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Johannesburg - International savings and wealth management group Old Mutual plc said on Wednesday that it does not hold common equity in Lehman Brothers Holdings Inc, which has filed for Chapter 11 bankruptcy protection in the US.
However, it said Old Mutual US Life has counterparty exposure to Lehman through derivatives contracts and securities lending transactions. These exposures are either collateralised or on bankruptcy remote entities, it said.
But it added that the effect of unwinding these transactions is not expected to have a material impact on Old Mutual's earnings or capital position.
"As of September 12 2008, US Life had a total general account fixed income exposure of $50m senior unsecured debt exposure and $5.7m of collateralised derivatives exposure.
"These exposures are not material within the context of Old Mutual," the London and South African-listed group said.
- I-Net Bridge