2 months and counting after their accounts were frozen and confiscated is a 'timely return'!?!
More like the cartel has just realized that confidence in their paper is COLLAPSING in the wake of the $3 billion theft of segregated clients' funds at MFG.
(Reuters) - MF Global UK administrator KPMG plans to start returning to clients the $1.2 billion (773.4 million pounds) of cash and assets frozen at the defunct broker as early as this month in a move that will placate customers ahead of their showdown with KPMG next week.
Richard Heis, joint special administrator of MF Global UK, told Thomson Reuters Thursday the administrator had recovered the majority of client monies and almost all outstanding client assets, and hoped to start returning these to owners shortly.
"At the end of December we had recovered some 82 percent of client monies and substantially all of the client assets. We hope to commence the return of client assets and an interim distribution of monies as early as this month," Heis said.
The administrator said he is initially talking with clients over the return of 30 million pounds of assets, in what would be the first returns to European customers since the U.S. futures broker collapsed on October 31.
The pledge comes as KPMG and MF Global clients prepare for a meeting Monday which will see the broker's customers taking a vote of confidence on the administrator and appointing a committee to sign off KPMG's fee.
MF Global UK clients have been frustrated by the slow progress recovering the estimated $1.2 billion of client cash and assets frozen at MF Global when it collapsed.