Former Head of IPIC says Abu Dhabi used him as a scapegoat

“I did this deal but I did it on behalf of the government of Abu Dhabi”

Khadem Al Qubaisi

Khadem Al Qubaisi, an Emirati citizen, who once headed Abu Dhabi’s International Petroleum Investment Company (IPIC), says he was used as a scapegoat by the Abu Dhabi Government after he was given a 15-year prison sentence for his involvement in a global Malaysian sovereign-wealth fund scandal.

Al Qubaisi was one of two prominent figures sentenced in this case and as per the Abu Dhabi Court: he has been 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.”

In an interview with the Wall Street Journal from Abu Dhabi’s Al Wathba prison on January, Al Qubaisi told the reporter that he was being unfairly blamed as the scapegoat for the UAE’s role in the scandal, in which $4.5 billion was stolen and distributed among a group of co-conspirators.

“I did this deal but I did it on behalf of the government of Abu Dhabi,” he said, “they are putting everything on my back” after being forced to turn over assets to Sheikh Mansour bin Zayed, member of the royal family.

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