Luxembourg bans banker with 1MDB-links
Luxembourg's regulators have banned former CEO of private bank Edmond de Rothschild (Europe) Marc Ambroisien from working in the finance for a decade.
According to the Luxembourg Times, the Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien (above) of failing to ensure strong internal governance and prudent risk management when managing the bank.
Ambroisien had stepped down as the bank's CEO in 2015. Luxembourg's authorities did not reveal details of Ambroisien's offence.
In 2017, the bank was fined €8.985 million (RM42.9 million based on current exchange rate) by CSSF. Details of the offence were gleaned from the bank's 2017 annual report which states that it was setting aside €21 million in litigation expenses in relations to "possible fraud with 1MDB funds"...
Luxembourg's regulators have banned former CEO of private bank Edmond de Rothschild (Europe) Marc Ambroisien from working in the finance for a decade.
According to the Luxembourg Times, the Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien (above) of failing to ensure strong internal governance and prudent risk management when managing the bank.
Ambroisien had stepped down as the bank's CEO in 2015. Luxembourg's authorities did not reveal details of Ambroisien's offence.
In 2017, the bank was fined €8.985 million (RM42.9 million based on current exchange rate) by CSSF. Details of the offence were gleaned from the bank's 2017 annual report which states that it was setting aside €21 million in litigation expenses in relations to "possible fraud with 1MDB funds".
The bank, under Ambroisien, was believed to have accepted International Petroleum Investment Company (IPIC) former managing director and UAE's Aabar Investment former board member Khadem Abdulla Al Qubaisi as a client.
Khadem's involvement in the 1MDB saga is in part documented by the US Department of Justice (DOJ) in what it calls the "Aabar-BVI (Genting/Tanjong) phase".
In 2012, 1MDB had raised US$3.5 billion through bonds backed by the Malaysian government to acquire power assets.
According to the DOJ, some of the money eventually ended up with Blackstone Asia Real Estate Partners incorporated in the British Virgin Islands, not to be confused with New York stock exchange-listed Blackstone Real Estate Partners Asia.
According to Sarawak Report in 2016, Luxembourg authorities were probing Khadem over US$493.5 million received in his bank accounts there through Blackstone Asia Real Estate Partners (BVI).
In Malaysia, Blackstone Asia Real Estate Partners (BVI) has cropped up in the trial of former prime minister Najib Abdul Razak's private bank accounts.
Ambroisien was the CEO of Edmond de Rothschild (Europe) at the time Khadem allegedly received the money.
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