China

Details

  • Type: Press release
  • Date: 11/2/2011

For media enquiries, please contact:

Nina Mehra

Senior Manager, Media Relations

KPMG China

 +852 2140 2824 (Direct)

   +852 9724 6092 (Mobile)

 nina.mehra@kpmg.com

 

 For all non-press queries, please contact:

Jasmine Lai

 +852 2913 2539

 mfglobalhk@kpmg.com

 

Provisional Liquidators appointed to MF Global Hong Kong 

2 November 2011, Hong Kong

 

KPMG's Patrick Cowley, Fergal Power and Lui Yee Man, Rosalie were this morning appointed as Joint and Several Provisional Liquidators by the High Court of Hong Kong S.A.R. over the following companies:

 

MF Global Holdings Hong Kong Ltd

MF Global Hong Kong Ltd

 

The appointment follows the filing for bankruptcy protection by MF Global's ultimate parent company in the US, the appointment of KPMG partners as special administrators in the United Kingdom and provisional liquidators in Singapore, and the appointment of voluntary administrators in Australia.

 

The Securities and Futures Commission issued a restriction notice to MF Global Hong Kong Ltd on 1 November 2011 (the "Notice"). Under the Notice, MF Global Hong Kong Ltd is allowed to settle outstanding cash market transactions and has been directed to immediately assert its rights over any clients' money or other receivables held by any overseas person. In accordance with the Order today granted by the Court and the Notice, the Provisional Liquidators are permitted to continue to liquidate and transfer client positions to other brokers.

 

Patrick Cowley, Principal, KPMG China, says: "Following the recent failure to achieve a global sale of the entire company, and as a result of the response of the market to events in the US, particularly among MF Global's counter-parties and banks, the Hong Kong directors felt unable to continue their business, and therefore sought the protection of the Hong Kong court. The appointment of Provisional Liquidators will safeguard the assets of the Hong Kong companies, and ensure that the interests of clients, employees and markets are properly served. The Provisional Liquidators are assessing the options for the companies, and are actively seeking to dispose of the business in conjunction with other administrators appointed globally."

 

Customers are encouraged to contact their brokers in the first instance in order to address their existing positions.

 

Prior to the appointment of administrators, MF Global operated as a global broker of exchange-listed futures and options. The group operates in 12 countries on more than 70 exchanges. It provided execution and clearing services for exchange-traded and over-the-counter derivative products as well as for non-derivative foreign exchange products and securities in the cash market. It had a client base of more than 130,000 active accounts ranging from financial institutions, industrial groups, hedge funds and other asset managers to professional traders and private/retail clients.

 

A dedicated email address "mfglobalhk@kpmg.com" has been established for other customer queries and parties who might be interested in acquiring the business of the companies.

 

 

- Ends -

 


About KPMG

  

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 150 countries and have 138,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

KPMG China has 13 offices (including KPMG Advisory (China) Limited) in Beijing, Shanghai, Shenyang, Nanjing, Hangzhou, Fuzhou, Xiamen, Qingdao, Guangzhou, Shenzhen, Chengdu, Hong Kong and Macau, with around 9,000 professionals.

 

 

MF Global Updates

MF Global Updates