Cyprus exposure to Madoff run funds very low

The Cyprus Securities and Exchange Commission (CySec) said it estimates that the exposure and losses likely to be suffered by Cypriot investors who invested in funds that in turn invested in other funds managed by Bernand Madoff, former chairman of Nasdaq, who is accused of having deceived investors at about 200,000 euros.
CySec Chairman George Charalambous told CNA that CySec had requested and received figures from the Cypriot investment services companies (KEPEY) regarding the degree to which openings were made towards ''Bernand Madoff Investment Securities LCC''.
According to 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 Bernand 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.
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.