Khadeem al Qubaisi and Mohd Badawy al Husseiny convicted of financial crimes relating to IPIC.
Khadeem al Qubaisi and Mohd Badawy al Husseiny were senior executives of an Abu Dhabi sovereign fund.
They must jointly pay about US$336 million, half to IPIC, and half as a penalty, according to the criminal court, WSJ reported,. Khadem was sentenced to 15 year’s jail, and Mohd Badawy to 10 years, the WSJ report said. Khadem was convicted of “exploiting his job and unlawfully appropriating 149 million euros after selling shares he owns for the company he heads, without disclosing his ownership of the shares, for 210 million euros.”
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