This is an update following our Statement to clients on 25 November 2011.
As of today, 2 December 2011, funds totalling just under HK$1 billion, representing approximately 80% of clients' funds, are held in Hong Kong. The Provisional Liquidators continue to liaise with certain local banks and the HKFE to arrange for the transfer of these funds across to the Provisional Liquidators' newly established segregated bank accounts.
The Provisional Liquidators have today written to all identified clients of MFG-HK seeking the clients' support for a proposal to apply to the Hong Kong Court for sanction of an interim distribution to clients, which, if approved by the Court, has the potential to release up to HK$500 million to clients in the coming 1 - 2 months.
The Provisional Liquidators are continuing to reconcile clients' positions, using data currently available, but are still missing considerable amounts of information, in the form of statements, confirmations and prices, from overseas brokers and MF affiliates, which means that the reconciliation process will take longer to complete than we would like. The Provisional Liquidators have written to all clients of MFG-HK to seek their assistance in filling the information gaps, so as to expedite the reconciliation process.
Clients with claims against funds in the client money pool and/or with claims against client assets can complete and submit a claim form from Monday 5 December 2011.
No bar date has been set at this stage for claims against client assets, but clients are requested to submit their completed claim forms by 16 December 2011, so as to facilitate the early completion of the reconciliation and determination processes.
Claim forms will be available on MF Global Hong Kong's website from Monday 5 December – please use the following link: www.MFglobal.com.hk.
Great care should be taken to fill up the claim form correctly, and to provide all relevant supporting information.
Please submit the claim form by email to MFGHKclaims@kpmg.com or by registered post to the Provisional Liquidators, c/o KPMG, 8th Floor, Prince's Building, 10 Chater Road, Central, Hong Kong.
Clients of MFG HK are encouraged to contact Ms Jasmine Lai on +852 2913 2539 or email MFGlobalHK@kpmg.com should you have any enquires.
For and on behalf of MF Global Hong Kong Limited (Provisional Liquidators Appointed)
Joint and Several Provisional Liquidator
(The Joint and Several Provisional Liquidators act as agents of MFG-HK without personal liability)