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CySec Predicts Low Damages for Cypriots Investing in International Funds
2009-01-28 14:00:01

Nicosia, Jan 28 - The Cyprus Securities and Exchange Commission (CySec) predicts total damages of 200,000 euros for Cypriot investors, who have made investments through international investment funds, in funds managed by the company of Bernard Madoff, former chairman of NASDAQ, who is accused of having deceived investors.

CySec Chairman George Charalambous said that CySec had requested and received figures from the Cypriot investment services companies (KEPEY) regarding the degree to which openings were made towards “Bernard Madoff Investment Securities LCC”.

According to Mr. Charalambous, “the loss in value that can be presented in the investments of Cypriots, made through KEPEY in international funds, which in turn invested part of their capital in Bernard Madoff company funds, is calculated as not exceeding 200,000 euros.”

He said that from among the KEPEY in Cyprus, only six reported that international funds, which represent Cyprus, invested a small percentage of their capital in Madoff funds.

Mr. Charalambous noted that the losses were low, given that the investments made through international funds in shares presented much higher losses, due to the sharp drop in stock exchanges in the year 2008.

He clarified that this sum did not include possible investments of the public, through international funds represented in Cyprus by banks, noting that the Central Bank of Cyprus had the authority of this issue.

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