StanChart to repurchase HK$1.48bn of Lehman ELNs; regulatory probe continues
Standard Chartered has reached a resolution with the SFC and HKMA to repurchase HK$1.48 billion of equity linked notes issued by Lehman Brothers but admitted no liability related to mis-selling the notes. Regulators said the bank should have performed greater due diligence regarding the ‘concentration risks’ of its customers.
Standard Chartered has reached a resolution with the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) to repurchase HK$1.48 billion of equity linked notes (ELNs) issued by Lehman Brothers, but admitted no liability.
A joint investigation by the two Hong Kong financial regulators found that between August 2006 and June 2008, Standard Chartered sold more than HK$5 billion ($642 million) worth of Lehman Brothers-issued ELNs to customers in Hong Kong. The SFC and
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