IOC has nearly $5 mn tied to Madoff

LONDON: The International Olympic Committee could lose nearly USD 5 million in investments because of the Madoff financial scandal.

IOC finance commission chairman Richard Carrion tells The Associated Press the Olympic body has about USD 4.8 million tied to the multibillion dollar Ponzi scam by New York financier Bernard Madoff.

Carrion says "that could be the maximum loss." The IOC has total financial reserves of about USD 400 million.

IOC spokeswoman Emmanuelle Moreau says the Madoff affair would have "limited impact" on the organisation. She says the IOC's financial foundation is solid "due to a conservative budgeting and investment strategy."