I think enough information has come out that we can already take a stab at what happened or at least Citys version of it.
The out of context emails say ADUG paid for Etihad which would be breaking FFP. We now know thanks to
@Prestwich_Blue that this is not what actually happened and the executive council paid - fine by FFP.
Leterme has a history of ignoring evidence he doesn't like without justification. This is known from the PSG case where he ignored independent valuation to benefit PSG despite the objections of the other people on the investigatory panel.
If ADUG did
not pay the sponsorship this would be recorded in bank statements/transfers which would be conclusive and "irrefutable"
Soriano says that the CFCB relied more on the out of context emails than anything the club gave them.
A possible narrative is forming about what happened in the IC.
But what are the AC doing in all this? Why did they rubber stamp it if it's so easily overturned at CAS, which it would be if that's what happened.