China Investment Corp, the Chinese sovereign wealth fund, says it is not the owner of a recently acquired 1.1 per cent stake in Diageo, the British drinks group, as reported in the Financial Times on Tuesday.
On Monday, Diageo told the FT that CIC, established in 2007 to manage $200bn of the country's foreign exchange reserves, had bought a stake worth ￡221m ($364m) in late June.
However, CIC yesterday said it was not the buyer and Diageo now says that the shares were in fact registered in the name of another Chinese state entity, the People's Bank of China, the central bank.
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