China

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

This is an update to clients and creditors following our statement on 15 May 2012.

 

Second Interim Distributions to Qualifying Clients:

 

The Provisional Liquidators (“PLs”) will be issuing a ‘process letter’ to all Qualifying Clients of MFG-HK by 31 May 2012 to address clients’ questions in relation to the Second Interim Distribution, and to confirm the conditions and timetable for making this payment.

 

Client funds:

 

The PLs recently received Letters of Determination from MF Global Inc (“MFGI”) in relation to the claims made by MFG-HK against MFGI. The PLs are pleased to inform clients that, subject to certain conditions and approvals, MFG-HK’s customer claims will be allowed in full.

 

The primary condition for the final acceptance of MFG-HK’s claims is that the PLs must satisfy the SIPA Trustee that any payments made against MFG-HK’s claims will be passed on to the underlying clients. The PLs are now in the process of collating the necessary evidence and liaising with the SIPA Trustees in order to satisfy their conditions and to facilitate the return of these client funds.

 

The PLs are aware that the SIPA Trustee has so far distributed 72 cents in the dollar against certain commodities / futures claims, and we will be working with the SIPA Trustee to recover these funds at the earliest possible juncture. The PLs will provide an update to clients once the timetable for receiving these funds has been determined.

 

Matters arising from the first meetings of contributories and creditors:

 

Subsequent to the first meetings of contributories and creditors on 22 March 2012, the PLs filed four separate applications with the Court seeking orders that arose from the resolutions passed at those meetings, including the constitution of the Committees of Inspection and the conversion of the liquidations to “Creditors’ Voluntary Liquidations”.

 

The Court has set a hearing date of 11 September 2012.

 

Clients of MFG-HK and MFH 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) and MFH (In Liquidation)

 

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