1MDB -IPIC settlement : Did IPIC disclose to the Government Of Malaysia its deal with Khadem Al-Qubaisi which granted Khadem the right to buy billions in Barclay Bank shares; was that deal financed with money from 1MDB or some other Malaysian Government entity?

 by Ganesh Sahathevan 

                                                          

Prime Minister Datuk Seri Anwar Ibrahim on working visit to the United Arab Emirates (UAE). -BERNAMA PIC

In November 2023 The Star reported:

Malaysia will receive RM4.65bil from Abu Dhabi's International Petroleum Investment Co (IPIC) next year as part of the settlement over the 1Malaysia Development Bhd (1MDB) scandal.

Deputy Finance Minister I Datuk Seri Ahmad Maslan said the amount would be enough to pay off the remaining debts of the state investment arm.

Meanwhile, as dislcosed on this blog, there are reasons to believe that 1MDB money flowed into IPIC CEO's Khadem Al-Qubaisi's company, DWP.

IPIC's former General Counsel Fred Holc was shown to be a director of DWP. He was also. with Khadem , joint signatory to this SEC document.

                                                                       

2)           Pursuant to an Option Deed dated June 1, 2009, as amended and restated, between International Petroleum Investment Company (“IPIC”) and KAQ Holdings Limited (“Holdings”), Holdings had the option to acquire from IPIC the entire issued share capital of PCP 3, which option was exercised on September 1, 2009.  PCP 3 is the direct beneficial owner of the 758,437,618 Ordinary (Barclays) Shares reported herein.

 

(3)           Khadem Al Qubaisi owns all of the issued and outstanding share capital of Holdings.  Pursuant to the rules and regulations of the SEC, Khadem Al Qubaisi may be deemed to be the beneficial owner of the Ordinary Shares of which Holdings has beneficial ownership.

These transactions concerned the Barclays Bank bail-out  which has been well reported, but it is unclear  if the Government Of Abu Dhabi and IPIC  informed the Malaysians of the transaction above. The transaction is so large that it is only logical to wonder if 1MDB money financed Khadem's purchase of all or part of  PCP 3, or its assets.

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