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Friday, 2 December 2016

Abu Dhabi Sovereign-Wealth Fund Gets Entangled in Global 1MDB Scandal | Peace and Freedom

Abu Dhabi Sovereign-Wealth Fund Gets Entangled in Global 1MDB Scandal | Peace and Freedom:
"A futuristic 35-story tower where doors swoosh open with the wave of a hand houses a little-known firm long used by this emirate to deploy its oil riches around the world.

When Barclays PLC needed to raise capital in 2008, the Abu Dhabi sovereign-wealth fund, known as IPIC, invested more than $5 billion in the U.K. bank. Through a subsidiary, IPIC acquired holdings in German auto maker Daimler AG and Swiss commodities powerhouse Glencore PLC. It helped finance the ultraluxury New York skyscraper One57, nicknamed the Billionaire Building.

Driving IPIC was Khadem Al Qubaisi, a nightclub aficionado with slicked-back hair, a taste for the good life and close ties to princes who rule the emirate."

'via Blog this'