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Wednesday, April 26, 2017

Italy probes 1MDB-linked ‘insider trading’



A former official of International Petroleum Investment Company (IPIC) is being probed by the Italian authorities over allegation of insider trading linked to the 1MDB scandal, reported the Financial Times (FT).
Quoting a person who was briefed on the probe, the global financial daily reported prosecutors in Milan investigated jailed former IPIC managing director Khadem al-Qubaisi several months ago.
The Italian prosecutor's office confirmed the probe and said it is “currently working to collect the final elements” for the investigation.
Italy is the latest of a string of countries probing wrongdoing linked to 1MDB, the troubled Malaysian sovereign wealth fund.
Among the countries that are investigating the scandal are US, UK, Switzerland, Luxembourg, UAE, Hong Kong, Singapore and Australia.
The Italian authorities are looking at whether al-Qubaisi illegally used confidential information in 2010 to authorise trading by Falcon Private Bank in UniCredit’s shares when IPIC's Aabar division was preparing to take five percent stake in Italy’s largest bank by assets.
He allegedly made €21 million (approximately RM100.33 million) from the transaction.
“The order to buy the (UniCredit) shares and sell them came from his bank, at a moment in which the news was still quietly secret and had not been disclosed to the market,” said the source.
The alleged insider trading was uncovered as part of the global investigation into the 1MDB scandal.
IPIC, al-Qubaisi’s lawyer and UniCredit declined to comment. Malaysiakini cannot independently verify the FT's report.
The FT reported that the insider trading probe regarding al-Qubaisi casts a further shadow over his role at IPIC.
In 2015, it emerged that a private company belonging to al-Qubaisi took a lease in a Madrid building that later became the headquarters of Spanish energy company Cepsa, a subsidiary of IPIC.
The fresh allegations around the banker come as US bank Wells Fargo launched a legal fightback against a move by the US Department of Justice (DOJ) to seize a Manhattan hotel as part of a 1MDB-related US$1bn asset freeze, according to the daily.
The US Department of Justice (DOJ) filed lawsuits seeking to freeze US$100 million of real estate that al-Qubaisi allegedly bought with funds from 1MDB.

He was arrested in August 2016 by Abu Dhabi authorities as a key figure in a global investigation into alleged fraud at 1MDB.
1MDB had claimed to have transferred US$3.5 billion to Aabar BVI after being told by al-Qubaisi and Aabar chairperson Mohamed Al Husseiny that the British Virgin Islands firm was an IPIC subsidiary, which was false.
Qubaisi is the former chairperson of Swiss-based Falcon Private Bank, which saw its Singapore branch shut down by local authorities for anti-money-laundering breaches relating to 1MDB.- Mkini

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