Bloomberg News

MF Global Singapore Liquidator Says Making Progress on Funds

November 24, 2011

(Adds additional amount in third paragraph.)

Nov. 24 (Bloomberg) -- KPMG, the provisional liquidator of MF Global Singapore Pte, said it has taken control of more than $180 million of customer funds.

KPMG is confident of making “significant progress” in getting the remainder of the total $309 million maintained in financial institutions in Singapore and overseas, Bob Yap, head of transactions and restructuring at KPMG in Singapore, said today in an emailed statement.

Of the total, an estimated $160 million was held with financial institutions in Singapore, and about $149 million with various institutions in Malaysia, Hong Kong, the United Kingdom, Dubai, Indonesia and Taiwan, according to the statement. An additional $177.9 million has been identified as being maintained with third-party brokers and clearing members, KPMG said in the statement.

“Efforts in relation to the verification and reconciliation process continue around the clock, and we are focused on moving as quickly as possible to return funds back to the customers once such process is completed,” Yap said.

MF Global Holdings Ltd. sought bankruptcy protection Oct. 31 after revealing investments related to $6.3 billion in European sovereign debt.

--Editor: Alan Soughley

To contact the reporters on this story: Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net; Alan Soughley in Singapore at asoughley@bloomberg.net

To contact the editor responsible for this story: Alan Soughley at asoughley@bloomberg.net


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