The scandal related to the 1MDB fund is widening and including new suspects. Khadem al-Qubaisi is being charged with siphoning and receiving close to $473 million from the 1MDB funds. What will be the next turn in the story of 1MDB allegations?
16 August, AtoZForex – Former Abu Dhabi finance official, Khadem al-Qubaisi is being probed by Swiss criminal authorities over 1MDB allegations. Investigators suspect former head of the Emirati governments’ International Petroleum Company in money laundering, corruption, and fraud.
Khadem al-Qubaisi 1MDB allegations: details
Mr. Qubaisi has allegedly been close to Sheikh Mansour bin Zayed al-Nahyan, the owner of Manchester City football club and the brother of Sheikh Khalifa, President of UAE and ruler of Abu Dhabi. The Swiss investigation targets Mr. Qubaisi and two former 1MDB officials. The move came right after U.S. authorities tracked down the billions of dollars allegedly stolen from the Malaysian fund 1MDB.
Mr. Qubaisi and two other individuals are named as suspects in a letter which was sent last month from the Swiss attorney general's office to the BSI bank. The bank has already received punishment from authorities in Switzerland and Singapore for the part it played in handling 1MDB funds. The office of Swiss attorney-general stated that it had placed two ex-Emirati officials under its criminal investigation. This is a part of a bigger probe into suspected fraudulent activities related to $4 billion of Malaysian state funds.
See also: Goldman Sachs sued over ties to 1MDB scandal
Mohamed Badawy al-Husseiny, ex-head of Ipic's Aabar subsidiary, was also named in a court case launched by U.S. authorities regarding the misappropriation of $1 billion of 1MDB funds. Both men were under the careful attention since U.S authorities charged them with conspiring together with some 1MDB officials to use a fake offshore company. The plan allegedly was to siphon off partially the proceeds of a pair of 2012 bond issues by the 1MDB, totaling almost $3.5 billion. According to U.S. authorities, close to $1.37 billion of the bond proceeds was transferred by the officials of the 1MDB to a Swiss bank account of the offshore company. Mr. Qubaisi allegedly received almost $473 million from those funds in 2012.
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