MF Global's missing $700 million could be in UK

NEW YORK (CNNMoney) -- The bankruptcy court trustee in the MF Global case has identified $700 million in U.S. customer funds that were sent to the United Kingdom before the collapse of the commodities and futures trader.

But while the trustee said he would be trying to get the money back from the British authorities, he warned MF Global (MFGLQ) customers that getting that money will be a difficult and drawn-out process.

James Giddens, the trustee appointed to try to recover assets in the bankruptcy case said in a statement Wednesday that the funds are under the control of foreign bankruptcy trustees and administrators. (MF Global: Sorting through the debacle)

"We have been and will continue to pursue these assets vigorously, but recovery may be more uncertain and may take more time," he said.

The $700 million is not included in Giddens' estimate of $1.2 billion in missing customers funds in the MF Global bankruptcy.

Executives of MF Global, including its former CEO Jon Corzine, have denied knowing what happened to the missing customer funds.

Correction: An earlier version of this story incorrectly stated that the $700 million was part of of Giddens' estimate of $1.2 billion in missing funds.