Swiss indict two managers of Saudi oil company in 1MDB scandal
In the affair of the Malaysian sovereign wealth fund 1MDB, the Office of the Attorney General of Switzerland (OAG) has charged two executives of the energy company PetroSaudi in the Federal Criminal Court.
After a wide-ranging investigation, the defendants are accused of embezzlement and laundering $1.8 billion (CHF1.6 billion) for their own or third parties’ enrichment, the Office of the Attorney General said in a statementExternal link on Tuesday.
+ The role of Swiss banks in the 1MDB scandal
According to the information, this was done by means of a joint venture between 1MDB and PetroSaudi. The funds were allegedly later converted into an Islamic loan. The offences occurred from 2009 to at least 2015.
The OAG began its investigation in November 2017. Its charges filed at the Federal Criminal Court in Bellinzona are commercial fraud, unfaithful business management and money laundering.
The two defendants allegedly created the impression that a business deal between governments was involved in a joint venture between PetroSaudi and the sovereign wealth fund. They used a meeting on a yacht near Cannes to do so.
More
Swiss bankers fined over 1MDB dealings
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.