Reported 3 days ago
Zambia's Securities and Exchange Commission (SEC) has sanctioned Standard Chartered for mis-selling bonds from a Chinese property developer, Sino-Ocean, to a local client during a real estate crisis. The UK bank failed to disclose important details about the bonds and used contract clauses that unfairly placed risk on the client. Following a months-long investigation, Standard Chartered plans to appeal the SEC's decision while it considers selling its wealth and retail banking operations in Zambia.
Source: YAHOO