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Abu Dhabi arrests Qubaisi, a key player in 1MDB saga

Abu Dhabi arrests Qubaisi, a key player in 1MDB saga

Separately, the US is investigating if Khadem Al Qubaisi, the former head of IPIC, had used 1MDB money to buy the world’s fifth largest yacht and fund nightclubs in Las Vegas.

ABU DHABI: Police have arrested Khadem Al Qubaisi, believed to be a major player in the alleged multibillion-dollar fraud related to 1MDB.

According to the Wall Street Journal, the arrest was made last week following the Abu Dhabi authorities’ investigation into fraud and corruption, which included Qubaisi’s alleged role in 1Malaysia Development Bhd.

Quoting people familiar with the probe, the WSJ said, however, that no charges had been filed against him. Qubaisi had earlier been restricted from leaving the United Arab Emirates and had his assets in the country frozen.

The WSJ said a lawyer for Qubaisi, 45, declined to comment.

Qubaisi is under investigation by US authorities as well. In civil forfeiture lawsuits filed last month, the US Department of Justice (DoJ) sought to freeze about USD100 million of real estate in the US that he had allegedly bought with money embezzled from 1MDB.

The DoJ had alleged that Qubaisi had received about USD470 million of money siphoned from 1MDB.

It claimed that he had bought properties in the US with that money, including a USD51 million penthouse in New York’s Walker Tower and two mansions in Los Angeles worth a combined USD46 million.

The remainder of those funds, more than USD300 million, haven’t yet been accounted for.

The WSJ said US investigators were now broadening their probe into Qubaisi’s dealings and funds they suspect he took control of through the alleged fraud.

The WSJ said that in following what the DoJ claimed was a USD470 million money trail that stretched from Malaysia to Abu Dhabi to the British Virgin Islands, investigators were now looking for any connection to a company that vaulted to the top of the Las Vegas nightclub scene with two USD100 million venues.

Investigators, it said, were also trying to determine if Qubaisi had used funds originating from 1MDB to help finance the world’s fifth-biggest yacht.

Qubaisi hasn’t commented on the allegations.

…more
Abu Dhabi arrests Qubaisi, a key player in 1MDB saga
August 19, 2016 – FMT


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