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Rugby star among Irish losers in MF Global collapse

IRISH clients of MF Global, including rugby player Shane Horgan, lost a combined fortune running into millions following the collapse of US hedge fund MF Global, according to figures supplied by the administrators.

The list of creditors from around the world, who are owed more than £1.7bn (€2.4bn), was released by accountancy firm KPMG. It details the maximum potential losses for a host of Irish people and companies who are owed money by MF Global which went bust last year after taking huge bets on European debt.

Mr Horgan lost £7,458 but many other Irish citizens lost far larger amounts after the hedge fund collapsed last year following disastrous bets on the outcome of the eurozone crisis.

MF Global owes former Omnipay chief executive Brian Connolly £131,129.

Mervin Harris, who founded Dublin-based fund managers Harvest Global Asset Management, is owed £112,563 while a number of other individuals are owed anything from as little as £6.91 to more than £100,000.

Aidan Harrison, who is involved in the management of a site at Blanchardstown Corporate Park, is due £55,641. Accountant Donall Curtin is listed as being owed £32,202.

Davy Stockbrokers, NCB and Goodbody are all listed as creditors of the company as are spread-betting firm Delta Index and a host of institutions based in the IFSC.

Davy are due £191,737 while NCB are waiting on £57,376. Goodbody have £1,672 owed to them. Fexco, who own Goodbody, are to be paid £10,070. Heatons, the retailer, is owed £465,188.

Despite the paper losses, it is believed European creditors may be made whole eventually, with indications that close to 100pc of the outstanding funds could be returned.

Most of the individual creditors had standard trading accounts with MF Global.

Several told the Irish Independent they had set up with MF Global during the financial crisis as it was seen as one of the safest, and biggest, brokers on the planet.

The decision by KPMG to release the full details of the creditors has caused a storm of controversy.

One creditor only found out his name had been published when he was contacted by this newspaper.

The decision to publish such a large list has also sparked anger in the UK. James Nicholls, an insolvency lawyer acting for a group of creditors in the UK administration, said: "In a case like this of such sensitivity they (KPMG) could and should have asked the court for permission to redact personal identities."

Other high-profile individuals listed include heiress Daphne Guinness (£149,694) and the UK Financial Services Authority (£750,000).

Irish Independent