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Sovereign Wealth Funds Briefing - Categorized | Financials

Citigroup haunts Abu Dhabi as Mubadala fights Brazil losses

Posted on 12 August 2013

Mubadala Development Co, the Abu Dhabi sovereign wealth fund, is fighting to avoid losses on its $2bn investment in Eike Batista’s companies as the former billionaire seeks to save his commodity empire from collapse.
The fund is owed $1.5bn after converting a preferred equity investment in Batista’s EBX Group Co into debt, three people with knowledge of the matter said last month. That amount is secured by Batista assets, one of the people said, asking not to be named as details are private. EBX also last month agreed to “redeem” a portion of Mubadala’s original investment………………………………………..Full Article: Source


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