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The Swiss Federal Criminal Court has convicted two executives from PetroSaudi, Tarek Obaid and Patrick Mahony, for their roles in embezzling $1.8 billion from Malaysia's state investment fund, 1MDB. This verdict is part of a broader international scandal involving financial fraud and money laundering. The court sentenced Obaid and Mahony to seven and six years in prison, respectively. The case highlights the extensive nature of one of the largest global frauds in recent decades.
The Swiss Court convicted Swiss-British national Patrick Mahony and Swiss-Saudi Tarek Obaid of fraud who had been accused of embezzling over $1.8 billion from Malaysia's state investment fund 1MDB. The verdict was the latest episode in the 1MDB scandal https://t.co/Pc0IjagRAD https://t.co/PkXt5l1Psl
A top Swiss court sentenced two PetroSaudi executives to jail terms on Wednesday after finding them guilty of embezzling $1.8 billion from Malaysia’s 1MDB sovereign wealth fund. https://t.co/txSoyDlLZn
PetroSaudi execs get Swiss jail terms over $1.8 bn 1MDB fraud https://t.co/qU6dnw3Zsw
