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Hong Kong SFC Fines Citigroup $7.26 Million for Deficiencies as IPO Sponsor

The Securities and Futures Commission (SFC) has reprimanded and fined Citigroup Global Markets in Asia (Citi) $7.26 million (HKD 57 million) for deficiencies as IPO sponsor in the listing application of Real Gold Mining Limited (Real Gold).  Citi had failed to conduct adequate and reasonable due diligence on Real Gold’s customers and properly supervise its staff when carrying out the sponsor work in the IPO application.

” Hong Kong SFC Fines Citigroup $7.26 Million for Deficiencies as IPO Sponsor “

SFC’s investigation uncovered incidents such as mismatch between sales recorded and identify of customers between 2007 and 2008 and the due diligence process were handled by junior and inexperienced staff with little supervision.  While Citi had conducted customer-related due diligence on Real Gold, the SFC considers it inadequate and substandard.

Citi had also failed to supervise the transactional team.  A director of another investment banking team at Citi, where listing applications were not her responsibility, signed on documents as she thought she was the “signing responsible officer” of Real Gold’s listing application while another team member was the sponsor principal.

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In deciding the penalties, the SFC took into account this is Citi’s first and only listing application, the breaches and deficiencies is limited to a portfolio of due diligence, and has fully coorporated with SFC to resolve the regulator’s concern.

 Source: SFC




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