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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials

London firm overcharged pensions reserve fund by over €3m

Posted on 28 September 2012

The National Pensions Reserve Fund was overcharged of more than €3 million by London-based financial services firm State Street Bank Europe, the report of the Comptroller and Auditor General has revealed.
The State body, which comes under the remit of the National Treasury Management Agency, discovered the overcharging offence, which took place between February and May last year, last October. It has since recouped the €3.2 million owed to it. The NTMA learned of the incident after reading media reports of the departure of two SSBE executives in October………………………………………..Full Article: Source


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