KPMG starts making final payments to Alpari UK clients

KPMG starts making final payments to Alpari UK clients

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KPMG, the international audit and consulting giant that is serving as the special administrator of the bankrupt forex broker Alpari UK announced a final distribution of 27.0 cents in the dollar (USD) (“Final Client Money Distribution”) to the clients with agreed client money claims.

This brings the total client money distribution to 82 cents in the dollar, a little over the initially announced 78.3 cents to 79.7 cents in the dollar. Last autumn the Joint Special Administrators said they intend to make a final distribution to clients by 24 July 2017.

Payments to clients who have agreed their client money entitlement and contractual claim on the Claims Portal prior to the Bar Date, 30 October 2016 will start shortly and notification e-mails will be sent by June 2, 2017.

Clients whose total distributable amount is less than $51.50 will not receive a payment from the final client money distribution, but are entitled to make a claim to UK’s Financial Services Compensation Scheme (FSCS). KPMG notes that clients with a distributable amount of $200 or less did not get a first client money distribution, but now they will receive the full amount of their combined distribution, if it is above $51.50.

The final client money distribution does not include those who have formally assigned their claim to FSCS. Those, with a balance over £50 000 will get their compensation payments from the FSCS, until they are paid in full or until they receive the full distribution amount, whichever occurs first.

Alpari UK went belly up in January 2015 when the Swiss franc shock caused volatility on the forex markets and the brokerage experienced lack of liquidity.

The broker’s other units – in Russia, Saint Vincent and the Grenadines (SVG), Mauritius, the UAE and Belarus are still operating.

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