Friday, 11 November 2011
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The Malaysian Insider, 12 Nov 2011
SINGAPORE, Nov 12 ― The Singapore unit of bankrupt US brokerage MF Global said late yesterday that nearly half the US$309 million (RM973.35 million) held in its segregated client accounts are with financial institutions outside the city-state, indicating the difficulty faced by liquidators in retrieving customers’ money.
Under Singapore law, customers’ monies and assets cannot be co-mingled with the firm’s assets, giving clients of financial institutions than run into difficulty some measure of protection. Full story
Nearly half of MF Global Singapore client monies held abroad
SINGAPORE, Nov 12 ― The Singapore unit of bankrupt US brokerage MF Global said late yesterday that nearly half the US$309 million (RM973.35 million) held in its segregated client accounts are with financial institutions outside the city-state, indicating the difficulty faced by liquidators in retrieving customers’ money.
Under Singapore law, customers’ monies and assets cannot be co-mingled with the firm’s assets, giving clients of financial institutions than run into difficulty some measure of protection. Full story
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