Kenneth Rijock

Kenneth Rijock

Tuesday, February 28, 2012

QUOTE FROM HSBC FILING RE: EXPOSURE

I have seen too many articles today summarising HSBCs statements in its annual filing with the Securities and Exchange Commission, which reportedly involves the civil and criminal investigations into alleged violations of Iranian Sanctions regulations. Perhaps the readers would prefer to read the relevant text in the appropriate paragraph:

Other US Regulatory and law enforcement investigations

"It is likely that there will be some form of formal enforcement action which may be criminal or civil in nature in respect of some or all of the ongoing investigations ... Based on the facts currently known, it is not practicable at this time for HSBC to determine the terms on which the ongoing investigations will be resolved or the timing of such resolution or for HSBC to estimate the amounts, or range of possible amounts of any fines and/or penalties. As matters progress, it is possible that any fines and/or penalties could be significant.* "
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*http://sec.gov/Archives/edgar/data/1089113/000119163812000216/hsba201202276k7.htm 

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