Some Australian companies confirmed they have no exposure to the investment advisory firm run by American businessman Bernard Madoff.
Spokespeople for ANZ Banking Group, National Australia Bank and Commonwealth Bank of Australia (CBA) confirmed the three banks had no involvement with Bernard L. Madoff Investment Securities LLC.
Westpac Banking Corporation was unable to return comment by deadline.
Everest Babcock and Brown said in a statement it had no exposure to Madoff’s hedge funds or widely marketed feeder funds, which had exposure to Madoff’s investment strategies.
Everest Capital Investment Management, the responsible entity of Everest Babcock and Brown Alternative Investment Trust, also said it had no exposure to Madoff’s hedge funds or feeder funds.
Madoff is alleged to have lost $74 billion worth of clients’ money in a pyramid scheme that failed amid the global financial crisis.
Some European banks have stated their exposures. Spain-based Banco Santander confirmed that clients of its Optimal hedge fund had $4.7 billion exposed to the alleged scam.
France-based BNP Paribas had an exposure of nearly $705 million and Swiss firm Banque Benedict Hentsch had $71.5 million exposed, according to company statements.
