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SINGAPORE: Insurer Great Eastern Holdings said it has a S$64 million exposure to funds linked to the investment securities firm of US investor Bernard Madoff.
Great Eastern's exposure is through some funds of the Fairfield Greenwich Group which has dealings with Madoff's investment securities firm.
However, Great Eastern itself has no direct exposure to the Madoff funds.
In a statement, Great Eastern said its indirect exposure has no material impact on the Group, including its unit Lion Global Investors.
Madoff, who founded Bernard L. Madoff Investment Securities is accused of running a US$50 billion fraud scheme.
Great Eastern said of its total exposure, S$7.7 million was invested out of shareholders' funds and S$56.3 million from its Life Fund.
The investment represents 0.14 per cent of the group's total assets of S$45 billion as at 30 September 2008.
In addition, Lion Fairfield Capital Management, a joint venture between Great Eastern's fund management arm and Fairfield Greenwich had also sold US$45 million worth of funds with exposure to Madoff. - CNA/vm
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