Clients get payouts

The first batch of compensation payments has been made to clients of collapsed brokerage Foreground Securities.

The Securities and Futures Commission said yesterday payments totalling $5.49 million were made to 58 clients.

Of these, 32 clients claiming less than $150,000 received full repayment. The other 26, with higher claims, each received $150,000.

They will be eligible for further payments at a later stage, subject to a combined total of $8 million for all claims. They may also file claims with the brokerage's liquidators.

The stock exchange suspended the membership of Foreground Securities last March after it failed to meet financial requirements.

Sixty-one clients submitted claims to the Unified Exchange Compensation Fund.