The Swiss Federal Criminal Court has convicted two executives from PetroSaudi for embezzling over $1.8bn from Malaysia's state investment fund 1MDB, marking a significant development in the 1MDB scandal.
Swiss-British national Patrick Mahony and Swiss-Saudi Tarek Obaid convinced 1MDB's board to enter a joint venture with false assurances of backing from Saudi Arabia, ultimately leading to significant fraud.
The court sentenced Obaid to seven years and Mahony to six years in prison, while ordering the confiscation of over $240m in assets related to the embezzlement.
The pair, associated with fugitive financier Jho Low, executed a fraudulent scheme that extracted $1.8bn from 1MDB, exemplifying a deep-rooted corruption case linked to high-profile political figures.
Collection
[
|
...
]