Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, is facing a significant legal challenge from the founders of the Turkish rapid delivery service, Getir. A lawsuit seeking at least $700 million has been filed against the investment firm in London’s High Court by co-founders Nazim Salur and Serkan Borançılı.
The Heart of the Dispute
The core of the claim centers on a 2024 restructuring agreement. The founders allege that Mubadala failed to honor its commitment to transfer a specific group of assets to them following a major reshuffle of the company.
According to the lawsuit, only the least profitable assets, including the New York-based grocery service FreshDirect and the online shopping platform n11, were transferred to the founders’ control. They claim they are still owed key assets, most notably Getir Finance, which was reportedly valued at $510 million last year.
Details of the 2024 Restructuring
The dispute stems from a deal announced in June 2024, where Getir underwent a significant restructuring. Mubadala led a $250 million cash injection into the company, which resulted in the Abu Dhabi fund acquiring majority control of Getir’s core Turkish grocery operations.
As part of this agreement, the remaining assets were to be placed into a separate, standalone business in which Salur and Borançılı would hold a controlling stake. The current lawsuit alleges this part of the agreement was not fully executed as promised.
Strategic Moves Amid Turmoil
This legal battle unfolds as Mubadala continues to manage its investment in the rapid delivery sector. Earlier this month, it was announced that Uber had agreed to acquire Getir’s delivery arm from Mubadala, a move set to expand the US ride-hailing giant’s footprint in Turkey.
Mubadala has declined to comment on the ongoing lawsuit. According to reports, the investment firm has not yet filed its defence in the High Court.
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for its shareholder, the Government of Abu Dhabi. With a portfolio spanning multiple sectors and asset classes, Mubadala is a key player in diversifying the economy of the United Arab Emirates.
Source: AGBI
