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Hong Kong fined the four largest in the world Bank for fraud with the IPO of Chinese corporations | ubr.ua

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Hong Kong has punished four financial institutions for fraud with the introduction of IPO Chinese companies

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Four international Bank fined by the securities Commission of Hong Kong for a total of $100 million for irregularities in the IPOs of Chinese companies. About it writes “Interfax-Ukraine”.

The sanctions imposed on American banks Morgan Stanley and Bank of America, British Standard Chartered and Swiss Bank UBS AG. The latter also lose their licenses for consulting activities in relation to corporate Finance for a period of one year. Experts say that the fine was a record in the history of the Hong Kong regulator.

It is also reported that banks have been punished for unfair activity in preparation for the IPO of Chinese companies, which were subsequently found guilty of fraudulent financial reporting, and their shares were excluded from the quotations of the stock exchange.

Note that the news about imposing a record fine has not caused concerns among investors. Shares of UBS AG in the course of trading on Thursday rise in price on 0,2%, papers Standard Chartered cheaper by 0.7%. Capitalization of Morgan Stanley and Bank of America in the previous auction in new York increased by 0.1%.

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