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

Citi rebuffs Abu Dhabi wealth fund’s fraud claim

Posted on 17 December 2009

From Marketwatch.com: Citigroup said that Abu Dhabi’s sovereign wealth fund has accused it of fraud, with Citi calling the fund’s claims “entirely without merit.”

The U.S. bank said the Abu Dhabi Investment Authority (ADIA) filed the arbitration claim earlier in the day in New York, claiming “fraudulent misrepresentations” in a deal dating to November 2007.
Under that agreement, ADIA had agreed to buy $7.5 billion worth of Citi stock at $31.83 apiece, much higher than the shares’ Tuesday close of $3.56………………………………..Full Article: Source

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