Abu Dhabi authorities took Emirati businessman Khadem Al Qubaisi into
custody for his alleged involvement in a corruption scandal surrounding
Malaysian state-run fund 1Malaysia Development Berhad (1MDB), the Wall
Street Journal reported Thursday citing people familiar with
the matter.
Qubaisi, believed to be a key figure in the alleged
fraud, was arrested last week as part of an Abu Dhabi probe into fraud
and corruption, according to the Journal. His assets in the United Arab Emirates had been previously frozen and he was also barred from leaving the country.
Qubaisi
is also being investigated by American authorities for his dealings
and funds he's suspected of acquiring through the alleged 1MDB
corruption, sources told the Journal. In last month’s court filings, the
Justice Department sought to freeze his $100 million worth property in
the U.S. The officials suspect he bought the real estate from money
derived from the 1MDB fraud.
The U.S. government complaint reportedly said that Qubaisi got
about $470 million illegally from the Malaysian fund. According to
prosecutors, he allegedly bought a $51 million penthouse in New York’s
Walker Tower and two mansions in Los Angeles worth a total of $46
million.
Read more in International Business Times
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