Tan Kin Lian's Blog: HKMA refers Lehman cases to regulator

Friday, October 17, 2008

HKMA refers Lehman cases to regulator

HKMA refers Lehman cases to regulator
The Standard

The Hong Kong Monetary Authority, the city's de facto central bank, referred 24 cases to regulators relating to the sale of investment products guaranteed by the collapsed Lehman Brothers Holding.

The cases involve "alleged mis-selling'' by two licensed banks in Hong Kong, the HKMA said, without naming the lenders.

After reviewing the evidence, the Securities and Futures Commission will consult with the HKMA on whether to impose sanctions, the statement said.

Sanctions may include suspension or revocation of registration, reprimands, fines or prohibition orders, it said.

More than 40,000 individuals in the city bought so-called minibonds, or investments guaranteed by Lehman and linked to the debt of some of the biggest Hong Kong companies.

BLOOMBERG

http://www.thestandard.com.hk/breaking_news_detail.asp?id=8091&icid=3&d_str=

14 comments:

Anonymous said...: Comparing to HKMA,
MAS is sigh....

This really make them looked bad.
Still thinking for being the financial hub.
Maybe not in my lifetime.; October 17, 2008 2:15 PM
Anonymous said...: The show is about to start. The world will now see what hk mas can do for thier citizen compare to sg mas.; October 17, 2008 2:31 PM
Anonymous said...: MAS is so afraid to investigate and is delaying and hopes that it will be spared the unpleasant task of uncovering the dirts.If If the banks are found to have mis-sold and misrpresented they may have to compensate in full and also MAS will have to punish them with hefty fines and possible some RMs' license will be revoked. This will bring shame and distrust. Public confidence will be dented.
MAS is dragging and stalling for time and it will not bode well for the central bank.; October 17, 2008 2:53 PM
Anonymous said...: what a shame, i m always proud to be a S'pore PR, but not anymore, see how HKMA, quick to act n response compare to SG mas! Pls SG Mas do something n act immediately.; October 17, 2008 2:57 PM
Anonymous said...: This confirmed our suspicious that the empty talks like "everyone count" ...... are just for show.
Sad Sad Sad.....; October 17, 2008 3:06 PM
Anonymous said...: So sad and pathetic fof sg. sigh...; October 17, 2008 3:45 PM
Anonymous said...: Now i feel disgrace, no face compare to hk mas.; October 17, 2008 5:43 PM
Anonymous said...: Dear Mr Tan,

The HKMA is quick to act with foresight by leaning on their banks to make compensation because the poor people will eventually have to rely on the HK Govt for their livelihood. Likewise, we have to help MAS to think to be proactive along the same line - lean on the banks to get compensation now or some poorer ones will have to depend on Govt for their living expenses in time to come.; October 17, 2008 7:09 PM
Anonymous said...: This is an eye openning experience for sporean, and for the whole world to see......
Sad..; October 17, 2008 7:28 PM
Anonymous said...: At the end of the day, whatever actions MAS seeks to take to address the current financial institution crisis so to regain or lose investors’ confidence will very well depend on whose interests she valued most and choose to represent to fulfill her role as the de facto Central Bank of Singapore.; October 18, 2008 1:02 AM
Anonymous said...: A reminder to Our Pledge:

We, the citizens of Singapore,
pledge ourselves as one *united* people, regardless of race, language or religion, to build a *democratic* society based on justice and equality so as to achieve happiness, prosperity and
progress for our nation.

http://www.sg/explore/symbols_pledge.htm; October 18, 2008 1:06 AM
Anonymous said...: “How much does the Government care?”

Whose interests come first?

Is it just paying lip service or is it backed by prudent, decisive and effective actions?

This will be manifested in how serious and effective our government handles her people's complaints on the Lehman minibond issues.

The world is looking at how HKMA and MAS handles the Lehman minibond issues.

This will send a strong signal to foreign wealthy investors as to which is the safer and the preferred place to park their money.; October 18, 2008 2:01 AM
Anonymous said...: The innocent investors who purchase the minibonds are "mini" people who can be forgotten in the eyes of MAS. Innocent or not rules are rules even if you are mislead by the FIs. There is no compassion by the authorities in power for the small people.

Very Sad; October 18, 2008 2:17 AM
Anonymous said...: put your $ in HK. here the government is afraid to offend institutions and banks. GDP growth is on the top of their mind, not the suffering people. in HK, if u watch the video, they protest on tv with banner "DBS - No Conscience...cheat HK people of their $". so if DBS don't compensate i think the HK government revolve DBS license to operate there - pack up and go home. u think this will happen in s'pore. No ! our government will beg investors to come to boost the portfolio of foreign investors, u see that on tv very often, so and so mnc open regional office or headquarter in s'pore, then cut ribbon, give speech, bla bla bla.; October 19, 2008 12:33 AM