China

Statement from the Provisional Liquidators, MF Global Hong Kong Limited (in Liquidation) ("MFG HK") 

This is an update following our Statement to clients on 24 February 2012.

 

Second interim distribution application:

 

As mentioned in the last update, the Provisional Liquidators ("PLs") are continuing to work on an application to seek an Order from the Court for a second interim distribution. The PLs expect that application will be filed with the Court within the next two or three weeks, if not sooner.

 

Any client who has not yet submitted the claim form previously provided (see link below), will be required to do so before they can receive any further distributions, if and when the Order is granted by the Court.

 

http://www.kpmg.com/cn/en/PressRoom/Documents/MF-Global-Claim-Form-20111205.pdf (PDF 74KB)

 

Reconciliation of clients' positions:

 

The reconciliation process in respect of clients' North American positions is ongoing. Due to the volume of transactions, the reconciliation process is more complex and time-consuming.

 

The PLs have recently been informed by MF Global Inc ("MFGI") that MFGI will not be issuing final statements to its former clients, but rather will proceed to determine (i.e. adjudicate) former clients' claims, including MFG-HK's, to any monies relating to futures and options transactions. As this data is critical to the PLs' ability to complete our own reconciliations and finalise MFG-HK's client payable positions, we will be liaising with MFGI to expedite the determination of MFG-HK's claims.

 

The PLs are actively following up with the special administrators of MFG UK and the provisional liquidators of MFG Singapore for the final or verified transfer and close-out prices, these being a critical element in the final determination of clients' claims against the client monies held by MFG-HK.

 

Clients of MFG-HK are encouraged to contact Ms Jasmine Lai on +852 2913 2539 or email mfglobalhk@kpmg.com with any enquires.

 

 

Yours faithfully

For and on behalf of MFG-HK (In Liquidation)

 

Patrick Cowley

Joint and Several Provisional Liquidator

(The Joint and Several Provisional Liquidators act as agents of MFG-HK without personal liability)