ADIA files claim against Lehman



The Abu Dhabi Investment Authority (ADIA) is among a group of international creditors to file claims against the collapsed US investment bank Lehman Brothers. ADIA is seeking payments from US$610 million (Dh2.24 billion) it held in commercial paper purchased in the weeks before Lehman's failure. The debt, which yielded around 2.9 per cent, was due to mature just weeks after Lehman's bankruptcy filing.

Filing claims alongside Abu Dhabi's sovereign wealth fund were major financial institutions including the UK's Barclays Bank and US bank Morgan Stanley, according to the claims administrator's website. Investors from across the world were hit when Lehman filed the largest US bankruptcy in September last year after the subprime mortgage market collapse left what was the fourth-largest investment bank unable to pay its debts.

Lehman creditors worldwide might file more than $1 trillion in claims and will probably have trouble validating them, said Harvey Miller, Lehman's lead bankruptcy lawyer. The company has listed assets of $639bn. In one of its claims, Barclays is demanding as much as $1.34bn in respect of guarantees given under derivatives contracts; Morgan Stanley's largest claim for $1bn is also connected to Lehman's role as counterparty on trades with the investment bank.

Other banks making claims on derivative contracts include Lloyds Banking Group's unit, Bank of Scotland, and the Swiss bank UBS. Pension funds including the New York State Teachers' Retirement plan also submitted hefty claims. ADIA has previously been harmed by its stake in the troubled US banking giant Citigroup. In 2007, ADIA paid $7.5bn for a 4.9 per cent stake in Citigroup and has suffered huge paper losses on its investment. An Abu Dhabi Government official was quoted in March this year as saying ADIA was assessing its investment in the bank.

Government-backed investment vehicles in the Gulf have been hard hit as their portfolios have suffered because of the global financial crisis. The Gulf's sovereign wealth funds had shrunk by about 8 per cent over the past year as their investment portfolios suffered losses and contributions from oil revenues declined, according to a study published in January by economists at the Council on Foreign Relations, a think tank based in New York.

* with agencies tarnold@thenational.ae

THE BIO

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If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

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Founder: Hani Abu Ghazaleh
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Founded: 2018
Sector: Virtual Reality
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Director:+Lee+Isaac+Chung

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The past Palme d'Or winners

2018 Shoplifters, Hirokazu Kore-eda

2017 The Square, Ruben Ostlund

2016 I, Daniel Blake, Ken Loach

2015 DheepanJacques Audiard

2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan

2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux

2012 Amour, Michael Haneke

2011 The Tree of LifeTerrence Malick

2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul

2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke

2008 The Class (Entre les murs), Laurent Cantet

Sly Cooper and the Thievius Raccoonus

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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full

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Company name: Cargoz
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What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

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3,000 technicians

10 Concept artists, 25 3D designers

New sound technology, named 4D SRL

 

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Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com

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