15 Dec 2008, 0116 hrs IST, AFP
PARIS: French bank BNP Paribas said on Sunday it could lose up to 350 million euros (470 million dollars) in the scandal surrounding New York investment manager Bernard Madoff. BNP Paribas said in a statement that it had no direct investment with Madoff's company but "it does have risk exposure to these funds through its trading business and collateralized lending to funds of hedge funds. "If, as a result of the alleged fraud, the value of the assets of these hedge funds is nil, BNP Paribas' loss could amount to around 350 million euros." Madoff is alleged to have lost up to 50 billion dollars through a pyramid trading scheme which collapsed because of the financial crisis.
PARIS: French bank BNP Paribas said on Sunday it could lose up to 350 million euros (470 million dollars) in the scandal surrounding New York investment manager Bernard Madoff. BNP Paribas said in a statement that it had no direct investment with Madoff's company but "it does have risk exposure to these funds through its trading business and collateralized lending to funds of hedge funds. "If, as a result of the alleged fraud, the value of the assets of these hedge funds is nil, BNP Paribas' loss could amount to around 350 million euros." Madoff is alleged to have lost up to 50 billion dollars through a pyramid trading scheme which collapsed because of the financial crisis.