LONDON – ZAMBIA’s Securities and Exchange Commission (SEC) has sanctioned Standard Chartered for mis-selling a Chinese property company’s bonds to one of the bank’s local wealth clients at the height of the Asian country’s real-estate crisis, according to a source. The source familiar with the matter told Reuters that the UK-headquartered bank, which is currently looking to sell its wealth and retail banking businesses in Zambia, was facing “enforcement action” for two breaches of SEC rules following a months-long investigation. The first was that it had failed to disclose “material information” about the bonds it sold in March 2022. Those bonds, issued by state-backed Chinese developer Sino-Ocean, defaulted just over CLICK HERE TO READ MORE
SEC sanctions Stanchart over China property bond mis-selling
