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

Abu Dhabi sues Citigroup for $4bln over share deal

Posted on 17 December 2009

From Timesonline.co.uk: Abu Dhabi’s sovereign wealth fund, one of the largest in the world, has filed a claim against Citigroup accusing the US bank of fraudulent misrepresentation in an investment deal it signed in 2007.

The Abu Dhabi Investment Authority (ADIA) is demanding damages of over $4 billion or an end to the investment agreement which obliged the fund to buy $7.5 billion in Citigroup shares between March next year and September 2011 at prices about 10 times higher than their current market value………………………………..Full Article: Source

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