Hong Kong detailed its gripe with UBS over initial public offerings. The allegations go back to the 2009 IPO of a Chinese timber firm and could cost the Swiss bank dearly.
The Zurich bank shocked investors in October by slipping an unexpected new disclaimer into its 12-page list of scandals and regulatory probes. The bank said it could be temporarily suspended from Hong Kong as a result of how it managed IPOs.
The local regulator added some detail: UBS as well as Standard Chartered and others are accused of market misconduct in the public listing of China Forestry Holdings Co Ltd eight years ago, «Reuters» reported from Hong Kong High Court filings.
Undisclosed Damages
Hong Kong is seeking an undisclosed sum of damages from UBS and the others as a result.
UBS and the other parties accused, which includes the timber firm, its co-founders, its auditor KPMG, have two weeks to respond to the claims.
The Swiss bank didn’t comment to Reuters.
