New York’s first billionaires’ building, One57, was funded by a subsidiary of an Abu Dhabi company linked to a global money-laundering investigation.
Gary Barnett, of Extell Development, started to build the 75-story skyscraper during the height of the recession when Western funding was scarce. Barnett owns only a small piece of the $1.6 billion tower, which was mainly funded by Aabar Investments and a second, privately held Abu Dhabi-based investor.
Aabar is a subsidiary of International Petroleum Investment Co. (IPIC), one of the biggest backers of a state-owned Malaysian investment fund that is at the center of a growing corruption scandal.
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Gary Barnett, of Extell Development, started to build the 75-story skyscraper during the height of the recession when Western funding was scarce. Barnett owns only a small piece of the $1.6 billion tower, which was mainly funded by Aabar Investments and a second, privately held Abu Dhabi-based investor.
Aabar is a subsidiary of International Petroleum Investment Co. (IPIC), one of the biggest backers of a state-owned Malaysian investment fund that is at the center of a growing corruption scandal.
READ MORE
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