OCBC: Lion Global Investors (LGI) has been sued for US$50.6m ($61.2m) by liquidator overseeing Madoff’s assets claiming that a feeder fund had transferred funds to LGI. US$45m of this feeder fund was sold to investors reported in Singapore during 2008.
OCBC owns a 91% stake in LGI.
LGI is one of the largest asset mgmt co in SEA with AuM of approx $28.7b.
While lawsuit is potentially detrimental, an earlier claim of US$9b involving HSBC and feeder funds were dismissed by US courts in July this yr.
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