Abu-Dhabi based investment and development company Mubadala is hoping to finalise a deal to buy the remaining 50% of the Viceroy Hotel Group "within a matter a days". It already owns a 50% stake in the hotel group.
The 50% stake Mubadala is eyeing is owned by Jho Low. Financial Times reports that Low is linked by US prosecutors to Malaysia’s 1MDB corruption scandal.
The report goes on to add that US prosecutors last week filed a suit in a Los Angeles federal court seeking assets worth US$540m allegedly purchased with funds stolen from 1MDB, including "rights to and interests in the Viceroy Hotel Group".
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As of June 19, 2017, Viceroy Hotels and Resorts will no longer operate its Palm Jumeirah property. The hotel has been taken over by Five Holding's Kabir Mulchandani less than three months after opening its doors on March 31, 2017.
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