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Sovereign Wealth Funds Briefing 17.Dec 2009

Posted on 17 December 2009 by VRS |  Email |Print

From Independent: Abu Dhabi is trying to rip up its disastrous $7.5bn (£4.6bn) agreement to invest in Citigroup, saying the banking giant misled the country’s sovereign wealth fund about the state of its finances when the deal was signed in 2007.

The dispute came to light as Citigroup was attempting to stoke investor demand for a massive share issue yesterday and contributed to underwhelming investor demand………………………………..Full Article: Source

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Posted on 17 December 2009 by VRS |  Email |Print

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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Posted on 17 December 2009 by VRS |  Email |Print

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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Posted on 17 December 2009 by VRS |  Email |Print

From Thenational.ae: Nobody could ever accuse ADIA, the sovereign wealth fund of Abu Dhabi, of being an attention-seeker. Cautious, low-profile, even dull – yes to all of these. A show-boater – never.

So news that ADIA is to take on Citigroup, alleging that it was misled over a plan to buy US$7.5 billion (Dh27.54bn) of shares at a hugely inflated price, should tell us one thing above all: ADIA has done its homework and thinks it has pretty strong grounds for the claim………………………………..Full Article: Source

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Posted on 17 December 2009 by VRS |  Email |Print

From WSJ: Abu Dhabi’s decision to fight a messy legal battle to extricate its sovereign wealth fund from a costly deal to invest in Citigroup Inc. smacks of wounded Arab pride.
But it will also fuel suspicions that, whatever Abu Dhabi’s long-term oil wealth, it may face near-term liquidity problems raising the cash to bailout both neighboring Dubai and its own speculative investments while meeting its own ambitious development targets………………………………..Full Article: Source

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Posted on 17 December 2009 by VRS |  Email |Print

From Maktoob.com: Dubai’s government said Wednesday it would repay the $10 billion it received from Abu Dhabi earlier this week to help it meet financial obligations for its struggling conglomerate Dubai World.

Dubai said Monday it received $10 billion from neighboring oil-rich emirate Abu Dhabi to pay part of the debt of Dubai World and its property unit Nakheel but didn’t provide any details on whether any terms were attached to the deal………………………………..Full Article: Source

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Posted on 17 December 2009 by VRS |  Email |Print

From Thenational.ae: Details have emerged about terms attached to Dubai World’s US$10 billion (Dh36.73bn) relief package from Abu Dhabi.

The help came in the form of a five-year bond with annual interest of 4 per cent, an informed source told Bloomberg………………………………..Full Article: Source

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Posted on 17 December 2009 by VRS |  Email |Print

From Maktoob.com: Bahrain Mumtalakat Holding Co., the investment arm of the Bahraini government, is still sticking to the idea of reducing its stakes in its subsidiaries but the current market circumstances aren’t favorable, Manama-based Al Waqt daily reports Wednesday.

It is not feasible to do anything now, the paper reports citing Talal Al Zein, the company’s chief executive who said at an earlier time that he didn’t see any reason why Mumtalakat should retain majority stakes in its units and that the government of Bahrain will accept in many cases minority stakes between 20% and 25%………………………………..Full Article: Source

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Posted on 17 December 2009 by VRS |  Email |Print

From Dow Jones: Malaysian state-owned investment firm Khazanah Nasional Bhd. will continue to sell down its stakes in government-linked companies, Chief Executive Azman Mokhtar said Wednesday.

“We will continue to pare down stakes in government-linked companies but it will be done in a gradual and orderly manner,” Azman told reporters at a company function………………………………..Full Article: Source

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Posted on 17 December 2009 by VRS |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd has committed to invest RM400mil to build the region’s biggest independently-owned studio facility in Johor together with renowned international film production company Pinewood Shepperton plc, as the Government’s investment arm steps up efforts to boost Iskandar Malaysia’s appeal as a global creative hub.

The Pinewood Iskandar Malaysia Studio (PIMS) is scheduled to open by early 2013………………………………..Full Article: Source

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Posted on 17 December 2009 by VRS |  Email |Print

From Smh.com.au: Diversified property developer and investor Lend Lease and the Government-backed Future Fund have ended a tough year on a high with the $1.4 billion takeover of the unlisted ING Retail Property Fund.

Using existing capital, spread among Lend Lease’s listed and wholesale vehicles, the consortium will split the ING fund’s 14 retail assets between them………………………………..Full Article: Source

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Posted on 17 December 2009 by VRS |  Email |Print

From Theasset.com: China Investment Corporation (CIC), which historically invested mainly in overseas companies, announced two investments in the Greater China market in 2009.
These investments relate to minority stakes in the Noble Group Ltd and GCL-Poly Energy Holdings Ltd (GCL) and have a combined announced deal value of US$1.6 billion. CIC’s investment in GCL followed the latter’s announced acquisition of Jiangsu Zhongneng Polysilicon Technology Development Holding Co Ltd in June 2009 with a value over US$3 billion………………………………..Full Article: Source

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