HK monetary authority still investigates 169 Lehman-related cases

HK monetary authority still investigates 169 Lehman-related cases

English.news.cn 2010-07-23 17:42:20 FeedbackPrintRSS

HONG KONG, July 23 (Xinhua) -- The Hong Kong Monetary Authority said Friday investigation of over 99 percent of 21,674 Lehman- Brothers-related complaint cases has been completed while the remaining 169 cases were still under investigation.

According to the HK Monetary Authority, of those finished complaint cases, 13,078 cases which have been resolved by a settlement agreement, 2,492 cases which have been resolved through the enhanced complaint handling procedures, 2,561 cases were closed because of insufficient prima facie evidence of misconduct, 2,818 cases which are under disciplinary consideration.

Around 43,700 Hong Kong people invested nearly 15.7 billion HK dollars (2.02 billion U.S. dollars) in products issued or guaranteed by Lehman Brothers.

Most of these products were called mini-bonds, although they were not bonds but complex and high-risk structured products. When Lehman Brothers collapsed in September of 2008, many of these products became worthless or nearly worthless.

Earlier this month, DBS Bank Hong Kong unit had agreed to pay 651 million HK dollars (83.7 million U.S. dollars) to its customers who purchased constellation notes and who were classified by the bank, at the time of purchase, as low-risk customers.