The special administrator of Alpari UK, KPMG, confirmed on Thursday that after the failure to sell the whole package, parts of the company were being sold. The intellectual property and the trademark were purchased by Alpari UK’s main shareholder and founder, Andrey Dashin.
Other lucrative parts of the company’s business including the $153 million (£100 million) in client deposits are still on hold as the talks with various companies continue.
Alpari UK was the first major brokerage to announce severe distress due to the Swiss National Bank’s decision on January 15th and filed for bankruptcy, with KPMG taking over the responsibility for maximizing value for creditors of the company.
In the aftermath of the foreign exchange Black Thursday, the company was left with losses to the tune of $45 million. The event caused a widespread financial and reputational damage for a substantial part of the foreign exchange industry with several companies experiencing severe distress in the aftermath of the SNB move.
The company’s major shareholder, Andrey Dashin, expressed his opinion in two articles published by Forex Magnates, sharing his view that the company had been mismanaged in the aftermath of the Swiss franc crisis.
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The move by Alpari’s chairman of the board of directors, Andrey Dashin, to acquire Alpari UK’s intellectual property includes the Alpari trade marks and domain names in over 60 countries. These include all European Union countries, North and South America, the Middle East, Africa and Asia.
Earlier, Andrey Dashin highlighted that the closing of Alpari (UK) was opening new horizons for the international development of other companies under the Alpari brand name, which currently serve CIS and Russian clients and have in no way suffered as a result of the UK company closing.
Mr. Dashin commented in an official announcement, “The acquisition of Alpari (UK’s) intellectual property portfolio has become one of the first practical steps in realizing Alpari’s plan for global expansion. It has a strategic significance and is opening a new chapter for the development of the brand which works with Russian and CIS clients.”
“Today, the most effective and professional Alpari team has been given the go-ahead to develop internationally. Our first target is to make headways in the promising Asian and Middle Eastern markets,” he added.
Mr. Dashin also highlighted the firm’s efforts to target the lucrative Southeast Asian market, by announcing the company’s intentions to get licensed by the Hong Kong Securities and Futures Commission (SFC).
He explained in a company statement, “Asia is the most rapidly growing and promising market. As a result of Alpari top management’s trip to Hong Kong, we took the decision to start preparing documents in order to receive the necessary licensing.”