Citi accused of “fraudulent misrepresentations” by Abu Dhabi fund; US Treasury suspends share sales; Controversy rages on $38 billion tax break
Dec 17th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
US financial services group Citi on Wednesday was hit by an arbitration claim from the Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, claiming "fraudulent misrepresentations"; the US Treasury suspended a planned sale of some of its Citi shares and controversy raged about the decision to allow the group to take advantage of a $38 billion tax credit/break when it is technically not entitled to.