Adu Dhabi Sovereign Fund Loses 400Million Dollars in Madoff Ponzi Scheme
Sphere: Related ContentUAE investors went on a selling spree on Sunday as news of the world’s largest sovereign fund’s exposure to Bernard Madoff’s Ponzi scheme came to light and rumours of corruption scandals hitting the real estate sector and sparking the setting up of accountability body in Abu Dhabi did the rounds in the markets.
“Why is it [the body] is being established now, such questions are being asked and people are speculating and this does not help at all,” said head of equities, ING Investment Management, Middle East, Fadi Al Said.
Real estate stocks bore the brunt of the sell-off, though there were declines in financials, energy, telecom and transportation… “It has all to do with the weak market sentiments,” said Al Said. “ADIA had indirect exposure of about $400 million to Madoff, but their exposure to Citi has led to much more than $400 million loss in one day. Whenever sentiment is bad, you are ready to inflate that news more and more,” Al Said said…
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Tags: Abu Dhabi, Accountability, Adia, Bernard Madoff, Brunt, Citi, Corruption Scandals, Declines, Fadi, Indirect Exposure, Ing Investment Management, Market Sentiments, Middle East, News Of The World, Ponzi Scheme, Real Estate Sector, Rumours, Sentiment, Spree, Weak Market
