Today MF Global UK have provided an update to clients on a number of issues.
The joint special administrators of MF Global UK have today provided an update to clients on a number of current issues at www.kpmg.co.uk/mfglobaluk.
Mike Pink, joint special administrator of MF Global UK at KPMG, said: "There is substantial activity in progress, in numerous work streams, on the MF Global UK special administration. Nearly 80% of client statements have now been issued. Indeed we have issued more client statements (approximately 5,200) than we have received claims (approximately 4,700).
“The involvement of the court is likely to be required to decide various contentious issues thrown up by the case. MF Global Inc’s $700m claim against MF Global UK’s segregated pot, which we dispute, is now set to be decided in court. Following the Supreme Court judgment on Lehman, it is also likely that we will need further court guidance on tracing assets and monies and adding them to the segregated pool. This could involve a forensic review of MF Global UK’s 250 non-segregated accounts. As this issue affects both Lehman and MF Global UK we will liaise with the Lehman administrators, with the aim of mitigating the costs of this exercise and to maximise efficiency across both cases.”
The special administrators continue to pursue the recovery of approximately $400m of MF Global UK segregated client assets and monies and house assets and monies held by MF Global Inc.
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Notes to Editors:
Richard Fleming, Richard Heis and Mike Pink of KPMG LLP were appointed joint special administrators of MF Global UK Limited, a UK based broker-dealer business, and MF Global UK Services Limited, which provides employee and pension services in relation to the UK operations, at 5pm on Monday 31st October 2011. MF Global UK Limited is a wholly owned subsidiary of MF Global Europe Limited which in turn is a subsidiary of MF Global Holdings Limited, a company incorporated in Delaware, USA, which filed for chapter 11 bankruptcy protection on 31st October.
The objectives of the administration are:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals 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. KPMG International provides no client services.
Richard Fleming, Richard Heis and Mike Pink of KPMG LLP were appointed as the "Joint Special Administrators" of MF Global UK Limited following an application to the High Court in London by the directors of MF Global UK Limited on Monday 31 October 2011.
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