Zambia's SEC penalizes Standard Chartered for mis-selling Chinese property bonds

Zambia's Securities and Exchange Commission (SEC) has sanctioned Standard Chartered for mis-selling bonds from a Chinese property company. The bank failed to disclose important information about the bonds, which defaulted a year later, and used contract clauses that shifted all risk to the client. The SEC's investigation began in April and found two breaches of its rules. Standard Chartered has 30 days to appeal the decision. The SEC can impose fines or reprimands but cannot order customer compensation. Standard Chartered is currently seeking to sell its wealth and retail banking businesses in Zambia, where it has operated for nearly 120 years. The bank is also reducing its presence in Africa, having sold operations in several countries.