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Coffeeshop Chit Chat - GE life has S$64mil exposure to Madoff</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">teh_si <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">Dec-17 5:56 am </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 4) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>3962.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>S'pore's Great Eastern reports $44mln exposure to Madoff
Wed Dec 17, 2008 5:21am EST
SINGAPORE, Dec 17 (Reuters) - Great Eastern Holdings (GELA.SI: Quote, Profile, Research, Stock Buzz), the insurance arm of Singapore's Oversea-Chinese Banking Corp (OCBC.SI: Quote, Profile, Research, Stock Buzz), said on Wednesday it had an indirect exposure of about S$64 million ($43.93 million) to disgraced U.S. investor Bernard Madoff.
"The Great Eastern Group has exposure to some funds of the Fairfield Greenwich Group which has dealings with Bernard Madoff's investment securities firm," the Singapore insurer said in a statement.
The loss from the investment, which accounted for less than 1 percent of total asset, would not have any material impact, the insurer added.
Great Eastern, the largest life insurer in Singapore and Malaysia, said about S$7.7 million of the money involved shareholders' funds while the balance S$56.3 million came from its life insurance fund.
Lion Fairfield Capital Management, a joint venture between Great Eastern's fund management arm and Fairfield Greenwich, had also sold $45 million worth of funds with exposure to Madoff, the Singapore firm added.
OCBC owns 87 percent of Great Eastern. (Reporting by Kevin Lim; Editing by Anshuman Daga)
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Wed Dec 17, 2008 5:21am EST
SINGAPORE, Dec 17 (Reuters) - Great Eastern Holdings (GELA.SI: Quote, Profile, Research, Stock Buzz), the insurance arm of Singapore's Oversea-Chinese Banking Corp (OCBC.SI: Quote, Profile, Research, Stock Buzz), said on Wednesday it had an indirect exposure of about S$64 million ($43.93 million) to disgraced U.S. investor Bernard Madoff.
"The Great Eastern Group has exposure to some funds of the Fairfield Greenwich Group which has dealings with Bernard Madoff's investment securities firm," the Singapore insurer said in a statement.
The loss from the investment, which accounted for less than 1 percent of total asset, would not have any material impact, the insurer added.
Great Eastern, the largest life insurer in Singapore and Malaysia, said about S$7.7 million of the money involved shareholders' funds while the balance S$56.3 million came from its life insurance fund.
Lion Fairfield Capital Management, a joint venture between Great Eastern's fund management arm and Fairfield Greenwich, had also sold $45 million worth of funds with exposure to Madoff, the Singapore firm added.
OCBC owns 87 percent of Great Eastern. (Reporting by Kevin Lim; Editing by Anshuman Daga)
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