according to the Hong Kong Monetary Authority.
And market sources say the Securities and Futures Commission is pushing big banks to follow in the footsteps of Sun Hung Kai Investment and settle with disgruntled customers.
HKMA executive director Raymond Li said yesterday that "a few cases are already at a very advanced stage of investigation," he said adding, "Should any case be concluded we would definitely tell the public."
According to procedures, anyone accused of misselling will have at least 30 days to make a representation and another 21 days to appeal if their explanations are rejected - before their case goes public. As of yesterday, the HKMA had got 20,642 complaints, and 20,443 had cleared initial assessment.
So far, files have been opened for just 5,772 cases, of which 4,178 have gone through a preliminary investigation. Only 418 complaints relating to 16 banks were referred to the SFC.
Li blamed the slow progress on the reluctance of complainants to provide useful information in most of the cases.
But he reiterated that the authority will complete investigating at least 70 percent of complaints by March 2010.
"We are recruiting more staff - both part-time and those on secondment - to accelerate the process," he said. About 200 staff will be involved.
Li said a client's interest was the HKMA's priority, and if a settlement without punishment was the best solution it would get the authority's support."
From source in HK banks related insurance agent, one bank top management that forced their bank managers to lie about the Minibonds were just bonds for huge profits for their banks has already set up 100% funds for settlement, while another bank still have nothing ready for settlement because their new boss was not involved, and he may let these managers to have their licenses suspended for frauds.
And the bank that forced their mananger to sell these Minibonds is the Shanghai Commercial Bank.
I got information from Tai Po cuture book store owner that his brother-in-law that worked in Shanghai Commercial Bank knew Minibonds were not bonds and the bank forced their employee to sell these products, but his brother-in-law still refused up to now. But most SCB managers that sold these Minibonds are not no longer working in branch management and SCB is now trying to cover these bank frauds.
上海商業銀行昨日宣佈，去年股東應占溢利為11.85億元，較07年同期跌46.1%，其中淨息差收窄14點子至1.96%，而貸款提撥大增285.7%至3.73億元。該行行政總裁郭錫志(見圖)表示，撥備急升主要由於企業信貸呆壞賬所致，不過 今年首季壞賬情況已有所改善，預期今年盈利較去年有所反彈。郭錫志又指，該行未有任何債務抵押證券及結構性投資工具，財務穩健，一級資本充足率達19%。 期內受存貸息差收窄及投資市場低迷影響，上海商業銀行淨利息收入較07年跌3.4%至19.66億元，銷售財富管理產品和證券買賣交易業務亦大幅退縮，淨服務費及佣金收入按年減少33.5%至7.08億元。不過，郭錫志表示，近期股市回暖，該行代客買賣股票業務有所增長，相信有助全年盈利反彈。此外，該行於今年初收購寶豐保險72%權益後，已全資擁有該保險公司，並自3月開始重新經營一般保險業務。 一級資本充足率達19% 該行董事副總經理朱嘉華表示，上商銷售的雷曼迷債不多，並已於去年經營開支中作出相關撥備，又透露該行與客戶的和解進展較其他同業為快。該行副總經理陳鳳翔介紹，正在落實金管局要求的投資產品銷售及風險評估錄音工作，並預計9月底前可完成。 此外，該行正籌備重建總行，計劃於2011年將當前總行及新購入的中航集團大廈拆除重建成新總行，料總工程將耗時2年半，涉資2億至3億元。朱嘉華表示，希望新總行落成後成為中環新地標。
http://news.cnyes.com/dspnewsS.asp?rno=11&fi=%5CNEWSBASE%5C20090428%5CWEB1904&vi=34170&sdt=20090426&edt=20090428&top=50&date=20090428&time=15:51:20&cls=index15_totalnews
From studies of related personal of banks, half of the profit of Shanghai Commercial Bank were made thru sells of Minibonds since 2003, that why their profits drop 50% for last year. Shanghai Commecial Bank always commits bank frauds by selling high risk Minibonds as low risk bonds to their selected custmers up to this end of Feb. 09 and also very high risk non-secure certificates as zero risk bonds to their customers at home or office breaking rules of HKMA in cold call last year. HKMA in fact is still covering up these HK bank frauds up to now with no investigations yet by them.
Lehman ELN
Hello,
I had bought one of the Lehman Brothers 1 yr HKD All Weather Coupon Daily Callable ELN with Window Ki - series at April from SCB.
There is no terms or conditions or other description are provided at the time I purchase it. I just received a leaflet showing what securities for this note linked to with knock-in, airbag percentage disregard any about risk to LBHI. About three or four days after purchase, I received the description and terms. The issuer of my note is Lehman Bros Treasury Co BV and guarantor is Lehman Bros Holding Inc.
The note I bought is graded as senior and, after the bankrupty, I had sent an enquiry to SCB. They show me the following Sequences of claims in default
Secured Debt
Senior Unsecured Debt
Unsecured Debt
Subordinate Debt
Preferred Stock and Ordinary Stock
My note is belonged to #2 above. As I know, Lehman Bros Treasury Co BV is located at Netherland and trading at London. Per SCB, there is no receive info showing LB Treasury Co BV had been applied for any similar bankrupty like LBHI under Chapter 11 in US.
Please keep contact to everyone upon any news received
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