Madoff feeder fund liquidators sue Adia over redemptions



Lawyers overseeing the liquidation of one of Bernard Madoff's so-called "feeder funds" have filed suit against the Abu Dhabi Investment Authority (Adia), seeking to recover US$300 million (Dh1.1 billion) allegedly redeemed more than five years ago.

The suit is one of more than 200 cases filed by lawyers overseeing the liquidation of Fairfield Sentry, a fund that solicited investments across the globe that were then pumped into Madoff's Ponzi scheme.

Fairfield Sentry's liquidators are seeking money they allege ADIA withdrew in 2005 and 2006, plus interest and court expenses.

The suit does not allege any wrongdoing on the part of ADIA or complicity on the part of the sovereign wealth fund in the $50-billion Ponzi scheme.

Several investors from the region, including some from Bahrain and the UAE, have been singled out in cases involving Madoff's scheme as a result of investments they made and exited years ago - well before the scheme was exposed.

Madoff's Ponzi scheme imploded in December 2008 and the disgraced financier is now serving a 150-year sentence.

The suits, filed by the feeder fund and a group of lawyers overseeing its liquidation, is part of a complex chain of cases originating with Madoff's bankruptcy proceedings.

So-called clawback suits against investors who left Madoff's scheme before its collapse have become a controversial part of legal proceedings aimed at compensating victims who kept their money with Madoff until the end and lost billions of dollars.

Irving Picard, the trustee in Madoff's main bankruptcy case, has filed his own set of clawback suits against the feeder funds, including a $3.2bn claim against Fairfield Sentry.

Adia is set to respond to the Fairfield Sentry suit by next month.

THE BIO

Occupation: Specialised chief medical laboratory technologist

Age: 78

Favourite destination: Always Al Ain “Dar Al Zain”

Hobbies: his work  - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”

Other hobbies: football

Favorite football club: Al Ain Sports Club

 

Fines for littering

In Dubai:

Dh200 for littering or spitting in the Dubai Metro

Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle. 
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle

In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches 

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

Is it worth it? We put cheesecake frap to the test.

The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?

My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.

The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.

So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.

 

 

MATCH INFO

Azerbaijan 0

Wales 2 (Moore 10', Wilson 34')

UAE currency: the story behind the money in your pockets
MATCH INFO

Barcelona 4 (Messi 23' pen, 45+1', 48', Busquets 85')

Celta Vigo 1 (Olaza 42')

MATCH INFO

Brescia 1 (Skrinia og, 76)

Inter Milan 2 (Martinez 33, Lukaku 63)

 

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

MATCH INFO

Euro 2020 qualifier

Croatia v Hungary, Thursday, 10.45pm, UAE

TV: Match on BeIN Sports

RESULTS

Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)

Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)

Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)

Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)

Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)

Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)

Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)

Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)

Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)

Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)

THE SPECS

Aston Martin Rapide AMR

Engine: 6.0-litre V12

Transmission: Touchtronic III eight-speed automatic

Power: 595bhp

Torque: 630Nm

Price: Dh999,563


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