Swiss indict two managers of Saudi oil company in 1MDB scandal
A 1MDB logo is set against the Petronas Twin Towers in Kuala Lumpur, Malaysia
Keystone / Joshua Paul
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.
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سويسرا توجه اتهامات لمديرين سعوديين في فضيحة الصندوق السيادي الماليزي
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.
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.
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Two Swiss banks have already been implicated in an alleged fraud of huge proportions that is said to have funneled billions of dollars from both the 1MDB and SRC wealth funds into the pockets of corrupt officials. That money had been earmarked for economic development projects in Malaysia. The Swiss Office of the Attorney General…
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