ADIA Set to Convert Bonds in Citigroup
Abu Dhabi Investment Authority (ADIA), controlled by the oil-rich rulers of the Persian Gulf city-state of Abu Dhabi, has started to materialize the deal signed with Citigroup Inc. in 2007 according to a person concerned with the development. However, there is no official word either by ADIA or Citigroup Inc. over the matter.
The source said, "The conversion takes place automatically according to the predetermined dates. The arbitration process is completely separate."
It should be recalled that Citi had given its nod to share conversion according to the deal signed in November 2007. The deal after materialization, raise ADIA's shares in the Citi to a 4.9%. The first bond conversation is due on March 15 followed by subsequent conversions in next six months.
However, things have changed with the passage of time and the fund is seeking more than $4 billion in damages from Citi for some discrepancies in the original deal.
ADIA, believed to be the world's largest wealth fund established in 1976, released its first annual review on Sunday reporting an annualized return of 6.5%.
New Zealand News
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