French Court Seizes Property of UAE Tycoon in Malaysian 1MDB Fund Case - Reports

MOSCOW (Sputnik) – A French court ruled to arrest the property of UAE businessman Khadem Qubaisi after the National Financial Prosecutor's Office (PNF) has begun an investigation into him in relation to the corruption scandal around the Malaysian 1MDB fund, local media reported.

Le Monde reported, citing informed sources, that the probe was launched back in 2017 on suspicions that the billionaire was involved in money laundering and embezzlement.

Qubaisi might have laundered the money through the purchase of elite property, the outlet continued. According to Le Monde, the court had arrested his country house worth around 11 million euros ($12.5 million), a 7.9-million villa with a pool and a gym and two apartments in Paris worth a total of 9 million euros.

Malaysia created the 1MDB fund in 2009 to promote the country's economic growth through direct foreign investment and global partnerships. However, a number of officials, including former Prime Minister Nijab Razak, have since been suspected of embezzling around a total of $4.5 billion from the fund.

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