Chinese "misled by Hong Kong banks" lost 64 million dollars

Asia-Pacific News

Aug 1, 2009, 5:08 GMT

Hong Kong - A group of mainland Chinese investors claim they lost 500 million Hong Kong dollars (64 million dollars) after being misled by Hong Kong banks, a media report said Saturday. The banks - HSBC, Hang Seng Bank, Citibank, DBS Bank and ABN Amro Private Banking - were accused by the Chinese investors of selling high-risk equity accumulator investments as low-risk products, the South China Morning Post newspaper said. They also reported the banks' activities to police. Equity accumulators offer shares at discounted prices but require investors to buy the same stock at the same price over a fixed period. The risk is that if the stock price goes down investors still have to buy the shares at the original price. 'We were misled by Hong Kong banks into purchasing stock accumulators. We were not warned about the risk of the products,' said Jacky Jin Liang, who heads the group of allegedly duped investors. The city's banking regulator, the Hong Kong Monetary Authority, and several local legislators pledged to investigate the group's claims.

Your Talkback on this Story

Older Talkback

Similar articles

Jewellery among world's priciest to go on show at Hong Kong fair
Hong Kong bank launches world's first 150-dollar note
Trade visitors to Hong Kong drop by 9 per cent as recession bites
Wealthy migrants pump billions of dollars into Hong Kong economy
Hong Kong banks to pay more than 920 million dollars to investors

Latest Headlines in Asia-Pacific

News from Other Sites

Asia-Pacific: Index

: News; Features

From Sites We Like

Latest Tech Herald News

Exploit code targeting Internet Explorer rated poor but workable
New attack aimed at jailbroken iPhones
Creationists add 50-page intro to Darwin's 'On the Origin of Species'
AT&T finally welcomes the BlackBerry Bold 9700
Barnes & Noble: Nook deliveries delayed until January

Latest from Fark

Doctors say rarely-performed "hemicorporectomy" procedure can add years to life of those who need it. But you'd be half the man you used to be [Obvious]
Musicians on the road: the insanity, the groupies, the parmesan-crusted duck breast with balsamic reduction (Sponsored link) [Plug]
Citing huge demand and turnout, NYC health authorities happily confirm .00143% of the city was vaccinated against H1N1 this weekend [Dumbass]
Half of drivers age 18-34 admit texting on the road; the other half reponded with ;) [Obvious]
If you're going to hide a sex offender at your home, maybe you shouldn't work for the State Police [Fail]

Latest Cinema Blend News

Trailer: JCVD In Universal Soldier: Regeneration
Video: James Cameron And His Ego Visit 60 Minutes
Zemeckis Auditioning John Lennons For His Yellow Submarine Movie
Clark and Ellen Griswold To Return In Super Bowl Ad
Kull Getting a Sorbo Free Reboot

In Monsters and Critics

: Arts; Books; DVD; Gaming; Lifestyle; Movies; Music; News; People; Science & Nature; Sport; TV; Archives
Other Languages and Sites: Deutschland (Monsters and Critics); The Tech Herald; Free Games

Entertainment: Arts; Books; DVD; Gaming; Movies; Music; People; Soundtracks; TV
Media: Celebrity Photos; Movie Pictures; Movie Trailers; Movie Posters; Theatre Stills; Celebrity Video; Music Video
Released this week: Movies - USA; Movies - UK; DVD - USA
Distractions: Online Games; Daily Crossword; Sudoku Classic; Daily Jigsaw

World News: US; UK; Americas; Europe; Middle East; Asia Pacific; South Asia; Africa; Business; Education; Health
Science and Tech: Science and Nature; Technology
Lifestyle: Autos; Fashion; Life; Travel

Corporate

: About; Advertise; Contact; The Team; Vacancies; Privacy; RSS; Site Map; Terms; Webmasters

The Fine Print

© 2003 - 2009 by Monsters and Critics.com, WotR Ltd. All Rights Reserved. All photos are copyright their respective owners and are used under license or with permission. * Note M&C cannot be held responsible for the content on other Web Sites.

Servers supplied by Servint

USA