An arbitration panel in New York has ruled against theAbu Dhabi Investment Authority (Adia) in its dispute with Citigroup over a US$7.5 billion (Dh27.54bn) investment.
The ruling, which was handed down on October 14 but not announced publicly at the time, puts an end to the two-year disagreement in which Adia had alleged "fraudulent misrepresentations" by Citigroup in the dealings leading up to the transaction.
"An arbitration panel issued a final award and statement of reasons finding in favour of Citigroup on all claims asserted by the Abu Dhabi Investment Authority in connection with its $7.5bn investment in Citigroup," the banking company said in its quarterly earnings.
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