StanChart faces 'financial consequences' over work on HK IPO
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Hong Kong
STANDARD Chartered could face "financial consequences" after an investigation in Hong Kong over its role in an initial public offering (IPO), the firm said as it reported another round of disappointing earnings results, sending its share price tumbling.
The London-based, Asia-focused lender said that the authorities were looking into its conduct while co-sponsoring the listing in the city in 2009, dealing another legal blow to the firm, which is already facing a US probe.
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