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UAE tycoon Qubaisi named in billion-dollar U.S. suits
Source: Reuters
Business | Thu Jul 21, 2016 10:57am EDT
UAE tycoon Qubaisi named in billion-dollar U.S. suits
ABU DHABI | BY STANLEY CARVALHO
The rise and fall of Abu Dhabi tycoon Khadem al-Qubaisi, named this week in U.S. Justice Department lawsuits seeking to seize over $1 billion in assets, illustrates the unpredictability of an opaque Gulf business world fueled by huge sums of oil money.
In a few years, Qubaisi rose from obscurity to become one of the top executives in the United Arab Emirates by taking the helm of International Petroleum Investment Co (IPIC), a state-run company investing some of Abu Dhabi's petrodollars.
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Civil suits filed in U.S. federal court on Wednesday aim to seize over $1 billion in assets which U.S. prosecutors say were tied to money stolen from Malaysian sovereign wealth fund 1MDB, which established close ties with IPIC during Qubaisi's tenure.
Qubaisi and several other people and institutions named in the suits, including another former Abu Dhabi executive, Mohammed Ahmed Badawy Al-Husseiny, have not been charged with crimes.
But the suits allege Qubaisi received proceeds from 2012 bond sales by 1MDB "for his own personal benefit", violating the terms of his post as managing director of IPIC. The U.S. government is claiming the right to seize assets including luxury properties in New York and California, Monet and Van Gogh paintings, and a Bombardier jet.
[font size=1]-snip-[/font]
UAE tycoon Qubaisi named in billion-dollar U.S. suits
ABU DHABI | BY STANLEY CARVALHO
The rise and fall of Abu Dhabi tycoon Khadem al-Qubaisi, named this week in U.S. Justice Department lawsuits seeking to seize over $1 billion in assets, illustrates the unpredictability of an opaque Gulf business world fueled by huge sums of oil money.
In a few years, Qubaisi rose from obscurity to become one of the top executives in the United Arab Emirates by taking the helm of International Petroleum Investment Co (IPIC), a state-run company investing some of Abu Dhabi's petrodollars.
[font size=1]-snip-[/font]
Civil suits filed in U.S. federal court on Wednesday aim to seize over $1 billion in assets which U.S. prosecutors say were tied to money stolen from Malaysian sovereign wealth fund 1MDB, which established close ties with IPIC during Qubaisi's tenure.
Qubaisi and several other people and institutions named in the suits, including another former Abu Dhabi executive, Mohammed Ahmed Badawy Al-Husseiny, have not been charged with crimes.
But the suits allege Qubaisi received proceeds from 2012 bond sales by 1MDB "for his own personal benefit", violating the terms of his post as managing director of IPIC. The U.S. government is claiming the right to seize assets including luxury properties in New York and California, Monet and Van Gogh paintings, and a Bombardier jet.
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Read more: http://www.reuters.com/article/us-malaysia-scandal-emirates-qubaisi-new-idUSKCN10123K