Khadem’s Kool Cars — Cash Buyer Wanted?

At the track — car fan Qubaisi

Sarawak Report has learned from diverse sources that the world’s flashiest Arab has had his wings clipped.

Attempts by the former IPIC/ Aabar boss to re-ingratiate himself in Abu Dhabi, as a re-born philanthropist, appear to have been unproductive, as the former high-roller has found himself frozen out by his former royal employers.

Khadem has not spoken to Sheikh Mansour in months“, one insider confirmed to Sarawak Report.

Further reports indicate that the mysteriously super-wealthy former civil servant has suffered the indignity of having several of his key bank accounts frozen.

Abu Dhabi’s sovereign funds are moreover said to be demanding much of their missing money back from Khadem, who managed both the International Petroleum Investment Company and its subsidiary Aabar, which partnered so many of 1MDB Malaysia’s most controversial deals.

Those missing sums amount to billions of dollars, a large chunk of which appear to have been diverted from 1MDB.

Al Husseiny ploughed Aabar money into Branson’s Virgin Galactica, fronted by Jho Los and Khadem’s pal, Leo Dicaprio

Also in the frame is Khadem’s right hand man and CEO of Aabar, Mohammed Al Husseiny, who was likewise summarily dismissed last year as the 1MDB scandals started to unravel.

Al Husseiny once told an associate that he felt ‘protected’ in the United States, where he has citizenship. But, with international regulators now looking hard at this massive sovereign wealth scandal, the former New York pizza delivery boy, originally from Kenya, may be rueing his US passport.

So may the managers at Red Granite Pictures, whose films Al Husseiny has admitted to bankrolling over the past years. The owner of RGP is, of course, Najib Razak’s step-son, Riza Aziz, who now faces the potential knock on effects of any action against his clearly conflicted financial benefactors.

Meanwhile, the Hakkasan nightclub mogul, Al Qubaisi is said to be holed up in his property empire in the South of France, where he still wields considerable influence as a result of his staggering wealth.

Khadem’s acquisitions have already been detailed by Sarawak Report and consist of several substantial properties on the Cote d’Azur and in Paris, currently overseen by his former bank manager at Edmond de Rothschild banque Privee in Luxembourg, Marc Ambroisien.

Khadem’s compliant bank manager at Edmond de Rothschild

Ambrosien decided to ‘quit’ the bank shortly after Sarawak Report exposed his role in transferring half a billion dollars into Al Qubaisi’s ‘Vasco Trust’ account in 2012 from a company called Blackstone Asia Real Estate Partners (BVI).

In a recorded conversation Ambroisien said that a mainstream bank would have immediately have rejected or frozen the money.

Sarawak Report has subsequently established that international investigators have confirmed that Blackstone was incorporated by none other than the Malaysian businessman Jho Low, who acted as a proxy for the Prime Minister at 1MDB — and that a number of payments from the same Blackstone BVI company were also made during the same period into Najib Razak’s personal AmBank accounts in KL.

So, with his liquid cash turned solid and with a major and expanding Hakkasan night club empire requiring finance over in Las Vegas and beyond, might KAQ, as he is nicknamed, be tempted to cash in some of his most prized and ostentatious possessions, namely his multi-million dollar classic car collection?

After all, last month, Khadem’s collaborator Jho Low, who is also experiencing frozen asset issues, was likewise noted selling a substantial chunk of his over-valued art collection in New York for considerable knock-down prices.

If so, Sarawak Report has been looking in at some of the potential choice lots for interested billionaires in search of traffic halting vehicles to show off in:

1) Pirelli Pagani Zonda

Top lot status would surely go to the first ever Pagani Zonda super-car, purchased by Khadem in 2011.

Pirelli even invited Al Qubaisi to deliver a speech at the launch of the subsequent vehicle (the Hyura), which he willingly gave. Insiders have estimated the final cost of this customised delivery to the Emirates fund manager could have reached anything up to US$5 million for the single roadster:

Al Qubaisi roars out of St Tropez’s Nikki Beach in his Pagani supercar 2012 — note his Geneva number plate

‘KAQ’ has been zooming around in the vehicle and entrancing auto-geeks in the south of France ever since. His speech is revealing, not least in that it confirms from his own mouth the huge size of the Aabar fund, which he was supposed to be managing in trust:

From KAQ’s speech in 2011

In the speech he also refers to a number of his other playthings, which might also, under the circumstances be coming up in a job lot:

2) Veyron SuperSport blue carbon KAQ

We have already reported on this vehicle, with number plates to boast the owner — it costs around US$2 million:

Blue Bugatti Veyron — Kadem’s bears Geneva number plates (of course) and drives round St Trop

He also has a girlie twin version in pink:

Twin in pink KAQ number plate

4) Veyron SuperSport blue carbon KAQ

KAQ with lady friend and bodyguard vehicle behind

5) Veyron SuperSport orange/black KAQ

“The sad truth is that the Bugatti Veyron 16.4 is simply too fast for this world.” Cost US$2.25 million — KAQ’s Geneva plated model

6) Veyron GrandSport carbon

Yet another Bugatti belonging to KAQ — Geneva number plates of course

Our final list of additional known vehicles amounts to the following:

Veyron SuperSport blue carbon KAQ
 Veyron SuperSport orange/black KAQ
 Veyron GrandSport carbon
 Veyron GrandSport grey/silver
 Huayra carbon
 BMW X6M black
 Benz G55 AMG full black
 (all with Geneva number plates)

The Huyara, which KAQ launched in 2012

Khadem might be relieved to have these prize purchases available to auction at this stage. The value must approach a cool US$10 million or more.

All one can say is ‘buyer beware’.


Originally published at www.sarawakreport.org.

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