TORONTO, Nov. 25, 2011 /CNW/ - KPMG Inc., the Court-appointed trustee in
bankruptcy announced today that the Ontario Superior Court of Justice
has granted an order to allow the Trustee to make cash payments to MF
Global Canada's 2,500 foreign exchange customers. The distribution of
cheques to these customers will take place within 7 business days.
"We are working closely with the Canadian Investor Protection Fund and
RBC Dominion Securities to help former MF Global Canada customers get
access to their accounts as quickly as possible," said Richard Harris,
Restructuring Partner, KPMG.
KPMG Inc. is working to complete the bulk transfer of accounts with RBC
Dominion Securities. This transfer is substantially complete, and
customers are expected to be able to begin to access their accounts by
the end of next week.
The Canadian Investor Protection Fund applied for a bankruptcy order for
MF Global Canada on Wednesday, November 2, 2011, after IIROC suspended
MF Global Canada's membership rights and privileges on November 1,
2011. The firm's U.S. parent, MF Global Holdings Ltd., declared
bankruptcy in the United States on October 31. The Canadian bankruptcy
order was granted by the Court on Friday, November 4, 2011. Since
then, KPMG has worked expeditiously to verify all customer accounts and
to determine the financial position of MF Global Canada in cooperation
with CIPF, IIROC, the US Trustee, former MF Global Canada employees and
Further information about the bankruptcy of MF Global Canada can be
accessed on the KPMG www.kpmg.ca/mfglobalcanada website, email@example.com, 416 777 3666 or toll free at 1 866 602 6743.
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.
SOURCE KPMG LLP
For further information:
Manager, Media & External Communications
416 777 8918