Losses in Panama due to Madoff fraud

Panamanian companies will lose more than $100 million due to the megafraud.

Monday, January 5, 2009

The Procapital retirement fund, in addition to other institutions, will lose $23.5 million, according to the Banking Superintendence of Panama.

According to Dialogo Ciudadano.com, "they still have to consider the damaging effect this will have on investments managed by stock agencies, which did not invest directly with Madoff, but which did so via related funds."

It is estimated that total losses in Panama could reach between 100 and 110 million dollars.

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