Singapore High Court considers whether trust created over profits made by leveraged foreign exchange and Bullion customers

MF Global Singapore Pte Ltd v Vintage Bullion DMCC [2015] SGHC 162

The Singapore High Court in MF Global Singapore Pte Ltd v Vintage Bullion DMCC considered a contention by customers of an insolvent brokerage firm that profits made from certain leveraged foreign exchange and leveraged commodity transactions with the firm were held on trust for the customers. The court disagreed. This meant that the customers can only stand as unsecured creditors over the profits. 

Facts

Filed under:
Singapore, Capital Markets, Insolvency & Restructuring, Litigation, Allen & Gledhill LLP, Foreign exchange market, Singapore High Court
Authors:
Andrew Chan , Colin Chow
Location:
Singapore
Firm:
Allen & Gledhill LLP