Citigroup sues owner of mainland chain
13-12-2008
Citigroup Venture Capital has sued the owner of a mainland department store chain for failing to sell shares to the public by an agreed date. The Citigroup wants to recoup US$38-million from Ports International Enterprises for its investment in PCD Stores. The deadline on the planned initial public offering expired in September. The retailer halted its share sale in Hong Kong after the global market crash.
