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Sovereign Wealth Funds Briefing - Categorized | Trends

SWFs, Reshuffling Boards and Adding Overseas Offices

Posted on 07 May 2015

International Petroleum Investment Corp. (IPIC) acted swiftly to shake off concerns about its corporate governance. The government-backed vehicle reshuffled its board on April 22, with U.A.E. Minister of Energy Suhail Mohammed Faraj al-Mazrouei replacing Khadem al-Qubaisi as the fund’s chief executive. Sheikh Mansour bin Zayed al-Nahyan remains as chairman of IPIC. Former IPIC CEO al-Qubaisi was also omitted from a list of new board members at Dubai-based construction firm Arabtec Holdings — in which IPIC now holds a 36.1 percent stake - and where he had served as chairman.
On April 13, the Financial Times reported allegations that al-Qubaisi used Luxembourg-based shell companies to secure deals with some of IPIC’s holdings. Specifically, the story alleged that he used one of the companies to take out a lease on Spain’s tallest building, Madrid’s Torre Foster and nine months later to sublet it to IPIC-owned Compania Espanola de Petroaleos (CEPSA), of which al-Qubaisi was chairman………………………………………..Full Article: Source


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