COURTS: Citigroup Fails to Block Second Arbitration Attempt by ADIA
The Abu Dhabi Investment Authority (ADIA) is not giving up on legally pursuing Citigroup over its November 2007 investment which cost the sovereign wealth fund billions. At that time, ADIA invested US$ 7.5 billion in exchange for a 4.9% stake in Citigroup. The Gulf-based sovereign wealth fund is using all legal options to recover its loss from the US$ 7.5 billion Citigroup investment. ADIA believes they were induced to make the Citigroup investment based on Citigroup’s “fraudulent misrepresentations” to ADIA.
ADIA is being represented by Quinn, Emanuel, Urquhart & Sullivan LLP.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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