Saturday, September 17, 2016

Top 10 Indians Who Shaped The UAE

The UAE’s success in such a short time is often credited to its citizens. Many of the country’s high-flying achievers and future-makers have hailed from India. From computers, to telephones, to schools and hospitals, prominent Indians have shaped and enriched the everyday lives of all who live in the UAE. HereGulf Business reveals 10 of the country’s most influential Indians, arranged according to the number of years they have spent in the UAE.

Tony Jashanmal

Tony Jashanmal - colour2-soft
Years in the UAE: 57
Sector: Retail
Designation: Executive director, Jashanmal Group

Having started from humble beginnings in Iraq in 1919, the Jashanmal Group expanded quickly across the Middle East during the mid 1900s. Opening stores in Bahrain in 1935, Dubai in 1956, and Abu Dhabi in 1964, served as a solid bedrock for what is today one of the most popular and recognised business names in the region.
Employing over 2,000 staff across 100 stores, the Jashanmal Group owns the franchise rights to some of the world’s most famous fashion brands including Calvin Klein, Burberry and LK Bennett.
As executive director, Tony Jashanmal oversees retail and wholesale trading. The company has also branched into the media, publishing magazines, newspapers and books through its stores.

Sunny Varkey

Sunny Varkey - colour2-soft
Years in the UAE: 55 
Sector: Education
Designation: Founder and chairman, GEMS Education
Place of origin: Kerala
Age: 56
Sunny Varkey is the mastermind behind the world’s largest private schools company. Having founded GEMS Education from a single school in Dubai in 1969, the business now operates across 19 countries with a branch of 100 schools teaching 130,000 students.
Varkey also founded the Varkey GEMS Foundation in 2010, which boasts former US president Bill Clinton as honorary chairman, and is a UNESCO Goodwill Ambassador. Having arrived in the country with his parents in 1959, Varkey took over the family business at 20-years-old.
Earlier this year, he helped launch the annual Global Education and Skills Forum in Dubai in partnership with the UAE Ministry of Education. Private equity firm The Abraaj Group bought 25 per cent of GEMS in 2007. In an exclusive interview with Gulf Business, Varkey revealed he hopes to launch an initial public offering in the future.

Ram Buxani

Ram Buxani - colour2
Years in UAE: 54
Sector: Diversified
Designation: President, ITL Group
Place of origin: Born in Hyderabad
Age: 72
The 72-year old self-made businessman, who has twice published his ‘rags to riches’ autobiography Taking The High Road, is famously known to have entered Dubai as a penniless young man, before the city had an airport, roads, electricity and oil.
More than half a century has passed since then, during which Buxani’s fortunes have grown along with Dubai’s. The president of the ITL Group has overseen the company’s rapid expansion into consumer electronics, textiles, banking, IT and hospitality.
The veteran is also known for his contribution to the Indian community in the UAE, and is currently the chairman of India Club in Dubai and a board member of Al Noor Training Centre for Children with Special Needs.
He was also the founder chairman of the erstwhile Overseas Indians Economic Forum – UAE, and the chairman of the Indian High School in Dubai from 2000 to 2004.

K Kumar

K Kumar - colour2-soft
Years in the UAE: 41
Sector: Community
Designation: Chairman, Indian Community Welfare Committee
Place of origin: Chennai
The incident that sealed K Kumar’s role as ambassador and do-gooder for all Indians in the UAE is a famous one. In 1998, Kumar and some associates raised Dhs75,000 in blood money to help free a young Indian from jail who had found himself caught up in an accidental death. The selfless deed inspired Kumar to start a group that would look after the welfare of poor Indian workers in the UAE.
After approaching the Indian embassy, Kumar formed the Indian Community Welfare Committee (ICWC); a group of volunteers who provide legal advice, financial help and guidance on a range of matters to labourers, hospital patients and workers caught up on the wrong side of the law.
In extreme cases they provide shelter, food and a chance for rehabilitation. Kumar has been heralded for his altruistic endeavours, receives numerous awards and certificates from both the UAE and India.

Dr. Bavaguthu Raghuram Shetty

BR Shetty - colour2-soft
Years in UAE: 40
Sector: Diversified
Designation: Founder, NMC Group
Place of origin: Udupi, Karnataka 
Age: 71
Dr. B R Shetty is a man of many hats – he is the MD and CEO of Abu Dhabi-based healthcare provider NMC Group, and the boss of money transfer firm UAE Exchange, which he co-founded in 1980.
Dr. Shetty arrived on the UAE’s shores soon after the country was born, and has risen to the top along with the nation.
The New Medical Centre (NMC), which he established in 1975 as a one-room clinic in Abu Dhabi, has now grown to become the UAE’s largest private sector healthcare provider.
Last year, NMC Health even became the first Abu Dhabi-based company to list on the London Stock Exchange, and it currently runs five specialty hospitals.
Dr. Shetty, who owns two floors of the world’s tallest building, Burj Khalifa, was also one of the first expatriates to receive the Order of Abu Dhabi, a government honour for his contribution to the community.

Yusuffali MA

Yusuf Ali - Colour2-soft
Years in UAE: 40
Sector: Retail
Designation: Founder, LuLu Group International
Place of origin: Kerala
Age: 57
The recipient of numerous awards, including the prestigious Padma Shri, bestowed by the Indian President in 2008, the ambitious and philanthropic Yusuffali has established himself as one of the foremost NRI businessmen in the UAE.
His LuLu Group International (earlier called EMKE Group), currently employs over 30,000 people from 29 different nations and operates over 100 Lulu retail outlets across most of the Middle East and parts of Asia and Africa.
Started by Yusuffali in Abu Dhabi in the early 1990s, the group now reports an annual turnover of $5.1 billion globally.
In recognition of his contribution to the emirate, he became the first expatriate to get elected to the board of the Abu Dhabi Chamber of Commerce & Industries (ADCCI) in 2005.
Along with his strong business acumen, Yusuffali, with a personal wealth of $1.5 billion, is also credited with being a generous donor, and has worked extensively to help Indians in the UAE.

Vidya Chhabria

Vidya - colour2-soft
Years in UAE: Around 40
Sector: Electronics
Designation: Chairperson, Jumbo Group
Place of origin: Mumbai
Vidya Chhabria has been spearheading Dubai-based Jumbo Group’s global operations since 2002, after the sudden death of her husband, Manu Chhabria.
Starting as a radio-parts trader in Mumbai, the late Manohar ‘Manu’ Chhabria was nicknamed the ‘takeover tycoon’ for his aggressive acquisition of brands such as Shaw Wallace, Dunlop India, Hindustan Dorr-Oliver, Mather and Platt.
He established Jumbo Electronics as a single store in Dubai in 1974, with a capital base of Dhs50,000. Its success story began when he signed a deal with Sony Corporation in 1975 and became its distributor in the Gulf. Jumbo Electronics has since become Sony’s biggest distributor worldwide.
Now a $2 billion conglomerate, Jumbo has operations in 50 countries across the world, and along with retail, also offers enterprise products catering to sectors such as hospitality, education, healthcare and finance.
Jumbo Electronics, with over 30 retail stores, also offers products from global international brands including HP, Blackberry, Nokia, Dell, and Samsung at its outlets.

LT Pagarani

Pagarani - colour2-soft
Years in the UAE: 39
Sector: Retail
Designation: chairman, Choithrams
Founded in Africa by Thakurdas Choithram Pagarani, the supermarket empire was spread across the region by his three sons, one of which, LT Pagarani, leads the business today. Having first established a store in the UAE in 1974, the popular and distinctive supermarket chain now has 27 locations across the emirates, with further expansion expected in the near future.
LT Pagarani has been largely credited with the group’s success and rapid expansion in recent years, as the brand now stretches across all corners of the GCC.
As well as taking a leading role in educating its customers on reducing waste and improving their carbon footprint, the group has not forgotten its roots, funding humanitarian initiatives in Africa and India.

Micky Jagtiani

Micky Jagtiani - colour2-soft
Years in UAE: Around 25
Sector: Retail
Designation: Founder and chairman, Landmark Group
Place of origin: Mumbai, India
Age: 61
Another classic example of a self-made billionaire who went from driving taxis in London to currently having a personal wealth of around $4 billion, according to Forbes, Micky Jagtiani is the man behind the retail behemoth, Dubai-based Landmark Group.
Having lost his family in his early twenties, Jagtiani single-handedly started the company in Bahrain in 1973 with a single store and $6,000. Today, the Landmark Group, with interests spanning across fashion, children’s products, home furnishing, electronics and cosmetics, employs over 40,000 people across 19 countries. Along with homegrown brands such as Babyshop and Home Centre, the company operates over 30 international franchise brands including New Look, Steve Madden and Kurt Geiger.
But even as the company continues its aggressive expansion plan, Jagtiani has remained vocal that his greatest passion lies in doing social work, and works closely with LIFE (Landmark International Foundation of Empowerment) to help underprivileged children in India.

Yogesh Mehta

Yogesh Mehta - COLOUR2-soft
Years in the UAE: 23
Sector: Energy
Designation: Owner and managing director, Petrochem Middle East
Age: 51
Yogesh Mehta’s story may not quite be a rags to riches tale, but it is every bit as inspiring. Arriving in Dubai aged 29 with no job and no money – his first business attempt collapsed – Mehta was determined to be an entrepreneur and lead a company, rather than work for someone else.
Setting up Petrochem, in cooperation with Petrochem UK, Mehta has taken a three-man fledging enterprise and turned it into an international company with a $1 billion annual turnover. With a state-of-the-art chemicals distribution terminal in Jebel Ali Port and offices across Asia, Middle East and Europe, Mehta has achieved his dream of running a global business.
Mehta also recently became a judge on Dubai-based reality TV show The Entrepreneur.

Tuesday, September 06, 2016

Study and Skilled Migrant Pathway to New Zealand

You can opt to study one year postgraduate level 8 diploma, after the study you can be eligible to apply for one year work visa (no need job offer) to look for skilled job.
Once you have a skilled job that is relevant to your qualifications or work experience you are eligible to apply for Skilled Migrant Residence visa.
While you study, your spouse is eligible to one year work visa (no need job offer) to come to NZ, your children can be eligible to domestic student visa to study in NZ primary and secondary school free (only primary & secondary). While you study you can work part time up to 20 hours a week.
In short one person studies, whole family can move to NZ for at least 2 years.
Those who are interested please email your CV and your spouse CV to . Please mention you are referred by Fudzail.

Tuesday, August 30, 2016

PetroSaudi's Tarek Obaid Cavorted With Nude Models

Sarawak Report

PetroSaudi's Tarek Obaid Cavorted With Nude Models On A Luxury Yacht As DOJ Filed Evidence On His Stolen Cash....

30 AUG 2016

Tarek Obaid, photoed on the 'scandal yacht' last monthTarek Obaid, photoed on the ‘scandal yacht’ last month
At the weekend Malaysia’s bravest and most conscientious students walked peacefully through Kuala Lumpur to express concern over the leeching of their country’s wealth through 1MDB.
That theft was minutely detailed by investigators from the Department of Justice of the United States in their court filing of 20th July.
The students were exercising their democratic right to peaceful protest and freedom of expression and the event passed without a single incident of disorderly behaviour.
Nevertheless, because Prime Minister Najib Razak is directly implicated over 1MDB, his police chief unconstitutionally declared this student action to be ‘illegal’ on invented grounds.
Now agitators funded by Najib are seeking to ‘report’ and harass those students one by one.

Who is Halal and who is Haram?

Switch now to the azure waters of the Aegean Sea, where some of the key individuals identified as having stolen the billions missing from Malaysia’s 1MDB development fund were recently recorded participating in a very different set of activities by an outraged Turkish media – just hours before the DOJ report.
In late July, just as the DOJ was bringing out its findings on the largest ever kleptocracy seizure in the United States, one of the key players in the whole event, PetroSaudi Director Tarek Obaid, was featuring loudly in a yacht party that caused outrage in Najib’s key ally Turkey.
Two days after Najib's ally Erdogan had quashed a military coup pal Tarek and his Saudi hedonistic friends were enjoying Ukranian girls for moneyTwo days after Najib’s ally Erdogan had quashed a military coup pal Tarek (see arrow) and his Saudi hedonistic friends were enjoying Ukranian girls for money off the Turkish coast
Indeed, whilst Najib and his law enforcers have hit hard against protestors, they have worked equally hard to close down investigations over 1MDB and people like PetroSaudi’s Tarek Obaid, who has been living it up since 2009, getting chubbier and chubbier.
Tarek living it upTarek living it up
Bafflingly, while countries all over the world (eg Singapore, Switzerland, Luxembourg and the USA) have set about punishing their banks and other institutions for having processed stolen public money belonging to Malaysians, the Malaysian PM himself has refused to do the same.
Which means that PetroSaudi’s Tarek Obaid has carried on as before – enjoying the pleasures bought by billions stolen from a fund set up in the name of improving the lives of Malaysia’s poorest people.
This is what the Turkish media outlets were reporting:
“According to Turkish daily Cümhuriyet, the Saudi prince Nawaf bin Abdulaziz al-Saud has rented a luxurious yacht named “Desert Moon” for four days and flying British flag. The Saudi prince was accompanied by a great entourage of European supermodels, families and acquaintances.
Scandalous paparazzi pictures of the Saudi prince dancing with naked Ukrainian girls while live music was played shocked Turkish public and media.
The Saudi profligate prince and his companions swam in the dead of night due to security matters, enjoying all sorts of water sports and afterwards, the depraved guests were served with champagne and Russian caviar.
For the dinner, Prince Nawwaf invited his bevy of harlots to a fancy restaurant in Yalıkavak — 18 km away from Bodrum on the beautiful Turkish Aegean coast. In addition to restaurant bill which exceeded € 3700; the Prince wanted to display his immense affluence by leaving a € 500 tip to the waiter.”
Photographed at the centre of all this Turkey-shocking ‘debauchery’ was Najib’s joint venture business partner, Tarek Obaid of PetroSaudi. This is the man whom very many people in Malaysia are asking to be held to account or at least investigated for his role in the loss of billions from 1MDb.
Obaid spotted in the throngObaid spotted in the ‘lewd party’ throng
Yet, Najib has responded to the global investigations into this world ranking scandal by closing his own investigations down?
Obaid centre stage, whilst the DOJ prepared to finger his involvement in the billions stolen from MalaysiaObaid centre stage, whilst the DOJ prepared to finger his involvement in the billions stolen from Malaysia
And whilst playing ‘holier than thou’ he has persecuted everyone, while allowing his close associates to spend the money from their looting on what most would describe as pure debauchery.
Why not shake up his dopey IGP and demand proper action and leave those students well alone?
Perhaps we all know why?

Thursday, August 18, 2016

The Link Between 1MDB And The Billion Dollar Nightclub Chain In Vegas

The Heat Is On Hakkasan - We Reveal The Link Between 1MDB And The Billion Dollar Nightclub Chain In Vegas EXCLUSIVE!

The Heat Is On Hakkasan - We Reveal The Link Between 1MDB And The Billion Dollar Nightclub Chain In Vegas EXCLUSIVE!

Hakkasan nightclub promotional
Hakkasan nightclub promotional
Sarawak Report has traced crucial evidence linking the Luxembourg bank accounts, which received hundreds of millions of dollars stolen from 1MDB, with the global Hakkasan nightclub and restaurant chain centred in Las Vegas.
Both the bank accounts, held in the name of Vasco Trust, and Hakkasan are owned by the former Aabar Chairman Khadem Al Qubaisi, who is now the subject of civil seizures of his assets by the US Department of Justice, relating to 1MDB thefts, and also a criminal investigation in Switzerland for suspected “fraud, dishonest management, forgery, money laundering, abuse of public trust and the corruption of foreign officials”.
Sarawak Report has now established a direct link between Vasco Trust and the Al Qubaisi-owned Tasameem Real Esate Company LLC, which is the shareholder of Hakkasan, meaning that Hakkasan is not ‘ring-fenced’ from 1MDB, as has been claimed by the managers of Hakkasan.
In fact one of Vasco’s subsidiaries (Vasco Strategic Fund) was even re-named to become an affiliate of Tasameem (Tasameem Strategic Fund) and it has been managed throughout by Khadem’s key bank manager cum company director, the former Edmond de Rothschild Luxembourg Bank CEO, Marc Ambroisien (who was registered as a Director as late as November 2015, according to BVI court documents).
Vasco Strategic Fund has become part of the Tasameem group of companies, providing a link in the money trail from 1MDB to Hakkasan, which is owned by Tasameem Real Estate Company
Vasco Strategic Fund (whose Director is Marc Ambroisien) changed name to become part of the Tasameem group of companies, providing a link in the money trail from 1MDB to Hakkasan.
The name switch provides a direct link between the Vasco account, which received all its money from 1MDB in 2012/13 and Tasameem, which by 2016 had registered a $566 million shareholder loan facility to its subsidiary Hakkasan.
Indeed Hakkasan’s 2013 accounts, signed off by Al Qubaisi himself, show that by the end of 2013 the Hakkasan Group had already received $266,000,000 in ‘shareholder loans’ from its parent company, which was cited as Tasameem, which is itself also owned by Al Qubaisi:
By 2016 the amount owed to Shareholders had increased to $566 million, according to the accounts
By 2016 the amount owed to Shareholder Tasameem had increased to $566 million, according to the accounts
2013 was the year during which the nightclub chain rapidly expanded with its first key acquisitions in Las Vegas, starting with the Omnia nightclub having opened in April.
Records show the case was filed by Marc Ambroisien in November 2015, as which point he described himself as a Director of Vasco/Tasameem Strategic Fund
Records show the case was filed by Marc Ambroisien in November 2015, when he described himself as a Director of Vasco/Tasameem Strategic Fund

How Vasco Strategic Fund SPC (Caymans)  became Tasameem Strategic Fund (BVI)

We revealed 'KAQ's' other life and his love of clubbing
We revealed ‘KAQ’s’ other life and his love of clubbing
It was Sarawak Report which originally revealed in March last year that over $500 million had been transferred into Khadem Al Qubaisi’s private account, under the name of Vasco Trust, at the Edmond de Rothschild Banque Privee Europe (BPERE) in Luxembourg.
Some of that money was then transferred to the US to buy Al Qubaisi’s Walker Tower penthouse in New York and a Beverley Hills mansion, for which the DOJ have issued a seizure notices.
The Vasco money all came from Jho Low entities, including Good Star Limited and an apparently fictitious character named ‘Prince Faisal bin Turkey bin Bandar Alsaud’, which was also used to send money to Najib in KL.
The original funds transferred from 1MDB into Khadem Al Qubaisi's Vasco Trust account in Luxembourg
The original payments into the Vasco Trust account, which were all transferred from 1MDB via Aabar’s Falcon Bank and Jho Low companies like Blackstone Asia Real Estate Partners
However, most of the money acquired by Vasco came from a bogus BVI company named Blackstone Asia Real Estate Partners, which the DOJ indictment last month specifically confirmed received $473 million stolen from the two 1MDB ‘power purchase’ loans raised in 2012, using a ‘guarantee’ provided by Al Qubaisi’s Aabar fund in Abu Dhabi.
The DOJ indictment spells out exactly how the power purchase money was stolen - much of it going to the Vasco Trust account
The DOJ indictment spells out exactly how the power purchase money was stolen – much of it going to the Vasco Trust account – this is our pictorial representation of the information
The DOJ have explained in detail how $1.367 was misappropriated from the two power purchase loans raised in May and October of 21012 totalling $3.5 billion, during the so-called ‘Aabar-BVI Phase’ of the billion dollar 1MDB scam.
Falcon Bank was this week barred by Singapore from conducting future business, owing to its role over 1MDB
Falcon Bank was this week barred by Singapore from conducting future business, owing to its role over 1MDB
As shown in the diagram, Goldman Sachs, which had raised the money, first sent the lion’s share of the cash directly to 1MDB accounts held at Falcon Bank in Singapore, which was itself a subsidiary of the Aabar sovereign wealth fund of which Khadem Al Qubaisi (KAQ) was Chairman.
KAQ’s deputy Mohammed Al Husseiny was at the time Chairman of Falcon Bank.
Of this money a total of $1.4 billion was transferred on to the now notorious bogus ‘Aabar BVI’ account, which was held at BSI Bank in Lugano. BSI has already also been shut by Singapore.
Meanwhile, the Abu Dhabi IPIC sovereign wealth fund, of which the genuine Aabar is a subsidiary, has confirmed it had no knowledge of the diversion of this cash, which had been paid under the guise of it being a ‘refundable deposit’ for the ‘guarantee’ arranged by Aabar for the loans.
Neil Moffitt, CEO of Hakkasan, has claimed there is no 1MDB money in the group
Neil Moffitt, CEO of Hakkasan, has claimed there is no 1MDB money in the group
From this moment on the money was effectively stolen and the theft could not have taken place without the connivance of KAQ and Husseiney, who were in charge of the genuine Aabar as well as being the shareholders and signatories for the bogus Aabar BVI.
The money was then passed mainly to another bogus company, Blackstone Asia Real Estate Partners, this time controlled by Jho Low.
Some also went to Najib’s step-son Riza Aziz’s film production company Red Granite.
From Blackstone, it has been established that around one third of the stolen cash was transferred to Al Qubaisi’s Vasco Trust by early 2013.

The Edmond de Rothschild head banker who oversaw the deal

Marc Ambroisien - now fired from de Rothschild and this week at last resigning from KAQ's private ventures also
Marc Ambroisien – now fired from de Rothschild and this week at last resigning from KAQ’s private ventures also
The man who smoothed the path for this enormous sum of money was the Edmond de Rothschild CEO, Marc Ambroisien, who told KAQ in a recorded phone call that any other bank “like HSBC” would have frozen and reported such a suspicious series of transfers.
However, he was prepared to fix it and could do so, given his position at the private De Rothschild bank.
One week after Sarawak Report reported the existence of the Vasco Trust account in March 2015, Ambriosien, a former French tax inspector, left his position at the Bank Privee Edmond de Rothschild.
However, for over a year he remained managing ‘KAQ’s’ private ventures.
Ambroisien was fired from Edmond de Rothschild, but stayed on managing KAQ's companies
Ambroisien was fired from Edmond de Rothschild, but stayed on managing KAQ’s companies
Until just days ago Ambroisien was a Director in charge of a web of Vasco related companies, according to company information in France and elsewhere. Various arms of the Trust have controlled different interests for Khadem Al Qubaisi.
Of particular relevance to the Hakkasan empire was a so-called umbrella investment arm called Vasco Strategic Fund SPC, originally incorporated in the Cayman Islands in 2011.
Vasco Strategic Fund was incorporated in 2011
Vasco Strategic Fund was incorporated in 2011
Sarawak Report has obtained back statements relating to KAQ’s Vasco Trust, which include transactions by Vasco Strategic Fund, dating back to its ‘setting up fees’ in February 2011.
KAQ's Vasco Trust statements include payments relating to Vasco Strategic Fund
KAQ’s Vasco Trust statements include payments relating to Vasco Strategic Fund

The Tasameem Connection

Court documents available from the BVI show that late last year the former Edmond de Rothschild CEO Marc Ambroisien made an application on behalf of a separate company (Ourea S.A.) in his capacity as a Director of Tasameem Strategic Fund.
The document makes clear throughout that Tasameem Strategic Fund BVI was formerly Vasco Strategic Fund in the Cayman Islands.
In November 2015 Marc Ambroisien remained a Director of Tasameem Strategic Fund, linked directly to the trust which received hundreds of millions from 1MDB
In November 2015 Marc Ambroisien remained a Director of Tasameem Strategic Fund, linked directly to the trust which received hundreds of millions from 1MDB
While Ambroisien was no longer acting for KAQ’s de Rothschild bank accounts by this date in November 2015, he was still managing many of KAQ’s private interests. He appears to have started resigning from those positions in favour of his boss only in the last few days (see below). Khadem Al Qubaisi, meanwhile remained the Chairman of Hakkasan right up until April of this year.
Ambroisien only resigned from KAQ's private companies, such as this French property company, a few days ago
Ambroisien only resigned from KAQ’s private companies, such as this French property company, a few days ago
Plainly, therefore, Vasco and Tasameem have been linked to the same sources of income and the same management.
Tasameem still owns Hakkasan, according to its public accounts filed in the UK in May this year (which were signed off by the new Board members appointed after Khadem Al Qubaisi resigned April 19th).


Sarawak Report therefore questions claims by Hakkasan that its investments are ‘ring-fenced’ from money stolen from 1MDB and that there is no connection between the entertainment group and its owner (KAQ’s) other financial interests.
Hakkasan’s accounts, which are filed at Companies House in London, state specifically that the owner of the company is Tasameem Real Estate Company, which along with other affiliated companies of the same name belong to Al Qubaisi.
New board member, Senator Norm Coleman - says he checked out Hakkasan and can vouch there is no 1MDB cash
New board member, Senator Norm Coleman –   can he vouch there is no 1MDB cash?
The accounts also specify that much of the investment into the group has come from a $566 million ‘shareholder loan’ provided by Tasameem.
In fact, the expenditures into the Hakkasan group are estimated to have been well over a billion dollars since it began its massive and rapid expansion, beginning with the opening of the Omnia nightclub in Vegas in April 2013.
Since it is now established that a subsidiary of Vasco Trust subsequently became an affiliate of Tasameem, both managed by the former bank manager who managed Khadem Al Qubaisi’s affairs (until he finally resigned a few days ago), it is plain that there are indeed direct links between Hakkasan and Khadem’s 1MDB funded operations, meaning money could have flowed between them.

Troubling timelines

The concerns about Hakkasan’s more than abundant sources of cash are heightened by some troubling timelines.  The Hakkasan brand was bought up by KAQ as a relatively small restaurant concern in London in 2007 for £69 million.
In early 2013 the major expansion into the Vegas nightclub scene began – just a few months after the millions started arriving into the Vasco Trust from 1MDB.
As late as last month the group was still promoting its on-going expansion and also the fact that it is still owned by Tasameem:
The Holmes Report July 2016
The Holmes Report July 2016
Given that Sarawak Report has already established that Khadem Al Qubaisi, together with his brother owns Tasameem Real Estate Company and that he is the sole shareholder of its affiliate Tasameem Investment S.A. BVI, there remains the question as to how a salaried fund manager obtained $566 million to invest as a shareholder loan in this nightclub company?
Latest 2015 accounts show the current shareholder loan is $566 million
Latest 2015 accounts show the current shareholder loan is $566 million
Sarawak Report believes, therefore, that the global investigators who are examining Mr Quabaisi’s financial affairs ought soon to be turning their interest to Hakkasan’s billion dollar business.
KAQ signed off Hakkasan's 2013 accounts
KAQ signed off Hakkasan’s 2013 accounts