Guy Hands, the multi-millionaire founder of UK private equity firm Terra Firma Capital Partners, conceded in a London court on June 8 that his 2007 takeover of UK music company EMI Group was a disaster in which he lost around €200 million ($230 million) of his personal wealth.

Hands is claiming at least £1.5 billion ($2.2 billion) in damages from investment bank Citigroup over Terra Firma's 2007 takeover of EMI.