What does the judicial system do?

By Frederick Crotta

100 Days of Solitude by Spanish Judge José-Rui Calama. The investigating judge of the Madrid court is still awaiting answers from the judicial authorities of three European countries – France, the Netherlands and Luxembourg – in a highly sensitive case with international implications, known as “the case”.1 Malaysia Development Berhador the 1MDB scandal. Police and judicial authorities in 13 countries, including France, have been mobilized to crack down on the ‘robbery of the century’, but it appears to be taking time.

Three months ago, a Spanish judge sent a request for mutual assistance to question Emirati billionaire Kadem Al Qubaisi. The judge wants to know how the businessman (KAQ to his friends) was able to launder billions of dollars from Malaysia’s state fund 1MDB through Spain.
The fund was originally established to utilize the savings of Malaysian microsavers to develop the Malaysian economy. In reality, 1MDB only played a role in inflating the bank accounts of then-Malaysian Prime Minister Najib Razak, Chinese business partner Joe Low, and UAE billionaire Kadem Al Qubaisi. rice field. A case that is said to be the fraud of the century.

Personality in the spotlight

About $4.5 billion was embezzled between 2009 and 2014. The former Malaysian prime minister had set up a joint venture between Malaysian sovereign wealth funds and Saudi Arabia. In reality, the idea was that he would enrich his pocket through bogus investments in the oil industry.
In 2014, Saudis took to the streets when the media started paying attention to the dossier, which was initiated by the revelations of a Swiss banker. However, Malaysian fund managers tenaciously signed and continued to deposit money into bank accounts. A new partner is IPIC, one of the world’s largest sovereign wealth funds backed by Abu Dhabi.
Kadem Al Qubaisi is at the top of this giant economic powerhouse. KAQ, a businessman with close ties to United Arab Emirates Deputy Prime Minister Sheikh Mansour, led an embezzlement operation where, together with Joe Low, KAQ embezzled over $3 billion from the 1MDB fund in 2012-2013. .
how? Simply transfer funds to the tax haven through a company account in your name.
This money has flown out to many celebrities around the world. So do senior politicians. An investigation has been launched into whether the millions of dollars stolen were used to finance the campaigns of Barack Obama, Donald Trump and others.

robbery of the century

The “heist of the century” broke out in 2016 and turned into a scandal. The revelations of the 1MDB robbery also exposed the actions of high-finance moguls. Several financial institutions were indicted and convicted of money laundering on suspicion of collusion. Falcon Private Bank and BSI (Banca Svizzera Italiana) were closed and UBS was sanctioned by a Swiss court. The same applies to Luxembourg bank Edmond de Rothschild, not forgetting Goldman Sachs, one of the biggest Wall Street giants who raised $6.5 billion by organizing the issuance of counterfeit bonds on behalf of 1MBD. . As a result, Goldman Sachs, which was heavily paid for its services, was sentenced to about $6 billion. The great man of the time was disqualified for life and banned from any activity on the stock market.

in france too

The French judicial system is also concerned. The National Financial Prosecutor’s Office (PNF) launched a judicial investigation in the spring of 2017, isolating KAQ’s real estate empire. From 2009 to 2015, the Abu Dhabi billionaire shopped in the south of our country and made some great acquisitions. With funds diverted from 1MDB by KAQ, PNF has acquired seven villas or apartments in Saint-Tropez, residential and commercial properties along the Croisette in Cannes, two luxury mansions in Ramatuelle, and two buildings in Avenue Iena in Paris. I assume. €130-150 million seized by the court.

90 million euros in 24 hours

In 2016, just before his arrest and imprisonment, KAQ had their last big success in Spain. As CEO of IPIC, he managed Madrid-based Spanish oil company Cepsa from the Cepsa Tower, a building designed by architect Norman Foster. . With his €400m loan issued by Bankia to the Dutch company Muscari, in which his KAQ was a shareholder, he bought and sold the tower…after 24 hours he made a profit of €90m .

politics and diplomacy

In 2018, the Spanish judiciary opened an investigation into suspected money laundering. He referred the case to Judge Kalama of the Anti-Corruption Prosecutor’s Office. After interviewing Spanish bankers, the brave judge wants to meet with six French, Luxembourg and Dutch bankers, but Madrid judicial sources say his request for mutual European aid has been denied. said it has so far received no response from the three countries it requested. .
According to our information, the PNF has confirmed that a French investigation into the former president of Abu Dhabi’s sovereign wealth fund is still ongoing, but the Public Prosecutor’s Office is unaware of Spain’s request. So is Luxembourg.
High-level political and diplomatic intervention appears to be involved in the case, demonstrating the slow pace of international cooperation among judges. But that doesn’t count on the stubbornness of the Spanish judge, known for his honesty and perseverance. This is the same judge investigating the Pegasus case, a super-secret cyber espionage case.