Regulation

1MDB-linked $51 million Manhattan penthouse to be put on sale

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The US Justice Department claims the penthouse was bought in 2014 by Khadem Abdulla al Qubaisi, a former managing director of Abu Dhabi’s government-owned International Petroleum Investment Company.

Wednesday 26, June 2019

US prosecutors and lawyers representing the trust that owns the $51 million penthouse in Manhattan’s Walker Tower, allegedly bought with money syphoned from Malaysia’s 1MDB state fund have asked a federal judge in Los Angeles overseeing a civil forfeiture lawsuit to let them move forward with selling it, reported Bloomberg.

According to the Wall Street Journal, Al Qubaisi was recently sentenced to 15 years in prison on top of $336 million he and an accomplice were also ordered to pay

The US Justice Department said that Al Qubaisi, who is also the former chairman of restaurant and nightclub operator Hakkasan Group received $473 million stolen from 1MDB in 2012.

Al Qubaisi was aided by Low Taek Jho, the alleged mastermind of the scheme to steal billions of dollars from the Malaysian fund and besides the Manhattan penthouse, he is said to have bought a $31 million mansion in Beverly Hills, California, with 1MDB money.

TAGS : 1MDB, Walker Tower, US Justice Department , Khadem Abdulla al Qubaisi, Low Taek Jho

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