DUBAI (BLOOMBERG): Two executives linked to a Malaysia wealth fund scandal were convicted of financial crimes and sentenced to prison in Abu Dhabi, the Wall Street Journal (WSJ) reported, citing people familiar with the matter.
DUBAI : Two executives linked to a Malaysia wealth fund scandal were convicted of financial crimes and sentenced to prison in Abu Dhabi, theKhadem al Qubaisi, who once headed Abu Dhabi’s International Petroleum Investment Co , was handed a 15-year prison sentence and Mohammed Badawy al Husseiny, a US citizen who ran a subsidiary of IPIC, was sentenced to 10 years, according to the report. They jointly must pay about US$336mil, the WSJ reported, cited a statement from the emirate’s court.
The court statement didn’t identify the men by name, but people familiar with the judicial actions told theIt also cited people familiar as saying the convictions weren’t related to the Malaysian fund scandal.
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