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Sunday 21 December 2008

Abu Dhabi Investment Authority (ADIA) could be a serious casualty of one of the largest investment frauds in history

Abu Dhabi Investment Authority (ADIA) could be a serious casualty of one of the largest investment frauds in history, the New York Times reported Friday.The US newspaper said ADIA - which is the world’s largest sovereign wealth fund - indirectly invested $400 million into Bernard L. Madoff’s scheme in 2005 through investment fund, Fairfield Sentry Fund.This investment was revealed in a profile of the firm drawn up for a prospective buyer in 2007, according to the New York Times.

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