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M Stanley compliance ‘shambles’ cited in case



Internal compliance systems at Morgan Stanley’s Hong Kong office were “haphazard”, “inefficient” and “hopelessly inadequate”, according to the prosecution in a high-profile insider trading case.

“It is clear that the monitoring was hopelessly inadequate,” she added. “Correct protocol was habitually not followed … The department failed to measure up to the gold standard of their own departmental manual.”

Mr Du’s barrister, Alexander King, told the court n Friday. “There were no breaches.

“The alleged wrongdoing by a former employee of our firm is an egregious violation of Morgan Stanley’s values and policies,” the bank said on Friday.

The prosecution alleged that Mr Du knew he was in possession of material, non-public information and took advantage of the alleged disarray at Morgan Stanley by downplaying his work with Citic on a bond issue and potential hedging deal, code-named projects Jumbo and Colorado respectively.

shamble よろよろ歩く

haphazard でたらめの; 偶然の

habitually 習慣的に

measure up 必要とされるだけの資格[能力]がある

barrister 法廷弁護士

breach 違反

egregious 実にひどい,言語道断な,とてつもない

disarray 混乱

downplay 軽視する

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