The Audiencia Nacional, Spain's national court, has issued a national arrest warrant for Khadem Abdulla Butti Al Qubaisi, the former president of Cepsa, who is under investigation for money laundering and tax evasion related to the sale of Torre Cepsa, also known as Torre Foster, in Madrid.

The decision, made by Judge José Luis Calama, follows the financial transaction in 2016, which reportedly earned Al Qubaisi a profit of €100 million.

In an official ruling, the judge cited a European directive that allows for the seizure of assets linked to criminal activities, even if the suspect cannot be prosecuted.

Accordingly, the court has instructed the Public Prosecutor's Office to file a request for the confiscation of over €34 million currently blocked and associated with Muscari, a company connected to Al Qubaisi, along with various properties located in Marbella, Estepona, and Madrid, as well as artworks that have been seized.

The sale of the Torre Cepsa, previously owned by Bankia and sold to Muscari before being acquired by Pontegadea, the investment vehicle of Zara's owner Amancio Ortega, raised significant questions regarding the financial operations conducted by Al Qubaisi.

The transaction was valued at approximately €490 million.

Judge Calama's order indicates that Al Qubaisi allegedly utilized a network of shell companies explicitly designed to launder illicit funds earned from unrelated criminal activities outside of Spain and failed to meet his tax obligations in relation to the profits generated within the country from these unlawful transactions.

Specific allegations detail that Al Qubaisi is accused of laundering money through the payment of an option premium and a security deposit associated with the lease agreement for the property.

His status as the beneficiary of substantial profits, confirmed to be around €100 million, raises further concerns regarding tax evasion.

The court contends that Al Qubaisi's complex legal and corporate maneuvers, facilitated by various intermediaries within the Spanish economy, obscured the genuine financial relationships among all parties involved in the transactions, as highlighted in the complaint filed by the prosecutor's office.

The shell companies referenced in the investigation serve only as instrumental vehicles aimed at distancing funds from their illicit origins.

The judge emphasized that Al Qubaisi's use of such entities warrants the immediate initiation of legal actions to ensure that the Spanish state becomes the ultimate beneficiary of the seized assets.

In the ongoing search for Al Qubaisi, who is currently believed to be in the United Arab Emirates, the Spanish authorities have faced significant challenges, as cooperation from Emirati officials has been notably absent.

The Spanish judicial system's requests for assistance have reportedly been met with silence.

In conjunction with the arrest warrant for Al Qubaisi, authorities are also seeking a warrant for Naser Almur Alzaabi, identified as a figure involved in Al Qubaisi's alleged financial structure, described as a 'last-minute' proxy intended to circumvent asset freezes imposed on Al Qubaisi's holdings.

Furthermore, the court's order underscores the necessity for the Public Prosecutor’s Office to provide a report regarding the potential issuance of both European and international arrest warrants for Al Qubaisi and his associates, as the investigation progresses.