The former president of Cepsa, Khadem Abdulla Butti Al Qubaisi, is the subject of an international search and arrest warrant. He is accused of serious money laundering offenses and crimes against the Treasury in connection with the sale of the Foster Tower in Madrid, known as the Cepsa Tower.
The judge of the National Court, José Luis Calama, announced this crucial step in a decision on Monday. At the heart of the investigation is the sale process of the iconic building, which allegedly brought Al Qubaisi a profit of 100 million euros in 2016 and is now classified as a criminal act.
Dubious Transactions and 100 Million Euro Profit
The Foster Tower, a prominent landmark in Madrid’s financial district, once belonged to Bankia before being sold to Muscari, a corporate group linked to Al Qubaisi. It was later resold to Pontegadea, the investment vehicle of Zara founder Amancio Ortega, for approximately 490 million euros.
Judge Calama is convinced that Al Qubaisi used a complex network of shell companies. These were explicitly established to launder funds from criminal activities outside Spain while circumventing obligations to the Spanish tax authorities. Specifically, the premium for the purchase option and the deposit for the lease agreement constitute the crime of money laundering. He is also accused of a crime against the Treasury, as he acted as the beneficiary of illegally obtained profits amounting to approximately 100 million euros.
The judge emphasizes that Al Qubaisi employed a legal-corporate technique to obscure the true business relationships between the legal and natural persons involved. The complaints originally directed against the companies showed that they were merely “instrumental” in illegally placing funds and concealing their origin.
Seizure of Assets and International Cooperation
Based on the available evidence, the Public Prosecutor’s Office is now requesting the seizure of the allegedly illegally acquired assets. These include over 34 million euros blocked by Muscari, as well as a number of properties in the Spanish cities of Marbella and Estepona (Málaga), and in Madrid, along with various artworks.
To justify the request for asset seizure, Judge Calama refers to a European directive. This allows for the confiscation of assets even if the owner cannot be prosecuted, provided it is proven that the assets originate from criminal activities. It is assumed that the trust structures created by the financial department of Edmond Rothschild Bank are not the true recipients of the assets, but rather “no one other than Al Qubaisi,” against whom there are “important indications of international fraud, money laundering, and tax crime.”
The search and arrest warrant, which for now is limited to Spanish territory, also includes Naser Almur Alzaabi, an alleged straw man in Al Qubaisi’s corporate network, who is believed to have attempted to circumvent the asset freeze.
Of concern is the lack of cooperation from authorities in the United Arab Emirates, where Al Qubaisi is reportedly located. According to Judge Calama, the requests from the Spanish judicial system have met with “a wall of silence.”
