
Last Friday a mega fraud was discovered in the investment company “ Madoff Investment Securities”. Madoff’s mega fraud is estimated at 50 milliard dollars. Although the losses caused by the fraud, of the several banks involved, are estimated to raise up to hundreds millions of dollars, KBC is not directly exposed to the mega fraud The consequences are irrelevant for the profits of KBC. But on the stock market the financials were under pressure again because of the Madoff case. KBC lost 4,7 percent to 25,60 euros. The trust of the investors falls to a new low.
Lien Callebaut
Lien Callebaut