HKMA completes investigations in Lehman-Brothers-related cases

HKMA announced that the investigation of over 99% of a total of 21,748 Lehman-Brothers-related complaint cases received has been completed.

There were 4,382 cases which have been resolved by a settlement agreement reached under section 201 of the Securities and Futures Ordinance and another 2,567 were resolved through the enhanced complaint handling procedures required by the settlement agreement.

Cases closed because of insufficient prima facie evidence of misconduct was found after assessment or no sufficient grounds and evidence were found after investigation reached 2,686.

There were 1,529 cases, including minibond cases, which are under disciplinary consideration after detailed investigation by the Hong Kong Monetary Authority, of which proposed disciplinary notices are being prepared in respect of 746 such cases and proposed disciplinary notices or decision notices have been issued in respect of the other 783 cases.

Furthermore  there were 494 cases in respect of which investigation work has been completed and are going through the decision process to decide whether there are sufficient grounds for disciplinary actions or whether the cases should be closed because of insufficient evidence or lack of disciplinary grounds.

Investigation work is underway for the remaining 88 cases.