Emirati Financier’s Supercars Seized over 1MDB Scandal

1522
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Khadem al-Qubaisi is one of the main suspects in the 1MDB scandal.

  • Supercars worth 50 million francs (RM203 million) confiscated from one of the main suspects in 1MDB scandal
  • Seizure included rare models of sports cars, including Pagani and Bugatti worth up to 2.5 million francs (RM10 million) each.
  • Khadem allegedly had some 50 cars carrying Swiss plates, a dozen in Switzerland, 30 elsewhere in Europe.
  • According to US DoJ, he had received more than US$472 million from 1MDB
  • Khadem was removed from IPIC in 2015 when misappropriations of 1MDB funds began to appear
  • He is currently held in an undisclosed location in the UAE

Swiss authorities have confiscated supercars worth 50 million francs (RM203 million) owned by Emirati financier Khadem al-Qubaisi, one of the main suspects in the 1Malaysia Development Bhd (1MDB) scandal.

Swiss daily newspaper Le Temps reported that according to a source, the seizure included rare models of sports cars, including Pagani and Bugatti worth up to 2.5 million francs (RM10 million) each.

It was reported that two sources with direct knowledge of the procedure, confirmed the seizure without specifying the exact number of vehicles involved.

According to one source, Khadem had some 50 cars carrying Swiss plates with a dozen in Switzerland while 30 others elsewhere in Europe.

The report, however, stated that it was unclear to what extent Khadem’s collection was paid for with 1MDB money.

Quoting a source, the report said the Swiss authorities were able to seize the vehicles on suspicion of being the product of fraud or as a “countervail” to secure the payment of a future fine or to compensate losses inflicted to 1MDB.

According to a civil complaint from the United States Department of Justice, Khadem had received more than USD472 million from 1MDB. His name was indicated in the 1MDB Swiss investigation.

Khadem was removed from Abu Dhabi’s government-owned International Petroleum Investment Co (IPIC) and the Swiss bank Falcon in 2015 when misappropriations to the detriment of 1MDB began to appear.

The report said that according to one of his lawyers, Khadem was currently held in an undisclosed location in the United Arab Emirates. – NST