Fred Hollows NZ chair says no NZ money lost

Updated at 7:59 am on 22 December 2009

The chairman of the Fred Hollows Foundation in New Zealand says no money raised for the charity here has been lost through failed investment.

The foundation is an international charity that provides eye surgery for people in developing countries.

Australian media are reporting that the charity has lost more than $2 million held by the investment bank Goldman Sachs JB Were.

But the foundation's New Zealand chairman, Brent Impey, says no New Zealand money has been lost.

Mr Impey says 85% of every dollar raised in New Zealand goes to programmes in the Pacific, Papua New Guinea and East Timor.

He says the New Zealand branch of the Fred Hollows Foundation has cash reserves in term deposits at Westpac and Kiwibank.

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