MF Global Holdings Ltd’s customers in Singapore may get as much as 97 percent of their money back, according to liquidators of the affiliate of the bankrupt company once run by former New Jersey governor Jon Corzine.
KPMG LLP, which was appointed provisional liquidator for the unit a day after the parent filed for bankruptcy, estimated MF Global Singapore, which had about 6,000 clients, may return as much as US$434.7 million to the customers. Creditors may get as much as 91 percent back.
MF Global Holdings filed the eighth-largest US bankruptcy on Oct. 31 last year after getting margin calls and bank demands for money at its brokerage unit following wrong-way bets on European sovereign debt. Affiliates of the company around the globe are in various stages of being wound up.
The liquidators recovered US$483.9 million, as of March 31, of which US$427.4 million were customer funds, and the remainder company funds, according to a KPMG statement. Customers have been repaid US$266 million so far, the liquidator said.
Customers may receive as much as 97 percent of money owed them as of March 31, if the liquidators can recover money in overseas accounts.
MF Global Singapore’s Taiwan branch has US$12 million, which the liquidators have been unable to transfer to the city-state.
The Singapore liquidators are also attempting to gain access to US$90 million at MF Global affiliates in the US, Hong Kong, Australia and UK.