The Abu Dhabi Investment Authority (ADIA) has filed a claim against Citigroup in New York, alleging fraud over a US$7.5 billion (Dh27.54bn) investment it made in the US banking giant two years ago.
In its arbitration claim, ADIA is seeking damages of $4.4bn or an end to its obligation to convert its investment in the bank into Citigroup shares, which have fallen from about $33 at the time of the deal to $3.44 in early trading yesterday.
Citigroup called the allegations of “fraudulent misrepresentations” in connection with the investment “entirely without merit”. The bank said it would vigorously defend against ADIA’s claims.
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