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ADIA Sues Petrobras Thanks to Operation Car Wash Results

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Increasingly, sovereign funds are asserting their shareholder rights over listed corporations when it comes to possible material misstatements by firm management, which can drastically impact the value of a company security. Petroleo Brasileiro S.A. (Petrobras), Brazil’s gigantic state-owned oil giant, has been embroiled in a widespread political scandal that brought down the country’s first female president. A while back, Brazilian Federal Police conducted “Lava Jato Operation”, also known as Operation Car Wash, to take down the kickback schemes linking contractors to large companies to Brazilian politicians. The Abu Dhabi Investment Authority (ADIA) is major institutional investor in emerging markets like Brazil and Petrobras is one of the largest companies operating in Brazil.

On March 10, 2017, ADIA took legal action against Petrobras and Petrobras Global Finance B.V., the company’s Netherlands subsidiary that functions as a vehicle to raise funds for Petrobras through issuing debt securities in the international capital markets. The law firm Robbins Geller Rudman & Dowd LLP is representing ADIA in the lawsuit that was filed in the United States District Court for the Southern District of New York.

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ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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