This is an update to clients of MFG-HK following our statement on 25 May 2012.
The Provisional Liquidators ("PLs") have issued a letter to all Qualifying Clients of MFG-HK on 29 May 2012 in which they have outlined the process in respect of the Second Interim Distribution, and set out the conditions Qualifying Clients must satisfy in order to receive payment as well as the indicative timetable for payments to be made.
The first major step outlined in that letter is the issuance to Qualifying Clients of statements setting out the PLs' calculation of their claims ("Provisional Statements"). The PLs expect to be able to start issuing the Provisional Statements to Clients, in batches, from next week. The Provisional Statements for cash only clients will be issued first, followed by Qualifying Clients with open positions as at 28October 2011.
Accompanying the Provisional Statements will be a letter explaining the claims calculation methodology in detail, and specifying the next steps for Qualifying Clients to complete.
Qualifying Clients will be required, amongst other things, to review and accept the details of their claims to client monies set out in the Provisional Statements in order to receive the Second Interim Distribution payment.
The PLs have now received the final or verified transfer and close-out prices from the special administrators of MFG UK and the PLs have verified the transfer and close-out prices from the provisional liquidators of MFG Singapore. The reconciliation process for the clients' positions for all markets have now been completed, save for a few remaining items which impact some clients with open positions on the North American exchanges. The PLs expect to have these issues resolved within the next few days, so as to enable the remainder of the Provisional Statements to be finalised and sent to those affected clients.
Clients of MFG-HK are encouraged to contact Ms Jasmine Lai on +852 2913 2539 or email email@example.com with any enquires.
For and on behalf of MFG-HK (In Liquidation)
Joint and Several Provisional Liquidator
(The Joint and Several Provisional Liquidators act as agents of MFG-HK without personal liability)