The defendants are the director of the oil company PetroSaudi with offices in Geneva and a business partner. GENEVA – Two men have been sentenced to six and seven years in prison for embezzlement in Switzerland in connection with the Malaysian state fund 1MDB (1Malaysia Development Berhad). Switzerland’s Federal Criminal Court in Bellinzona ruled...
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Swiss court convicts two executives over $1.8 billion 1MDB fraud
By John Revill Swiss court convicts two executives over $1.8 billion 1MDB fraud BELLINZONA, Switzerland -The Swiss Federal Criminal Court convicted on Wednesday two executives at an oil exploration company for embezzling more than $1.8 billion from Malaysia’s state investment fund 1MDB. Swiss-British national Patrick Mahony and Swiss-Saudi Tarek Obaid were also ordered to pay...