Abu Dhabi removes Jho Low contact
(FMT) – Khadem al Qubaisi was removed from key posts by authorities in the Gulf State.
The UK-based website Sarawak Report has learnt that Penangite Jho Low’s key contact at Aabar Investments, Abu Dhabi’s sovereign wealth fund, has been removed from the majority of his posts in the Gulf State.
The contact, identified as Khadem al Qubaisi, has stepped down as Chairman of the International Petroleum Investment Company (IPIC), a major sovereign wealth fund, a few days after losing the Chairmanship of Arabtec.
He has also lost the chairmanship of Aabar Properties, a subsidiary of Aabar Investments.
Speculation is also rife whether Khadem has been removed from Aabar Investments as well. [The National Business] cited by The Sarawak Report, wrote: “Mr. al Qubaisi’s departure (from Aabar Properties) raises questions about his role as chairman of the company’s owner, and IPIC subsidiary, Aabar Investments, whose holdings include stakes in Arabtec, the Italian lender Unicredit and space tourism firm Virgin Galactic.”
The publication Sovereign Wealth Spotlight was quoted by The Sarawak Report as saying: “It is impossible to say at this stage whether al-Qubaisi’s departure from Arabtec is a direct consequence of media attention over the Torre Foster (a Spanish building) transaction, or his connection with the 1Malaysia Development Berhad (1MDB).”
“But the coverage has inevitably led to questions over whether the fund’s governance structure risks generating conflicts of interest.”
By removing al-Qubaisi from Adaptec’s board, said the Sovereign Wealth Spotlight, the Abu Dhabi Government is showing that it was ready to move swiftly to address those concerns.
The Financial Times, also revealed a separate concern about al Qubaisi’s dealings in Luxembourg.
