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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.




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