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Italy probes Emirati linked to 1MDB scandal for ‘insider trading’

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A former official of International Petroleum Investment Company (IPIC) linked to the 1MDB scandal is being probed by the Italian authorities over allegation of insider trading , reported the Financial Times (FT).
Quoting a person who was briefed on the probe, the global financial daily reported prosecutors in Milan investigated jailed former IPIC managing director Khadem al-Qubaisi several months ago.
The alleged insider trading was uncovered as part of the global investigation into the 1MDB scandal.
The Italian authorities are looking at whether al-Qubaisi illegally used confidential information in 2010 to authorise trading by Falcon Private Bank in UniCredit’s shares when IPIC's Aabar division was preparing to take five percent stake in Italy’s largest bank by assets.
IPIC, al-Qubaisi’s lawyer and UniCredit declined to comment. Malaysiakini cannot independently verify the FT's report.
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