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Stichting Shell Pensioenfonds victim of $65 billion Bernie Madoff Ponzi scheme

Screen Shot 2014-10-30 at 09.22.43Shell probably hopes that we have all forgotten that Stichting Shell Pensioenfonds was a victim of the $65 billion Bernie Madoff Ponzi scheme.

By John Donovan

Shell probably hopes that we have all forgotten that Stichting Shell Pensioenfonds was a victim of the $65 billion Bernie Madoff Ponzi scheme. 

Their investment was through Fairfield Sentry, a now-defunct investment fund that placed its money with Bernie Madoff. 

Screen Shot 2014-12-05 at 17.50.11Extracts from a current news article:

The Dec. 11, 2008 discovery that Mr. Madoff’s New York-based brokerage firm was running a $65 billion Ponzi scheme put several VI-registered “feeder” funds into liquidation, including Fairfield Sentry, which had invested the overwhelming majority of its assets with Mr. Madoff.

The day after news of the fraud hit, Sentry investor Stichting Shell Pensioenfonds, the retirement fund of the international energy company Royal Dutch Shell, applied to the feeder fund to cash in its shares.

According to court documents, by the time Sentry had suspended redemptions on Dec. 22, 2008, Shell asked for and received an order from a Dutch court freezing the bank account in Ireland that contains the $72 million. That sparked a legal battle since fought in VI, Irish and Dutch courts.

The liquidator is trying to recover as much of Sentry investors’ losses as possible of an estimated $6 to $7 billion, liquidator Ken Krys said earlier this year. According to a Nov. 10 report published by the liquidator, Sentry has recovered more than $100 million in assets to date. The $72 million in the Irish bank account could soon be added to that total, according to a press release from the liquidator.

Extracts end

The liquidator may soon recover nearly $72 million to be redistributed to fraud victims.

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