Monday , October 25 2021
Home / FT Alphaville / The mysterious case of the ‘missing’ €10bn

The mysterious case of the ‘missing’ €10bn

FT Alphaville updatesSign up to myFT Daily Digest to be the first to know about FT Alphaville news. You don’t see a €10bn lawsuit every day, so naturally our interest was piqued when we read in Law360 that an obscure “money manager for United Nations humanitarian projects” had sued Citibank over such a sum in London’s High Court.The case was brought by the UK-registered Lex Foundation in July and claims that Citibank has lost track of €10bn that was purportedly paid from Deutsche Bank into the Foundation’s account with Citi.Supposedly this €10bn was the first tranche of €100bn the Foundation was due to receive for “the purposes of investment in UN-approved projects”. Citi denies the claims, calling the case “entirely baseless”.It’s a rather astonishing set of allegations.

FT Alphaville considers the following as important:

This could be interesting, too:

Scott Sumner writes Schrödinger’s inflation

Scott Sumner writes Random articles

[email protected] (B. H.) writes Reading the Classics in Economics

Paul Krugman writes Is China in Big Trouble?

FT Alphaville updates

FT Alphaville
FT Alphaville is a free daily news and commentary service giving finance professionals the information they need, when they need it. In a world where market professionals are inundated with information there is a pressing need to edit and filter, and hopefully sow a few ideas along the way. That’s where the FT Alphaville team comes in.

Leave a Reply

Your email address will not be published. Required fields are marked *