Source: International Business Times
At the heart of the Port Fund dispute, now being heard before the Grand Court of the Cayman Islands, is a scandal involving hundreds of millions of dollars that were allegedly embezzled following The Port Fund's sale of one of its most prized assets, Clark Global City in the Philippines. The Fund claims the sale was just shy of $500 million; funds that were later frozen by Noor Bank in Dubai. Meanwhile, filings in the Philippines report the sale was truly worth almost $1 billion.
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