In a landmark verdict, the Swiss Federal Criminal Court convicted two executives from PetroSaudi, Patrick Mahony and Tarek Obaid, for embezzling over $1.8 billion from Malaysia’s 1MDB fund chaired by Najib Razak. Prosecutors revealed they falsely portrayed their venture as Saudi-backed to secure a $1 billion investment in 2009 and later siphoned off an additional $830 million.
1MDB – Swiss Court
Obaid, who received at least $805 million, was sentenced to seven years, while Mahony, who took $37 million, received six years. This verdict adds to the ongoing 1MDB scandal, which has implicated numerous high-profile figures and financial institutions worldwide.
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