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Shell pension fund may lose €45m via Madoff

Shell pension fund may lose €45m via Madoff

Wednesday 17 December 2008

Royal Dutch Shell announced on Wednesday afternoon that its pension fund may have lost $45m from its indirect involvement in the massive securities fraud allegedly perpetrated by American trader Bernard Madoff.

‘The investment will do no material damage to the financial position, even if the whole amount has to be written off,’ the company said in its statement.

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