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CIC denies reports of huge losses in US

(China Daily)
Updated: 2008-10-16 07:23

China Investment Corporation (CIC), the country's $200 billion sovereign wealth fund, denied media reports Wednesday that it has incurred major losses in its investment in Reserve Primary, a US money market fund.

Related readings:  CIC says US Reserve Primary Fund to return all its investment

CIC confirmed previous media reports that it had invested in the US fund through its arm, Stable Investment, but said it had withdrawn all its money before the latter suspended withdrawals last month amid the worsening US financial turmoil.

"The fund has confirmed through written documents that it will pay back both principal and interest of our investment," CIC said in a statement on its website.

A Sept 29 US Securities and Exchange Commission filing shows that Stable Investment held 11.1 percent of Reserve Primary's institutional shares worth $5.4 billion at the beginning of the month, according to media reports, which said Stable Investment had also invested roughly $5.9 billion in three other US money market funds.