Bubs Australia’s former board was aware that Citi had been appointed and what the terms of its mandate were as early as September 2020, emails show, contradicting claims made in documents lodged with the Federal Court as part of a lawsuit brought against two of its former executives.

As part of a legal dispute with its former chief executive Kristy Carr and ex-chairman Dennis Lin, the baby formula company alleged this week that a $4 million minimum fee promised to Citi if there was a successful change of control transaction did not go through the proper authorisation processes.