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Abu Dhabi wealth fund denies direct Madoff exposure
Source: BI-ME and media reports , Author: BI-ME staff
Posted: Mon December 22, 2008 12:00 am

UAE. Abu Dhabi Investment Authority (ADIA), the world's largest sovereign wealth fund, said it had no direct investments in a firm managed by Bernard Madoff, according to local media reports on Monday.

ADIA was denying a New York Times report which said the fund had "entrusted some US$400 million" in a firm of the US fund manager accused of running a US$50 billion fraud.

ADIA said it had invested US$132 million three years ago in a fund that had partial investment in Madoff's Investment Securities, which could have suffered some losses, al-Ittihad newspaper reported.

"ADIA affirmed that is has not invested directly in Investment Securities," al-Ittihad said.

'The New York Times story may have exaggerated the numbers,' said the kahleej Times newspaper referring to an investment expert based in Dubai, who is privy to these types of high-profile investments by ADIA and other sovereign wealth funds.

US prosecutors and regulators accused the 70-year-old former Chairman of the Nasdaq Stock Market of masterminding a Ponzi scheme of epic proportions through a hedge fund he ran. Investors entrusted him with billions of dollars.

Madoff, who US authorities say confessed to running a US$50 billion fraud, was put under 24-hour detention in his apartment on Friday.

 

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 17, 2014
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
date:Posted: April 16, 2014
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
date:Posted: April 16, 2014
UAE. "A similar drop to 2013 is unlikely. Those who wanted to get out of gold did, and the rest of 2014 will probably be a year of sideways trading."
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