UAE bans travel, freezes ex-IPIC execs’ assets in 1MDB probe

According to the Wall Street Journal (WSJ), United Arab Emirate authorities have issued travel bans on and frozen the assets of two former executives the Abu Dhabi sovereign-wealth fund International Petroleum Investment Company (IPIC) in an escalation of its probe into monetary transactions involving 1MDB.

The UAE’s actions indicate authorities have moved ahead in their probe into the dealings of Khadem Al Qubaisi and Mohammed Badawy Al Husseiny, both of whom had close connections to 1MDB.

Al Qubaisi, who is a UAE citizen, was the managing director of the US$80 billion investment fund, while Al Husseiny, an American, was chief executive of Aabar Investments PJS, which is owned by IPIC.

Both firms have had extensive dealings with 1MDB and both former executives were supposedly let go after their involvements with IPIC's recent dealings with 1MDB.

Whistleblower site Sarawak Report had earlier reported that Al Husseiny was being detained by UAE authorities pending extradition to the US for questioning in the American probe into 1MDB by the US Department of Justice.

Meanwhile, in a separate article, the WSJ also reported that the Luxembourg unit of Edmond de Rothschild Group said it is “cooperating” with an official investigation of money that may have flowed from 1MDB.

The news follows an earlier announcement on Thursday by the office of Luxembourg’s state prosecutor that it is investigating whether hundreds of millions of dollars sent to an account at a bank in Luxembourg originated from 1MDB.

This reportedly has ties to investigations into bonds raised for 1MDB being looked into by Swiss authorities. -Mkini