Over the past five days, Alpari Japan, a subsidiary of the insolvent broker Alpari UK, has informed clients that it must cap the number of withdrawals allowed each day as the numerous requests have overwhelmed its systems. The Japanese firm has also apologized to clients that some withdrawals are taking longer to reach their bank accounts due to the same problem.
This situation might explain why Alpari UK’s special administrative team at KPMG has decided to develop a new withdrawal website, called “the Claims Portal,” which will give retail clients access to agree to their claims and provide information that will assist in a process for the payment of distributions. However, as KPMG said, the site will only be ready in weeks. Japanese clients will still probably get their money back well before any Alpari UK clients.
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Another contrast with the situation in Japan is that KPMG is also demanding that all clients of Alpari UK deposit new funds to cover negative balances created by the EUR/CHF meltdown which brought the brokerage to its knees. In Japan so far no similar announcement was made and as the local branch is not in any form of special administration, it is just shutting down, there will be no one to go after its clients.