What process have the Joint Administrators adopted to return client assets?
The priority of the Joint Administrators is to follow a logical, efficient and fair process in dealing with client asset claims and to identify, reconcile and return these assets to clients who have a valid claim. To this end, the Trust Property Team is reviewing all accounts with a view to the return of assets in an orderly and efficient manner. The team is reconciling LBIE’s books to external custodians and to information received from clients. The Joint Administrators have written to 1,707 clients (constituting Prime Services, Futures, Safe Custody and Private Investment Management clients) thought potentially to have claims, rights or other interests in Trust Property. To date, approximately 60% of these clients have so far replied.Those that have not responded have been pursued for their responses. These client positions are being reconciled with data available to verify the validity of the clients claim and determine net positions. Simple cases where there is sufficient quality d
