Lawsuit against ‘ADIA’ on Madoff’s ponzi scheme
Liquidators for a feeder fund that invested in Bernard Madoff’s ponzi scheme filed suit against the Abu Dhabi Investment Authority (ADIA)
ADIA had invested large fund with Mr Madoff, by way of the Fairfield Sentry Fund. According to a media report, Fairfield Sentry Fund had more than $7 billion invested with Mr Madoff and was Madoff’s largest investor.
Abu Dhabi Investment Authority (ADIA) holding the world’s biggest sovereign wealth fund with assets estimated at up to $875 billion. (The precise size is still unknown)
Several business crimes and Human Rights violations were recorded against ADIA and Al Nahyan Regime. The embezzlement of public funds and fraud started in the early years of BCCI. A system was built on corruption, greed and bribery. The chapter on BCCI’s early history describes in detail the early history of Abu Dhabi and BCCI. The BCCI banking scandal is well known
