Outrage as UK Names of MF Global Creditors Published By KPMG [FULL LIST]
KPMG has published a full list of private creditors to failed broker MF Global.
Clients of the broker, which collapsed in October 2011, reacted furiously upon finding their details, as well as the sums owed to them, had been made public.
The list, which shows a total debt of more than $1.7bn (£1.1bn), reveals a wide range of clients and debts, from JP Morgan ($100m), the UK Financial Services Authority ($755,000) and Express News (£500,000), to private individuals owed less than £10.
Current UK insolvency law orders directors to publish a statement of affairs, which can then be redacted following a court application, if it is felt that the information could prejudice the conduct of the administration.
Richard Heis, joint special administrator at KPMG, told the Financial Times: "After legal advice, we consider there were no substantive grounds to apply for a redaction and the court would be likely to reject any such application."
Insolvency lawyer James Nicholls told the FT it was "incredible" that the list had not been redacted, as it gave the names and addresses of "rich and vulnerable individuals across the world".
US debitors of MF Global, which has its main headquarters in New York, have been significantly more successful in recouping their losses, getting around three quarters of their money back, three times the amount recouped by those in the UK.
Authorities have announced plans to crack down on tax avoidance in countries such as Switzerland, where several creditors on the list are shown to reside.
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