China

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

This is an update to clients and creditors of MFG-HK following our statement on 4 May 2012.

 

Second interim distribution application:

 

As mentioned in the last update, the hearing of the application made by the Provisional Liquidators ('PLs') to the Hong Kong Court ('the Court') for the Court's approval of a Second Interim Distribution to Qualifying Clients of MFG-HK was adjourned to 15 May 2012.

 

The adjournment was to permit the PLs and the provisional liquidators of MFG Singapore ('MFGS') to resolve concerns which MFGS had raised about the orders being sought from the Court, insofar as the orders may affect MFGS's rights. In the days preceding the hearing, the PLs and MFGS were able to resolve the situation such that MFGS withdrew their objection to the orders sought for the Second Interim Distribution. At the hearing on 15 May, the Court granted orders authorizing the PLs to make a second interim distribution out of the Client Money to Qualifying Clients in a total sum not exceeding HK$400 million. The Court also ordered that the PLs be authorised to pool all Client Money for the purposes of the second interim distribution, and any future distributions.

 

The PLs are now in the process of obtaining the sealed Orders from the Court and making preparations to make the distribution. In the coming two weeks, the PLs will be writing directly to each client with further details of the process and timing of the actual payments.

 

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

 

 

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)