Client Assets Update - Client Information Portal - Updated Position and Balance Statement - 24/11/09

This update concerns the Client Information Portal (the "Portal") as it relates to clients with ownership claims to trust assets.  For background information on the Portal, please read our 8 September 2009 update.

In early September the Joint Administrators issued potential trust asset claimants an interim position and balance statement (the "Statement") and, at that time, indicated that an updated version of the Statement would be made available in November.

This updated position and balance statement (the "UPBS") is now available on the Portal. The Joint Administrators consider that the UPBS is a significant step towards the reconciliation and eventual agreement of ownership claims to trust assets. The UPBS is an interactive statement which allows clients to accept or amend their positions on a line-by-line basis and then submit their amended statement (together with all appropriate supporting documentation) to LBIE via the Portal. Clients with ownership claims to trust assets are encouraged to log onto the Portal to view their UPBS as soon as possible in order to reconcile their positions with LBIE.  Please click here to access the Portal.

If you did not receive a letter from the Joint Administrators in early September containing your log on information for the Portal and believe you have an ownership claim to trust assets, please contact the claimresolutionagreement@lbia-eu.com mailbox referencing your full client name and GAC code.

Please note that only an authorised representative of the legal entity to whom a letter was sent is allowed to access the Portal on behalf of such entity. Under no circumstances should any other person access the Portal. Any person logging onto the Portal will be required to make a representation that he/she is authorised on behalf of the relevant entity to access the confidential information contained in the Portal.

The Joint Administrators have placed on the Portal an UPBS for clients who they believe may be entitled to make an ownership claim to trust assets.  However, the Joint Administrators are not making any representation or warranty that any recipient of the letter is in fact entitled to make any claim or, if so entitled, what amount (if any) will ultimately be distributed.

The Joint Administrators will use the Portal for client-specific communications as well as this website, which presently remains the Administrators' primary tool for general communications regarding the administration.